Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-10-22
SILVER SPRAY.

The London bankers, in Il meeting re-
Gently, adopted, unanimously, rcso-
luton TO the effect that they entirely
disapproved of the Bank of England
agreeing to exercise the option, permit
ted by the act of 1851, OF holding one
fifth or any other proportion whatever
of silver as II reserve against the circu-
lation OF the Bank of England notes
OF course they protest. They have been
doing that, ard pretty successfully, too,
for some years. The bankers of London
have been consistently opposed to all
the interests Of the whole people, UNI
less 1t might be some interest of which
they themselves had Il way of securing
the major portion of the profits. The
trades unions of England are without
exception pledged to the reconciliation
of silver. The people want II. Many of
the peoples representatives In parlia-
ment are advocating it. Isn't it about
time the English people had something
without having to get the consent of
the London bankers 10 be allowed to
secure it?
But, however that may be, onc-lifth
of the reserve of the Bank of England
is not very much of contribution on
England's part toward international BIZ
metaIlism. If tho monetary commits
sion Is to be satisfied with such sops
rs this they Ind better In the begin
ming have stayed at home. One-iifth
of the reserve held by the Bank of Eng
land in silver whilcthc other four-fifths
is held in gold is not binetallism, nor
| does If pnnrnunh IL. e..
can sec, does 1t even hint mt n POSSIBLE
ity that the British government or the
Bank Of England will ever do ANYTHING
further toward the placing of silver in
the markets OF the world us n money
metal. IL it is thought that SOP of this
kind will lessen the intensity of the
campaign in the United States for gem
uine bimctallism, silver on an equal
footing with gold, and Independently
II other nations wont join us, we may
conclude that the caliber of the Amcri-
can people has been wocfully mistaken
by our brethren across the water.
What we contend for is The prosperity
of the people. but the prosperity wants
some assurance Of permancncy. Some
thing of prosperity has come to us of
late from the failure of crops abroad
and the success of our home crops. For
the present gold is tending toward this
side OF the Atlantic. Prosperity has not
struck lis yet very hard, but the i'm
provemcnt on what has been for some
years Is material. But consider the
slender foundation on which it rests.
suppose that next year that il was our
crops that failed, and that everything
was in smiling way on the Russian
plains and the Argentine fields, where
would the gold balance be? Silvcritcs
are not apt to lose sight of the real oues-
ton, but our friends OF the gold stripe
may be likely TO be deludcd into n feel
ing of security. For we remember that
goldites rs well as silvcritcs were Il little
While ago clamoring for n change in
our currency system. This very fact
shows the inconsistency observed in
certain quarters Of crcditing TO the gold
standard forces credit for the slight
betterment we have seen. All hands a
year ago wanted change. Gold-stand-
ard advocates wanted their lcaky sys-
tenn mended, bank notes substituted
for greenbaclss. In fact, when the sad
condition was seen on every side they
must advocate some sort of n change.
Now, with the lull in the storm, they
have taken assurance. False pilots!
they little know the waters in which
they SAIL Bimetallists stood for n
radical change TINT would affect the
root of the matter. Bimetallists stood
on the well-knovn facts of history, and
prophesied that no permanent i'm
provemcnt could come under any gold
standard regime. That is their position
to-day. Horace Boies and others that
are carried with every current, weather.
cocks blown by every wind, can re-
pudiatc this stand, butno other position