New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-18
MORE CRITICISM OF THE BANK.
STOCKHOLDERS THREATEN TO SELL IF
THE SILVER PLAN is CARRIED OFT.


London, Sept. 1.-THE Westminster Gazette"
this afternoon in It's financial article. comments
upon the letter Of the Governor OF the Bank oil
England. Hugh c. Smith. TO the Chancellor OF Inc
Exchequer. Sir Michael Hicks Beach, announcing
that the bank Is prepared to carry out what u
permissible in its charer-namely to hold in silver
one-ffth Of the bullion held against It's note issue
provided. always that the French mint Is again
open to the free coinage Of silver and that the
prices at which silver is procurable and salable
are satisfactory. The newspaper mentioned says:
Although the Governors statement IL perhaps
meaningless so far practice is concerned X IL
TO be deeply deplored that the bank has budged
from It's principe. It isn't dSnihed for the Old
Lady OF Threadneedle Street to hirt with the BIZ
metdlst faddlsts We want gold against our notes.
ana there IS 10 reason why an old statute. passed
when silver bore an entirely different character,
should be rcfurbished at the bidding Of those who
want 70 dispose OF silver. The banks reserve Is
not so large that It be tinkered with. More
over, by yielding In these matters OF principle
open the way 10 the thin end Of the wedge. II the
threat l. carried out, what would happen IL
exemplihed by the statement OF trustee. who de-
clares he would feel compelled TO sell his bank
stock, and so close n risk"
The s.. Janes's Gazette remarks on the same
subject:
The scheme seems 20 be knocked on the head FOR
the present; but the reception OF even this feeble
announcement IN The city Will have an effect any
thing but favorable to the bimetallists. sub
stantal element Of indignation arises a, the feeling
that the Government and the bank have been doing
- little diplomacy az our expense and for the ad
vantage Of Americans. The United States has done
nothing 10 make such risky poteness 10 the sill
Yer men on our part popular In this country"
The Globe" Joining IN the discussion this after
noon, has this 10 sly on the announcement OF the
Governor OF TIRE Bank OF England
The whole scheme Is innovat!rg and mischev-
Gus. II seems 10 is wholly undesirable ard even
perious To subjec: oar monetary system 10 foreign
influence through the Government; IT, as should
have been done. the proposals 81 the United States
ana France had been handed 20 the directors with
out Official recommend dalton or pressure. II can
scarcely be doubted that the directors would have
urm.y declined 20 further the project"
ne letter Of Tn" Governor % the Bank % Eng
land Strengthens the impression among the bankers
VINO EaVc hitherto entertained lt. that he Gov
eminent intends 20 acrc1e 20 the bime;ailic pro-
rosals later ari Il + 40 Interpreted n reply 20
II quest from IN" Government - III" bank asking
ire latter % cooperate with the former. Eut it Ia
l1ouRnt that h5 fa IN a." price ~ slve" since the
letter was written may change the programme
There IS considerable i!ss1tistact!on ;he sub
jrrt among trc stockholders 90 re Bank OF Eng
9rd. Robert FoDso1 \ prominent banker. VINO
nois tlvCh os stock a. trustee. has given notice p
the bank that ne vii sell y the silver policy is in
augur1ted. and he adds that Other trustees will DO
the same.