The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-09-12
CITY OFFICIAL PAPER.
SEATTLE. SUNDAY, SEPTEMBER II
ENGLAND HELPS SILVER

The action OF the Bank Of England I'm
consenting to hold one-fifth OF its reserve
IN silver ss a triumph for the Mckinley
administration. The report lacks abso-
lutte confirmation. and until the extent Of
the banks concession Is known specula-
ton upon probabilities - all that remains
TO those who are interested
The importance OF the banks action.
assuming II 10 be all that the London
Times says. cannot be overestimated. 1t
does for silver in Great Britain what this
country does even without the aid Of
banking facilities such as the Bank OF
England affords. The action OF the bank
adds nothing to the money value Of Brit
ism silver coin OF course. bat 1t gives a
moral support 10 the silver coinage Of the
world. which IS precisely what the 81.
Louis platform pledged the Republicans TO
do for silver. The weakness Of silver In
this country which resulted In 80 much
gold leaving the United States threat
eRed the parity of value. The credit OF
the United States has maintained the par
ity Of American silver money with that OF
the gold money OF the world in spite Of
the great decline In the price Of the metal,
and the action of the Bank OF England
tends 10 the same end. The retention OF
50 much silver in the vaults Of the bank i
proclamation TO the world Of the faith
OF that institution in the ability of the
civilized nations 10 maintain the parity OF
iiae metals by united action. 1t may be
assumed as beyond all doubt that the
Bank Of England viii only keep in It's
vaults silver coin OF Great Britain, with
percentage perhaps Of the silver coin
age of the Unlted States, France and Ger
many. These are the only countries where
TIE absolute parity IS maintained between
all their metals. gold. silver and paper.
Tbs London Times Is such a good au-
thority that It's depreciation OF the new
departure of the bank must have consider
able weight. yet its tone makes Il evident
that tt is following line OF thought and
Is not viewing the entire situation. II says
the silver will be quite useless. for nobody
Witnessing the recent headiorg fan In price
would dream of regarslng Il as anything
but an eligible quantity in such connee-
ton. So long as the parity of value Is
malntaIned-'and that Is the sole object OF
the hank-why should the silver be more
useless than gold? \ single silver dollar
or a single silver crown piece OF English
money is fully a. useful as It's nominal
equivalent IN gold. and why should the
percentage adopted by tho hank be useless
II SIS place Is taken In circulation by the
amount Of gold thereby releaseds
II IS true that the situation is paradox
cal. The action OF the bank Is intended
TO meet the wishes OF the friends %
silver. and & certainly GOES help silver by
strengthening SIS value on the market and
setlng as u were. as a sort OF sponsor for
It's continued good behavior. Yet the ef-
feet OF 81 Is TO withdraw from circulation
about S4aeoo coo % silver coinage. and The
free silverites have been demanding tha,
the quantity of silver In circulation shall
Re Increased.
paradox Is. OF course. only a seeming
contradiction. The frye sliverltes sought
ST lmpossibIhty when they Insisted that
silver should he made more valuable ~
Increasing the quantity in circulation.
The bank could very easily have agreed
" AEaN rye &lANFAftt@ II occurring
fresr circulation OF silver by refusing 20
hoard H. bat as practical men they knew
that by Withdrawing II from circulation
10 certain extent & would increase the
value. This Is what they have done I,
= reported. snd il shows that the Bank
of EugiaaL which may be taken 20 rep
resent the British Government. and The
thelr promises "a secure the largest use
% silver compatible wfth the maiates-
snee 81 The parity g value Il n1sy not
seem IKE making a Use - silver BY vita
drawing II from circulation ana storing
e away n the bank yaglts but n IS DO
Ing 40 because Z seems - say OF every
dollar - silver 'yoa are os equAl valas
wita every dollar CO gola~ and ssoh a.
Endorsement has So welght uath he whole
World. Il = International bi--netaIisrn
ret created by las. bat created y the
Esop}s Ras recognized ~ law
The Lonaen TSrnes can SEE - motive for
sae action - the hank unless e IS % b
considered an act OF International eour-
tesy' That weald se = very good reason.
tat woal3 net - sufficient II ter.
vas say rssk 20 TIE bs-k 50 lorx
a. ire Crttcd States maintains fts
Iolisy e keeping ,aa value Ok the t~o
metals Ia eosns az parity. IL there
saoui& = any FEAR ef free coinage 81
silver p the United States fAs Hank e
Easisna woa}s very soon dispose % such
tastee States silver IS R rnlzh; have ara
rs rssk Noala Immediately h removed
because sss silver measy - Great Britain
Fr2nes AsS Germany wea.4 ssia rssa..n in