New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-31

bimetallic system in establishing her own gold
Standard bat for a long period the Paris mint
had regulated silently and effectively the eX-
changes Of Europe and Asia. hence "Heh
Senator Wolcott secured the direct aid of France
in support of his monetary negotiations he had
an ally who had been most successful. at least
until a comparatively recent period. in main
tanning a par Of exchange between gold ana
silver; and this was pronounced by unanimous
vote Of Parliament year so 10 be one OF the
supreme ends Of British monetary policy.
Why Is it, then. that the failure OF negota-
tons in which France has taken an active
part. is hailed as a victory for the pound ster-
ling and for British credit? Tire answer is to be
found in the increased prominence OF London IN
the financial and commtrcial world since the
suspension Of French bimetalilsn so long as
gold and silver could be freely coined in France
and were declared to he legal tender at lo12 to
J. the mint-rating Of that country was felt as
regulating force in the worlds commercial ex-
chang IS. When the French 0imetallic system
was interrupted. London became the unrivalled
clearing house Of the world. Nations might
have what silver currency systems they pleased,
and their standards Of value might be true or
false but the pound sterling inevitably ruled
the world. London bankers, who control the
international bills of exchange and the COM
merci1l relations Of the world. are SATISFIED with
the existing monetary system. They do not wish
20 have The French conduit, pipe relaid and the
worlds reservoirs Of gold and silver regulated
in Paris. The pound sterling has made London
the greatest market and the real centre OF ex
change for the worlds commerce. They do not
want 10 have the British guinea clipped
WELL-FOUGHT CAMPAIGN.
Senator Wolcott cannot be reproached for
leaving anything undone that might have tend
ed to promote the success Of his mission. He
came 10 England in the first instance imme-
diatey after the Bryan canvass, when silver
had become disreputable cause. synonymous
with regulation and dishonor. The real none
tary battle-ground then, as it is now. was India.
where the minis were not closed until twenty
years after Germany had adopted the single
gold standard. Populist canvass In America
conducted in a spirit OF irrational hatred OF
England had silenced the champions Of bimetal-
lism here and encouraged Continental nations
to persevere in their policy Of accommodating
gold and approaching the single standard as
the safest basis OF natona! finance. 1t was not
a propitous season for opening monetary nego-
tiatiOns 70. genuine international bimetallisn
Senator WolcOtt. however. was not dismayed
He surveyed the ground in London. Paris and
Berlin. and in the course OF few months re-
turned from Washington at the head Of none
tary commission which has come within meas
urable distance Of complete diplomatic tri-
umph.
Certainly it was a considerable achievement
that this commission succeeded in existing the
cordial diplomatic support Of France and en-
tered London with twO embassies, in place or
one, behind II. 1t mas also nothing less than a
signal success that IL commanded from the
British Government sympathetic hearing or
its case and exhaustive inquiries from the
Bank Of England and the Indian Government
respecting the expedency OF the concessions
which it invited. Many causes were operating
agains: the successful accomplishment OF its
work conspcuOusly the recent decline OF silver,
the irritation produced by Mr. Fosters indis-
Greet method Of presenting the Behrng Sea
question and. finally the calamities Of India
pestilence famine and costly frontier warfare.
by which the adoption Of financial policy
was blocked But Notwithstanding all these dis
couragements, the bmetallic ENJOYS made so
good a fight that the financicrs or the City
were thoroughly frightened and were forced to
have recourse to extraordinary eXpedients to
compass their defeat Ministers themselves
did not expect the answer from India which
commits them to inaction. Whether the i'm
mediate issue Of these negotiations he tenn
Dorarv reverse or a drawn battle, the result
OF their brilliant campaign has been to rally
the forces Of bimetallism in France and Eng
land and to rescue America from the reprnach
Of the dscredtable population canvass Of silver
recommendation England is left to face the
increasing difficulties OF Indian finance and
Eastern exchanges. and to work out the saliva
ton Of the native races and It's own commercial
claescs as best il may. without the assistance
Of the United States France and other nations
leapue1 together in new monetary agreement,
The United States, with its own treasury rap
idlv filing with gold under the influence OF
unprecedented exports Of food and a revival
az nrosperity can await the final Issue OF the
hattie of the standards more cCmplacently than
England with Lancashire clouded with de-
preston with India in financial chaos and with
trade with the silver countries OF the East
declining ard becoming more and more un-
profitable. l. AZ F.