The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-18

what the Press Thinks Of Englnnd and
silver and New York and silver.
JOSEPH BUTTON.
SeCretarl

silver and New York and silver.
The explanation made officially ycster-
day by the Governor of the Bank of ENG
land Of the proposal which the officers of
the bank are considering. TO hold one
fifth OF It's note reserve in silver, puts
the matter I'm "a light quite different from
that In which IL was presented 10y 41I"y'
In is true that the bank is willing 20
avail itself OF the permission given lL Joy
its charter 20 procure ana h9id lAe
amount OF silver speclued, bul oiy upon
two cOnditiOns-namely that the French
mint shall be opened 10 the free coinage
OF silver and that the prices at which lle
metal shall be "prOcuraDle and saldole
are satisfactory. This means. Simply
that If the French government WiIl UNDER
take al all times Go coin the BANK OF
Englands silver into coins convertible
into gold. and that silver can bee bought
so cheaply that the possibility of loss ou
il is reduced within safe limits. the bank
will part with some of its gold tempo
rarily, and accept silver in H. place.
That the French government VIII put
France into position where its stock
OF gold will, practically, TO me extent OF
the silver held. not only by the BANK OF
England but by the whole world. De oX-
changeable for gold al Will is unlikely.
The Bank OF England cannot tender silver
i'm payment Of demands upon lt TOR more
than SO I'm one sum. 40 great quantity
OF silver b.. therefore. Of any use 10 Do.
and n 10 had silver and needed eoId, ll
would AT once send the silver 90 France
and try % get gold for a. This process
the Bank Of France would resist py
stopping gold payments. as n has me
right 10 do and doesk frequently Goid
would, I'm such an event. 20 10 "a prcWlum
I'm France and silver could not De eN-
changed for L only a loss.-Ihe sun.
The performances Of the Bank Of Eng
land with regard 10 silver are incompfe-
hensible The letter OF tho Governor OF
the bank 10 the Chancellor Of the tx
cheouer expresses a willingness 20 hold
one fifth Of the banks reserve In silver
provided always that the French mint
IS again open 10 the free coinage of Sill
yer" Is Ike a promise 20 do a thlus nc
doomsday or when water runs mp NH OF
during the week Of four Thursdays IN
ERECT the bank says 10 viii not take nd
vantage 81 the act OF 1915 70 keep one
fifth 81 its reserve IN silver. TOT IN ls
sufficiently well known that France has no
Intention OF opening her minis 20 the
free coinage Of silver.-Ihe lln's-
At the weekly meeting Of the bank direc-
tors Yesterday the Governor explained
that The bank had bought no silver and
had merely declared IT'S readiness % h1iI
one-ffth OF IT'S reserve In the white metal
on condition that the French minte were
reopened to its free coinage and fhar
the prices al which II could be bought and
sold were satisfactory.
AS these conditions are prohihitory. me
so-called agreement Is meaningless. New
ertheless. British financial circles have
received a shock from the discovery that
the governor Of the bank had written the
Chancellor OF the ExcheQuer as long ago
as July 18th expressing willingness 20 ac-
cumulate silver In the impossible con-
tingency specified.
The care with which this action was
kept secret by the bank officials indicates
that they knew II would be condemned