, 1897-10-16
THE BANKERS PROTEST
ARD BITTERLY OPPOSED TO ANY
CHANGE IN THE NONE
TARY SYSTEM.
And Request the Ministry to Make NJ
|Hasty Arrangement With the Tn.
tied States Monetary Commission
They Are Of the Opinion That a
Change Would be an Error.

London. Oct. l5.-TOday was present.
ed t Sir Michael Hicks-Beach, chancei-
lor o. the exchequer. the memorial
which has been in process Of signature
among the leading banking houses and
financial enterprises in London. and al
so a copy of the resolutions against BIZ
metallism adopted by the Canadian
Bankers association on October 6.
The following is a copy OF a memorial
to the chancellor OF the e%xchequer, Sir
Michael Hioks-Beach, which has been
signed extensively by the English bank.
ers:
Strive, the undersigned. are engag,
ed in various mercantile. banking and
financial enterprises in the city Of Lon.
don Of no slight magnitude. and we are.
therefore, deeply interested in all that
affects the monetary position OF the
country, the credit Of the bank ote and
the solvency Of banking institutions.
We are aware of the visit OF the dele.
gates from the president OF the United
States to this and other countries, bu,
have no authoritative Information az
to the nature OF their proposals. From
the communication Of the governor o.
the Bank OF England to yourself. latels
made public. and from general report.
we cannot but assume that negotiations
Of some sort touching the metallic cur
rency Of this country are progressing.
FOUR CONSIDERATIONS.
We feel impelled by a strong sense
OF duty respectfully to lay before he,
majesty's government the following
four considerations. the great import.
ance Of which We trust may be appar.
mt:
First-That no alterations should be
introduced affecting the circulating me.
dunn Of this country. except after full
discussion in parliament. and by the
public at large. so that the changes pro-
posed may have as ample consideration
as their importance deserves.
Second-That under no circumstan-
ces whatever should the pledges Of sue.
cessive governments to the British
pound sterling and the single gold
standard OF this country be set aside,
either directly Of indirectly. and chat
10 steps should be taken ny or with
the consent Of our government, which
has for its object any alteration in the
value Of that standard.
Third-That this country. as one o.
the great nations OF the world, enjoys
under her mint regulations a coinage
system absolutely free from embarrass-
ments, internal or external, and we con-
ceive that any departure therefrom in
the direction Of reliance upon engage.
ments with other countries would be ,
fatal mistake.
Fouruh-That the minis OF India be,
ing closed, as to the policy Of which we
express no opinion, a state OF circum.
stances has arisen in which the greatest
caution is necessary. whatever may be
the next step which the Indian govern.
ment may be advised to take, but we
urge that no ~retrograde step be taken
except upon as exhaustive inquiry that
which leads up to the present position.
and then only II Indian interests will
be benefited thereby.
We strongly urge the foregoing
considerations upon her majesty's gov
eminent. speaking as We believe we are
justified in stating. with some little
knowledge Of the problems involved and
Of the interests at stake, and We are
prepared. il necessary. to give our rea,
sons at length. il it be your wish ia
receive a deputation.