The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-07

between silver and gold. The minis Of In
dia were closed because this could not be
secured, and before they are reopened
there must be permanent agrs ement,or an
agreement for a term of years. to take
effect simultaneously and include several
nations.
There is no objection among the London
business men 10 the resumption of silver
coinage in India. provided the amount is
limited. Nor is there any objection to the
second proposition. because the bankers adj
nit that the little 10-shilling gold piece is
a nuisance and a constant source of loss.
The abrasion is much greater than with
larger money. The coin is so small that 1t
Is easily lost and overlooked, and 1t will
slip through crack that is not much wider
than hair. | was not able TO ascertain
the amount of 10-shilling pieces in circula-
ton. Nobody seemed TO know. The al
manacs and statistical books give the total
amount of gold and silver coined and out
standing, but do not classify ii in denomi-
nations. | heard estimates all the way
from 100000 to G10.0OO00o, which, if
the change is made, will absorb that
amount OF silver.
The temperance people and philanthro-
pists. as l have stated in previous letters
are earnest in advocating the retirement
of the 10-shilling piece and for curious rea-
sons. They say that from 70 10 so per cent
of the wage earners OF Great Britain are
paid SUMS between 10 shillngs and G1
each week. and that as matter OF con-
venience the paymasters give each of them
l0-shiIling gold piece, which they imme-
uiately carry to the nearest saloon in or
der TO secure change. This causes them
TO take at least one drink and generally
four or five drinks before they leave the
place. Banks Of deposit say that every
Monday morning they receive large num-
bers of 10-shilling gold pieces from the
saloon keepers, which corroborates the
statements of the temperance people. If
this coin were withdrawn the working peo-
pie would be paid in subsidiary silver coin
and there would be no necessity for them
10 seek the saloons to have their money
changed.
But the proposition to replace one fifth
of the gold reserve of the Bank Of England
with silver bullion, even If 1t were pur-
chased at current rates, awoke a storm of
protests from the direction OF Lombard
and Tnreadneedle streets, which has al
ready been reported in your cable dis
patches. In order to draw fire and ac-
custom the public to the idea, the mar
habit, threw out feeler in the form OF
an editorial in the London Times. Then
the chancellor OF the eXchequer addressed a
letter TO the governor OF the bank Then
the governor OF the bank wrote reply,
in which he said:
The Bank Of England is prepared "a
carry out what is laid down els permissible
In the bank charter. viz: To hold one
NTH Of the bullion held against the note
Issue in silver; provided, always, that
the French mint is again opened for the
Tree coinage OF silver, and that the prices
at which silver is procurable and salable
are satisfactory"
The publication of this note made a pro-
found sensation in financial circles. 1t
was the hrst tangible evidence that the
government and the banks intended TO dc
what the newspapers had predicted. A
unslnfinous protest was received from this
clearing house. the stock exchange and
several other financial bodies. Some of the
strongest corporations in Great Britain
whose transactions amount to millions OF
POUNDS a month. gave notice that they
would withdraw their deposits from the
,,s'hR OF England II ii admitted silver bull
lion into it's vaults or disturbed is re-.
serve in any manner.
10 console these critics the governor OF
the Bank OF England replied that his con-
sent 10 the proposition of the government.
as would be seen from an examination q,
mas note, was based upon conditions thai
could not be fulfilled. There was no nos
sssphity OF the free coinage OF silver at the
r,shcn mints, etc. The excitement was
siiayeo, but the apprehension of the pub
iiv was not satisfied, because the nrono. |
s.uons OF the marquis of Salisbury are
sustained and commended ty the ,ah,..
unions, several manufacturers assoria-
IONS and many manufacturers and mer-
Grants who are engaged in trade with In.
lia south America, Mexico and other eli.
vsr countries The newspapers ~ Rir-
iahsham. Manchester, Sheffield aud other
g-est industrial centers are hearty in their
applause for the new policy. and outside
u London II Is quite popular. pnhlic
sentiment in favor OF a biinetallic currsncs
mas been growing rapidly for the last few
Yeas through the industry of the himet.
' = league. which has been doing some
= fseac missionary work, ANA tbs Iahcrs
s ! y element In England. as in the Unifc5
states y IN favor Of snythinF thai 'prnn,.
- 70 make money plenty. This 4 ~
.ocFet Of Lord Salisbury's conclllAsorv AZ. |
~ fears the result a aircontcs,, |
g IT, and EnEisnd ana think sSss = /
- eaeged ~ eonceesialS s. uflvsr.
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