New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-19
THE NEWS IN LONDON.
ENGLISH AND AMERICAN DISPUTES AND
DIFFERENCES.


POSSIBLE RATHER THAN PROBABLE
ENGLISH ADVICE TO sPAIN-DIvER-
sGoNs OF RoYALTY-DoINGs OF
PERSONS OF NOTE IN ENG
LAND AND ELSEWHERE.
[By CABLE THE TRrBUNE.l
London Sept 1S.-"The Times" With the frst
copy Of the Blue Book fresh from the Foreign
Office. has a vigorous leader this morning on the
fur-sea negotiations. The main purpose is to
prove that Lord Salisburys assent to a confer
ence OF experts was not surrender TO what is
described az a policy Of bluff and bullying on
the part Of the State Department. and that moth
ing has been done to compromise British dignity
or "to give an apparent triumph to the tactics
Of unwarrantable dctaton." To this end the
text Is produced of long document prepared
by the Colonial Office In reply to Secretary Sher-
mans or rather Mr.. Fosters, intmatons that
England had acted in bad faith. This detailed
defence is signed by Mr.. Edward Wingheld, put
shows throughout the fine Roman hand ana
aggressive style OF Mr. Joseph Chamberlain. In
the opinion Of The Times" it demolished Secre-
tary Sherman's contentious and left Lord Sails
bury free to assent to the investigation or mat
ters Of fact this autumn in good time for the
| revision OF the peagic regulations next year. IN
accordance with the Paris award
II is interesting to observe that, while secre-
| tary Sherman's accusation that England had
been guilty Of bad faith was hotly resented by
the press here few months ago. a leading jour-
| nal with this new document before IT, does not
hesitate TO say that the United States Govern
ment has attempted from the very beginning to
! set at naught the Paris award. This may fairiy
be considered a blow below the belt. Numerous
] ctr p1icrOnCpDttOnS
travagant Misrepresentation OF Shermans dis-
/ match" do not tend TO promote good feeling be-
| tween the two nations The English press mas the
! satisfaction, however. OF commenting upon the
| tu quoaue argument Of the Colonial once ana
| asserting that the Sherman dispatch was an
swered in detail, although Lord SALISBURY treat
ed 1t with silent contempt and curtly acquiesceo
In the American proposal for conference
! Meanwhile the facts Of natural history are lett
n tho experts in conference, with the assurance
that negotiations will be conducted in an Impair
| tal and friendly spirit
Gold ehipments to America are still deferred.
and there is a practical reason for it; American
| securities are going over in place or gold. Inc
rise in prices after long period or depression
brings railway securities into market wners
there are no buyers. Bankers dealing IN Aher''
can stocks inform me that the bulk OF these se-
curities sold in England during the last month
ro,rasents the holdings Of small investors, whose
,a,,as annear when the registry of securities Is
changed Some large operators are specuiatins
| ir ,rerican stocks but there Is no buying for
| investment Every steamship sailing Tor New
| York carries railway and other securities WHICH
| have been held here long time. and nave peeh
| sold at high prices for American account i"
,bie v,av settlement will be made for wheat at
Of Land nd
which have been advancing by leaps and
hounds. Gold must soon be shipped from FRANCE
but the Bank Of England rate will not be
changed so long as a great quantity OF stocks
is going across the Atlantic in place OF gold.
Tho truth seems to be that America Is paying
tho inevitable penalty for financial mismanage-
mont and depression during the Cleveland Ad'
,rinistration and for the vagaries OF the Bryan
! canvass Prices Of securities rise with the mi
movement OF times. but there are no buyers
here and Americans are compelled TO take thelr
| own railway stocks in settlement of the balance
! Of trade What is Indispensable to the restora-
ton Of the confidence OF foreign investors IN
American stocks Is 4 practical policy OF cur
rency reform providing for the canceHa'loh OF
notes when redeemed, and establishing other
/ safeguards for the maintenance OF pupho ial'h'
So long as nothing is done in that direction for-
! egn investors will continue to apprehehe 'hs
| renewal OF the Bryanite agitation and VIII sen
| their American holdings as prices advance ih'S
| is the opinion Of all bankers who examine 'n'
records Of recent transfers Of registry ot Sc
curlties held many years by large class OF
| small investors in England.
The governor of the Bank OF England has
becn forced 10 publish the letter In whch
| he conditionally agreed 10 convert INTO SUI
yer one-ffth Of the bank reserve Tor ms
REDEMPTION of notes The opinion Wnich gem
orally prevails in financial circles Is 'ha' 'i.S
letter is equivalent to tolite rHtusal' s''ce '"'
! ,ordi,ions named will render such conversion
| ,,,roesihIe Clear-headed bankers, ike Mr.
! Walter Burns take this view, because they De-
lieve that the French mnts cannot De oPehe"
! for the free coinage Of silver without Solo soiis
! TO a premium and because also they reSaro II
! impractlcable to procure price 10: SILVER "hie"
,ha directors Of the bank will accept as satis-
! factory The comments Of The Times lhe
| standard" and other journals on he governors
letter are hostile and scrid. much Inauguration
heing expressed Jver what is regarded as ni-
| metallic maneuvre for the beneht OF Americans
| at the expense of England.
! rho ir,nortanc, Of the governors letter Is ex-
| agcerated The truth is that the English press.
| vble Senator Wolcott and his colleagues We're
! IN London. Was not well informed. but assumed
! that nothing was going on, and is now amazed
! 70 lind that any steps were taken to facilitate
| the reassembng Of a monetary conference.
! Some Journals protest against any concessions
| in advance OF the meeting OF the conference
They do not perceive that the object OF Mr. OLE
! colt and his colleagues was TO avoid having the
! conference meet unde" conditions which woulo
| have doomed it to failure America and france
/ could have secured a conference without din'
c,,,tv The Salisbury Government at the out