Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-17
Comment. on the Official Statements
About the White Metal.
RESERVE OF BANK OF ENGLAND
False Notions in Europe About Nc
KinIey's Attitude.
Observation-Disclosures

While the official statement of the gov
ernor of the Bank of England confirms the
dispatches from London some days ae6 in
the statement that the Bank of ENGLAND
had agreed to take silver for one-fifth of
the reserve. if France and the United States
opened their mints to silver this announce
ment is far from Indicating that the United
States is going to rush at once into the free
and unlimited coinage of silver The dis
cussion of this question in Europe and in
the European dispatches is based on a false
assumption as TO what the attitude of tine
present administration at Washington is
with respect to silver coinage. The mon
etary commission appointed by President
Mckinley, of which Mr. Wolcott is the
head. was not sent to Europe to ask En-
glands permission that the United States
might re-eStabliSh free coinage. Interna-
iional agreement from this point of view
doesn't mean an agreement of the other
powers that We may coin silver but an
agreement that they will if we do. The
proposition of the Bank of England contri-
butes very little towards an international
agreement.
Ii ii should be sufficient to induce France
10 open her mints coRditonaify upon the
United States doing the same it is not at
all probable that a measure to carry out
this agreement would be recommended by
President Mckinley, or that it could pass
through the House.
Tie attitude of the administration and of
the republicans in Congress is not one of
great longing for silver. Free coinage of
silver is not desired at all for this country
unless the same policy is adopted by enough
OF the European powers to insure the MAIN
tenance Of parity between gold and sill
yer coin 1t was to avoid a deprecated
currency that silver was demonetized and
there is no assurance or even confident
nope that the opening of the mints in
france and the establishment of 20 per
int he Il
would alone insure the maintenance of a
parity In the opinion of some it would
result in cheapening of our money and in
checking any tendency toward the ship
ment OF gold TO this cOuntry-a thing which
England is desirous of, and which might
compensate for the slight sacrifice made in
bringing il about
1t is question whether such an agree
ment as proposed would not result in the
serious embarrassment of the Mckinley
administration OF course. Mr.. WoIcoct
would count it great triumph to bring
about any condition which would promise
the restoration of free coinage in this
country. whether wise or otherwise and he
would have the support and approval of
such men as. while still adhering to the
republican party. want silver coinage. or
represent its silver constituency. But from
a practical point of view, an agreement
with foreign nations which was not broad
enough to establish parity between gold
and silver would render free coinage by
this country little more safe than such coin
age without any agreement at all.
AT the same time, for the administration
to reject a proposition of this sort would
give the silver agitators an excuse for de-
claring that the administration was not in
favor of silver coinage under any condi-
tions. even by international agreement
For this reason it is the opinion of some
that Mr. WolcOtts mission abroad is liable
to prove mischievous and detrimental to
American interests. If several foreign
governments yould agree to open their
miQtS the Coinage of silver
can administration and republican Con-
gress would pass a free coinage bill In ac-
cordance with the agreement. But 1t Is
not believed that Mr.. Mckinley will recon-
mend the passage of such measure mere
ly upon such an agreement as is suggest
ed, and il is almost a certainty that even
ii he did the measure could not be passed
through the present House.