New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-24
SOSAI. NOTES.
,sy earle TO THE TRIBUNE i

yaoH OF "a
:. nav safe as well as fluent. SO long as it was
vrcertain whether the Government meant 10
oarrv ont in good faith the pledges made by Sir
Michael Hicks Beach and Mr.. Balfour IN tho
last Parliamentary debate on bimetallism. eau
ZION was required. at least on the part OF Con-
ssrvative journals in approaching the question
w, that the Ministers have decided 10 disre-
card those pledges and treat resolution passed
-, unanimous vote as though it were so much
n.os,e nsner. every journal is licensed to ex-
,,,ss astonishmert over what are styled the
ra,os.erous and astounding demands OF the
.r,orcan Government, and The Times resist
,r with dlNiculty the temptation to use the
r,nleasant word "impertinent." finds 1t really
smusing that some gentlemen from the United
c,ates should come over the sea to tell English
,ren how to improve their methods Of currency
and banking.
o,tb,1rsts of indignation so violent and sar-
casn,s so acrid as these react against the GOV
eminent which has been patiently and respect
,ullv considering the proposals OF france anu
the :-lh;ea S.ntes and deliberately consulting
,as financial experts OF the Bank OF Englaha
Ard India Certainly Senator Wolcott ana MS
ccileagu 5 did not come here to teach EheHs"
bankers how TO make the most OF every ler'hi"S
q a pound sterling. Those bankers are mas
,e-s ., the art Of protecting their own interests
,h.v NAV not be equally intelligen. respecting
the effects OF existing conditions Of English
finance upon the Lancashire trade. dlsoroereu
Eastern exchanges and the welfare OF an lhu-
lar population with its boards Of silver jour
nails like THE Manchester Guardian CONSIDER
that London bankers have something to learn IN
these matters. Proposals which are pronounced
astounding ought properly TO be dealt win on
a maximum and minimum basis. Senator Wo!-
colt and his colleagues naturally asked TOT
everything which they thought they might get
Their memorandum represents the maximum vi
their hopes, not the minimum which tney were
willing to take. They gave the Ministers
chance Of rejecting good many minor points
In order to compromise on the opening OF the
Indian rnints and the conversion OF ohe-hilh
Of the bullion In the issue department ol 'he
Bank into silver; and this minimum seemeo
practicable. since the monometailists themselves
have admitted that the closing OF the mln's Is
the weak point in their monetary system. and
since the charter Of the Bank PROVIDED spec'h
cally for an increase Of it's silver reserves.
The n,axJiorn, was not obtainable. because sill
yer recently declined sharply in value. ana the
Indian experts with the expenses of frontier
uar IN meet did not venture TO face the Increased
renittances which would be involved by the fail
~ exchange This is the sum of the whole mat
Ter The Chancellor of the Exchequer receives
many compliments from the Engnsh press OH
his management of the silver negotiations. he
deserves them, for, while a convinced ihoho
netallist himself. he gave an attentive hedii"e
10 the bimetalst argument, ana III reJe0'iiie
the proposals Of the United states ana FRANCE
carried Mr. Balfour and his other doupe-s'dnu
ard colleagues with him. Senator Wolco't aiso
receives a tribute from the English press 'ha' IL
sous,,v well deserved He is not attacked per
sonally. but treated with marked respect as
dirIomat who has done his work adroity ana
presented his case with dignity The prNiiesc
OF abusing and misrepresentng him as tne
champion of diluted Bryanism Is reserved TOT
American critics who arc less generous thah
the English themselves
The bmetallist ENJOYS have failed 10 ihuuce
the British Government TO support their move
rrsrt h,, onening the Indian mints. This fall
ure is decisive since it defers lor an ihue"i'e
nerod the meeting OF monetary conference
The United States and France WI! nave 10 ue-
,erro,ra whether they can go with their
biroAtallist PROPOSALS without the aid OF Eng
land hut it hardly seems credible that either
c.o,.orrroon, will assume the responsibility or
reopening the minta to silver under dual agree
Wv. u.l,,ou. free coinage in India and other
,,,.-na+iona, ARRANGEMENTS. The mission mas
..u.a e., i,s Immediate object and Senator VOL
.o,, NJ Stevenson and General Paine will soon
,.,,rr N America: but indirectly they have ac-
sorcusbed in,nortant results. They have re-
v,v.d nuhlc interest in bimetallisr, both IN
France and England they have promoted gooo
feeling between the United States and france
and facilitated the negotiation OF ne" TUT
procty convention: they have also thro"" upo"
England the responsibility OF preventing 'he re-
assembling of q monetary conference ana '"e
restoration Of a stable par OF exchahse pV'"''"
gold and silver. This responsibility haS po'"
assumed when many monometalllsts themselves
are convinced that the closing Of the m'h's oi
India was a mistake. and that some raoica'
change OF financial policy Is necessary ->o''e
has been more striking in the recent controversy
among financial experts thah the li""""''
with which the opponents or blmetaii's" nav
advocated single handed action. Ihey ha'e co',
tended that the Indian mints must De reope"eu'
but that there must be no interna''o"ai agree
ment. and England must act alone.
Extremes meet Last year the Bryan
wanted the United States to adopt Tree com
age without reference to the interests ana pon-
cles OF other nations This year many HhsiiSI.
monom.tallists favor the ultimate reopeiihs -, "a
the Indian mints under conditions "'iion WI.
exclude international action. A more ra.'o"a'
view is the one which the Mckinley Admih's'ra-
ton has represented through the "olcott com.
mission. namely. that whatever changes Vi
monetary policy are effected. whether IN lna'A,
America, France or China, should be res"'A'eu
BY International action and not rashly attempted
by the isolated legislation Of one country alone
The un,ounded rumor Of Lord SALISBURY
resignation still excites discussion in the weekly
press although It was promptly denied Lazy
eslisburys health Is failing, but there Is no
other causefor his withdrawal from public life'
There b aIvalid argument against Prime
Minister diNcting the Foreign once. but IN
the present Instance Lord Salisbury couIo not