New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-28
THE DRAMA.
IBY CABLE To THE TRIDUNE.l

IBY CABLE To TRIBUNE.1
London. Nov. 2I--The dispatches from WASH
ington containing forecasts of President Nc
Kirley's intention Of recommending strongly
simple measure of currency reform have at
tracted much attention in financial circles here
I have never yet talked with an English banker
who has not said that the first step to be taken
by America in the direction OF financial reform
is TO repeal the existing law which compels tho
Treasury 10 reissue notes when redeemed. The
approved practice Of the Bank OF England has
been to cancel notes when redeemed, and II has
been followed by the Bank Of France and tho
imperial Bank Of Germany. All the financial
experts Of Europe have accepted this as the ele-
-nentary idea Of each ana every sound ana
stable currency system The compulsory re-
issue Of the greenbacks as fast as they are re-
deemed has been regarded throughout Europe
as a fatal defect OF the American system.
knowledge of the facts is not confined to bank
ers, for Mr.. Ceveland's metaphor OF the endless
chain" has commanded widespread attention.
and is quoted constantly by the press whenever
questions Of American finance are discussed
Whatever may be the public Judgment In
America on the expediency of cancelling notes
when redeemed or providing that they shall
only be reissued against deposits OF gold equal In
amount II cannot be disputed that the result OF
these proposed changes would be TO restore con-
fdence 20 large degree throughout Europe In
American methods OF finance. No other legfs-
lative act would have so marked an effect on
European opinion on American currency ques-
tons 1t would be understood AT once as an ef-
fective safeguard against emergencies similar to
the one which impered the Resumption act
during Mr.. Clevelands Administration. The
English bmetallists have been emphatic az
the monometallists In declaring that the repeal
of the law providing for the reissue OF notes
after redemption is necessary. They perceive
clearly that whether there be single monetary
standard or a double standard the resumption
policy requires the withdrawal ana canceiiaoo"
of the notes redeemed.
The adoption OF President McKinley's reputed
nroposals will not be regarded by sincere bi.
metallists here as affecting the real question OF
standards Sir William Harcourt. In his speech
at Kirkcady yesterday defined Bryan's silver
| monometasm rather than any rationai
| scheme Of bimetasm, when he said that IL
| implied the payment Of detts on the principe
that a shilling half crown AS the MOST
| fanatical monometallist in England. ne cannot
| be trusted to supply monetary dehnitions' OUT
| his treatment Of the pledges OF Mr. Balfour IN
| tho debate in Parliament on bimetallsm was
| logical and effective. He properly described
| those pledges rs definite and conclusive ano a
fully iustifying the United States and France 10
accepting the invitation end making their pro-
posals In good faith through the Woico'' COM
| mission This more candid methoo OF
| discussine the subject than "rhe Tmess" char
| acteristic deluncation OF the American pro-
nos,l, as amusing impertAent and impudent'
.inca Il irnned that the First Lord OF the Treas
,rv had given pledge to foreign nations WHICH
| oould NOT he redeemed and was repudtated
| Sir William Harcourt neglected, however, to
lav stress on the remarkable speech OF the
Chancellor Of the Exchequer In the same oe-
| bote or % admit that Parliament. by passing
q resolution by virtually unanimous vote ac-
cepted the full responsibility for the piedses
which France and the United States acted upon
IN good faith Mr. Balfour cannot justly ne
~ ade the single scapegoat for the sins OF far-
| lament.
Tho London School Board elections have been
-r,,s ~, Tho Progressive party. The Moderate
Isader Mr. Dggle has been defeated after NJ
tao, wears service and the party which has
oo,,,ro,,ed the Board Schools since Forster's
az, was nassAd is rent asunder The system or
cumulative voting originally designed for tho
rro,ectIon Of n1inorites but operating frequently
| 20 nIacA them in power. has not produced THIS
offact this time sine, the Progressives have
| clear majority in the new Board, as "eH as In
| tho aggregate vote, but II has ena oied the moo'
crate faction Of clerical extremists 10 wreak
vengeance on the Diggleites what was al 'ne
.,,,.a. an governmental fad has become the en-
| t.. % q factional warfare and ought 10 be
s,rar, avav. The voting was light, since hait
v,,,,io, voters STAYED away from disgust over
,hA faction fight in the school management
The general result is victory for efhciency IN
Of c1Q
education, as we'll as a crushing defeat ot c'er'-
calism. .
The Progressive party will be encouraged 70
| ,a,,ot great campaign next March for the
| election of a new County Council Mr.. hitchie
ard Mr. Chamberlain have been laboring to ex-
niair away Lord salsbury's declaration Of war
| aeainst the County Council. but without much
| svo.ess II was a political bunder OF the 1rst
| n,asr,tude because il revealed thoroughly re-
| dictionary spirit.
While Mr. Balfours sole appearance this week
| is in the correspondence columns OF mo
Times" and Lord Rosebery has been content
| with the delivery OF a delightful address ON
scottish history. two real gladators. Mr.. Cham
| her,ain and Sir william Harcourt. have been
ao,ny active service as party champions and
| svasbbucklers Nothing could have been more
odroit or ingenious than the Birmingham lead
er's home talk bristllng with sarcasms which de-
| light even stern. unbending Tories. Mr.. Cham
| berlain is doomed to battle ceaselessly with the
large shadow cast by his former Liberal SELF
| but he has the courage and vivacity requisite
| for what would be for any one else an impossible
| task His danger lies in the creation OF resent
ment on the part of Mr.. Balfcurs Tory friends.
who perceive how completely the titular party
| leader of the Commons is eclrsed by his ener-
| Setic rival.
Sir William Harcourt has made five speeches
N Scotland, and again proved that he Is the
| only man on the Liberal side capable Of meeting
Mr. Chamberlain. His best joke was descrp-