The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-11-24
Triumph of Money Lending Over In

Triumph of Money Lending Over In
dustrial England.
International bimetallism is dead
dead SO far as Mr.. Mckinley is con-
cerned, dead so long as we beg other
nations to join us establishing It; dead
until we force Britain to join us by open
ing our minis to free silver coinage, drive
her, by the prospect Of the loss of her
foreign trade with silver using coun-
tries, of her commercial supremacy, If
she refuses. Money lending has trl-
umphed over Industrial England, the
money lenders of London have shown
themselves supreme, their behest has
been done by the British government,
the councils, the interests of agricul-
tural, manufacturing, laboring England
dlsregarded. Such is the purport of the
news that comes from England to the
effect that the bimetallic proposals of the
Wolcott commission, endorsed by the
French government, have been rejected
by the British cabinet
The British government proposes to
reopen the Indian mints, requests the
Bank of England to keep one-fifth of it's
reserve in silver in certain contingent
cies, namely, the reopening of the In
dian, French and American mints to
free silver coinage; money lending Eng
land storms, protests, threatens; before
the storm the British government Grim
ges; the Indian minis will remain CLOS
ed. the Bank of England will continue
to hold gold alone as it's reserve. tie
needs Of industrial England will be ig-
nored. Such is the story of money
lending London's latest triumph. It is
signal, complete.
Yet, if Mr.. Mckinley had activ ~
backed up the Wolcott commission last
June, if he had shown friendship in
stead of hostility toward bimetallism,
II he had evinced a desire to accomplish
an agreement for the restoration of BIZ
metallism in place of purpose to put
our currency on gold basis, there is
little question but that such an agree
ment could have been made, for then the
forces of money lending England were
not marshaled to resist the demands
made of sympathetic cabinet by the
farmers, the wage workers, but above all
the spinning lords Of Lancashire and
landlords Of agricultural England. An
agreement pressed for then could have
been effected before money lending Lon
don, surprised, dumfounded, by such at
tack on it's supremacy, could have train
ed its batteries for successful resistance.
In June last the British government
was ready TO enten into an agreement
for the restoration of bimetallism on
the basis of the reopenfng of the minis
of the United States, France and India
to free silver coinage. Proposals of
such nature were made by the VOL
colt commission and the French am
bassador to England, himself an ardent
bimetallist, on behalf of the French gov
eminent. The British government hes
itated to promptly accept those propos-
ais only because of the evident lack of
good faith of the American government.
This The American knows. If Mr.. Nc
Klnley had then given evidence Of an
earnestness to stand by the Wolcott
commission, and back up the proposals
of such commission before the American
congress, tentative bimetallic agree
ment would have been accomplished
ere money lending London could have
said nay, there would have remained
at this time nothing but matters OF
detail to consider; the ratio to be agreed
up, L. e., the French or American, and
the date for the concurrent opening OF
the minis of the three countries
tiers to be left to the French and Amer
lean governments for decision and the
restoration of bimetallism by interna-
tional agreement would have awaited
only the endorsement of the American
cOngl ess.
But Mr.. Mckinley did not give this
evidence, did not show all earnestness
OF purpose to back up the Wolcott COM
mission. On the contrary, he showed a
wish that that commission should ac-
complish nothing, purpose to under
mine it's work, to encourage the rising
OF obstacles by the American congress
to the acceptance of any report that the
commission might make favorable to
bimetallism, and SO bring it's labors to
naught in America, even If crowned
with success in Europe. AS a natural
sequence the commission, discredited,
accomplished nothing.
Ere the work of the commission was
fairly under way Mr.. Gage, as secre-
tary of the treasury, as finance minister
In the administration sending the BIZ
metallic commission abroad, was sub
hitting suggestionsvto leading bankers
and financiers looking to the remodel
ing of our currency on the gold basis
and asking for council. The sugges-
tions OF Mr.. Gage gwere quite out Of
harmony with the purpose which the
Wolcott commission was ostensibly sent
abroad to endeavor to accomplish. In
his suggestions he quite ignored the ex-
istence Of such commission thereby
showing he did not contemplate any
Inc q