The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-09-24
ALL LONDON WORKED UP.
silver Reserve scheme Condemned ny
Bankers and Newspapers, bat sup
parted nv Government.


LONDON. Sent. es.-The protest which
the London bankers, drew up at their
meeting IN the clearing house yesterday
against the policy OF the governor OF the
Bank Of England announcing willingness
20 maintain one-fifth of it's bullion reserve
in silver. was prestented 20 the bank To-
day. The resolution was accompanied ps
a formal letter. and the resolution itseH IS
in the name Of the clearing house assoca-
alton. II is said this morning that il en-
tfrelv disapproves the Bank Of England
agreeing 20 exercise the option permitted
BY the act OF 1874 of having one-nfth or
any other proportion whatever OF silver as
reserve against the circulation or banK
OF England notes.
A copy of the resolution was sent 10 the
Bank OF England the prime minister, tne
first lord OF the treasury and the enAIiSeA-
lor Of the exchequer.
An organized movement has been begun
20 induce other commercial bodies 10 pro-
test A high official. who was q pArael-
pant in the negotiations between Nhe
United States bi-metallic commissioners
ard the British cabinet. said today 10 re-
porter of the Associated Press;
Il fear the bankers will frighten the
government into receding from their stand
Tor bi-metallism. They have forgotten
that parliament resolved that measures 10
secure a stable narity of exchanges be-
tween gold anv silver should be adopte0-
and mat Sir Michael Hicks Beach, the
chancellor of the exchequer, pledged hfin-
self TO do all In ..ls power 10 carry the res
olution into effect. The Engllsh PUBIC
have forgotten also that ten OF the four
teen members of the agricultural commas
sion signed a report recommending OIL
rnetallisrn on agricultural depression IN
England. The public and the newspapers
seem 20 think the government Is Influenced
merely by desire to secure the good VIII
of the United States. when IL Is attempt-
ing to carry out the declared policy OF par
Lament"
The Evening Standard referring TO the
bankers protest against the action OF the
governor OF ne Bank Of England, says the
public is confidently expecting an express
sion of condemnation against the govern
Ing body of the Bank OF England and Mr.
Smiths extraordinary statement National
institutions should not be imported ana
the whole financial system OF the country
excited by such vagaries.
LONDON, Sept. 24.-Lord Farrar has
three-column letter in the Times this
morning on hi-metallism and the Indian
mint. He says:
"In my opinion the ultimate solution OF
the question win be found In the adoption
of the gold standard in India"
Lord Farrar then proceeds TO discuss the
proposals or the American coiniflisSiuhciS
and French government. in which connec-
ton he says:
There has been no Official statement OF
Senator Wolcott's proposals. but we may
form a shrewd guess from an article which
appeared in the National Review for Au-
gust, Episodes OF the Month written by
some one who appears to be In the coun-
ellis Of the American negotfators. FROM
this we gather that India Is invited 20 open
her mint at a ratio of lisa to !. which, N
all probability is the only ratio that VIII
satisfy France and the United states.
This ratio would mean that the present
gold value of silver would have 70 be in
creased by rs per cent"
After pointing out that various tempo
rary panics would probably ensue from
carrying out the proposals. Lord FaTrar
sketches the position OF currency in tho
United States and France, from which he
concludes that there is every reason TO
believe, IN the present circumstances.
neither the United States nor France. nor
both united, could possibly. by opening the
mints, create demand for silver such as
would raise or maintain its gold value at
the ratio of i5iA 10 l."