Iron County register., 1897-09-23
Greed Works Disaster.

There is great significance in the |
fact that the Bank of England has con- |
Guided to keep one-fifth of its reserve
fund in silver. In certain quarters
this announcement on the part of the
governors of that institution is Great |
ing considerable disquiet. They claim
that if the silver reserve is to be esti-
mated at its face value, then, as the
bullion value is only one-half of the
face value, it amounts to cutting down
the whole reserve something like ten
is to be estimated at its bullion value
it induces an uncertain element into
the reserve of the bank; that One-fifth
of the reserve fund will have one value
to-day and another tomorrow, so that
no man can tell exectly what the assets
of the bank are. This, to the average
goldbug, seems to be irrefutable reas-
oniug. The charter of the bank per-
mits it to keep one fifth of it's reserve
in silver, and its management has re-
solved to take advantage of this clause,
| which will entitle them to hold thirty
million pounds sterling in silver
against their outstanding liabilities.
1t is almost absurd to suppose that
the governors of the Bank of England
have taken this step without consult
ing the Rothschilds, the principal
financial agents of Great Britain. That
such a step has been taken seems GER
tain, for the press reports are direct
and positive in the matter. What it
means is not so easy to make out.
Clearly, matters are not now going
well with Great Britain. India, that
has hitherto been a mine Of wealth to
her English masters, seems to be
squeezed lemon, incapable of yielding
more treasure. There must have been
mismanagement on the part of the
English somewhere in that country. for
a. prominent native paper significantly
| points to the fact that famine does not
exist in those native States that are
semi-independent.
The House of Rothschild, holding
perhaps billion of English securities,
is more deeply interested in English
| finances than any other firm. Any
change of base on the part of England,
it is safe to say. will emanate from
this House. 1t has recently advanced
the money by means of which England
secured control of Delagoa Bay, thus
shutting off the Transvaal from com
municiatou with the outer world, ex-
cept by passing over English territory.
| Recently, a member of this House
Lord Rosebery-was England's Prime
Minister. Every Continental Jewish
paper in the diplomatic contest now
going on is England's friend, so that
it is safe to conclude that if any new
move on the financial chessboard is
contemplated, this firm is privy to it.
1t is possible that these people. whose
greed is responsible FOR so much of the
misery now existing in the world, may
have taken the alarm and resolved
upon a more liberal financial policy
for their own preservation. With
England practically becoming desert,
with India crushed, with famine staring
the Irish in the face, with a costly war
going on along the Afghan frontier.
with another costly expedition pro-
ceeding up the Nile towards Khartoom,
; the lines of English statesmanship are
not in pleasant places. 1t is quite pos
sible that England's statesmen are be-
ginning to realize that they are kill
ing the goose that lays golden eggs
for her. No one need be astonished
if she is compelled to open the mints
of India, for the closing of them has
been productive of disaster. While
the latter measure is not responsible
for the short crops prevailing there. it
has trebled the distress of the people.
England's wisest statesmen are aware
that that measure has produced only
disaster, that they have given the
screw a turn too much. and will have
to relax to prevent an explosion.
L Ill