The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-09-17
AN EDITORIAL PROTEST.
London Times Opposes the Action of
the Bank Of England.
DETRACIS FROM PRESTIGE OF BANK.
Assuming That IL Has Killed the
Plan. the Times Says the Cam
paign VIII he Continued.

London. September l6.-The Times ccm-
menting editoriallv this morning on the
letter read yesterday by the governor OF
the Bank of ENGLAND at the serni-annual
meeting of the bank. says;
"As the same influences have been at
work in France as here In relation to the
currency reserve the reopening of the
French minis Is PERHAPS within the limits
OF possibilities though we doubt whether
the action of the Bank OF England can be
in any case n determined factor. The
second condition which the bank imposes.
the condition with reference to the price OF
silver Is obviously more important An
Immense RESPONSIBILITY would rest upon
the Bank of England officials. who must
exercise the right to decide what should be
REGARDED as satisfactory price of silver"
The editorial protests strongly against
the policy of the bank In having consented
TO commit itself. though even thus limited
and saferuaided. Repeating arguments
used In a former article. the Times stys:
I'VE can not assume that this arrange
ment OF silver reserve would not detract
be a very Objectionable course and not at
all justified by the negotiations of the min
istry with the American commissioners and
French government"
Taking credit for having practically
killed the plan. the editorial concludes with
the warning that the campaign Will be
continued.
Leading French statesmen are not
wholly disnclined to reopen the minis.
while a vigorous attempt is being made to
induce India to adopt the same course.
This should not be done without serious
consideration. In any case free coinage by
France, India and the United States
would not justify the Bank of England
regarding silver as good as gold for re-
serve Therefore the banks offer can only
encourage illusorv hopes and the sooner IL
is allowed to elapse into oblivion the better
for all concerned
Lord Farrer writes TO the Times this
morning. in part as follows:
Il learn from the best accessible infor-
nation that proposal has been nade to
reopen the Indian minis to silver on the
understanding that the United States and
France do the same at a ratio OF lo1a TO l.
The consideration offered is that II Will In
sure India permanent and 'toady ex-
change OF course, at that ratio this pro-
posal appears TO me TO be in the highest
degree Objectionable, First because It
puts an end to an experiment which prom
Uses to be successful; second. because II
affords no substantial prospect oil giving
a steady, permanent eXcrange, which there
is every prospcct If attaining II the policy
of 1893 is adhered 10. third. because II it
did succeed in giving permonent exchange
at the ratio of 15la to j, which IS most
improbable, 1t could only succeed by arti-
ncially raisiug the gold value Of silver
throughout the world to the same extent.
thus Introducing without the consent of the
British parliament all the mischief of In
| ternational bimetallism at that ratio
| Lord Farrer promises on future occa-
| sion TO give his reasons for these conclu-
| sions adding that as the proposals have
| been fer some time before the government
| il Is desirable that public attention should
! be drawn to them.
| The letter caused surprisingly little COM
ment in the city and did not affect silver
| stocks Great satisfaction, however, is eX-
pressed AT the headquarters OF tho bmetal-
| lie league The secretary Of the Bank OF
England Mr.. George f. Glenny. when
| asked II the action of the Bank of Eng
| land depended upon the reopenng OF the
| India minis replied:
THAT is political question and does not
| concern US"
The bankers of the city are surprised and
| displeased.
The officials OF foreign offices declined
TO comment upon the letter but an official
OF tho treasury department is quoted In an
interview as decrying the work OF the
United States monetary commission.
/