Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-16
Governor Of Bank of England Ready
to Aid White Metal.
WAITING ON AMERICA AND FRANCE
An Agreement Has Been Made
With Their Representatives.
Q Err ACT OF 1874

LONDON, september IO--Al the Seull-di-
nua1 meeting of the Bank of England to-
day the governor, George Sandman. said:
"You are probably aware of the proposals
laid before the government in the summer
by the United Statez and France. whereby
this country might increase its use of
silver. as contribution to an international
agreement, which, while not affecting our
gold standard. might enable the minis of
France and America to resume free COIN
age. Among the proposals was one asking
the bank to hold the amount of silver per-
missinle under the act of 1874 as against
its notes.
BANK Prepared to Act.
The governor then read a letter, dated
July %, addressed to the chancellor of the
exchequer, Sir Michael Hicks-Beach. 1t was
as follows:
Referring to our conversation, we beg to
say the bank is prepared to carry out what
is laid down permissible in the bank
charter, namely. to hold one-fifth of the
bullion held against its note issue in silver.
provided always that the French mint Is
again open to the free coinage of silver and
II at the prices at which silver is proc urable
and salable satisfactory"
Replying to the questions, the governor
said the bank had no negotiations with
the United States monetary commissioners,
adding:
We have bought no silver. All We have
done is to agree, under certain circum-
stances, to carry out what is permissible
Under the act of 1914"
Germans Do Not Like the Idea.
BERLIN, September 16.--The National
Zeitung, referring to the intimation in the
Times of September II that the Bank of
England was prepared to hold in silver
cne-fifth of the bullion held against it's note
issue, says: THE unfavorable reception the
announcement has met with from all the
organs of British trade leaves no room for
doubt as to the opinion of the British COM
mercial bodies and as to the ultimate fate
OF the latest American attempt to secure
for the silver mine owners, with the aid of
Europe, rise in silver as a reward for
their support of the Mckinley tariff policy.
and to keep the silverites in good humor."
The letter excited surprisingly little COM
r'ent in the city, and did not affect silver
stocks. Great satisfaction, however, is
expressed at the headquarters of the BIZ
metallic League.
The governor of the Bank of Engla ad de-
clined to discuss the matter saying the let
ter spoke for itself.
The secretary of the Bank of England,
Mr.. George F. Glennie, when asked If the
upon the reopening of the Indian mints re-
Piled: THAT is political question, and does
not concern u.s.
Bankers Surprised and Displensed.
The bankers Of the city are surprised ana
displeased.
Manager Ross of Glyn, Mills Currie &
Co.. ardent supporters of the Gold STAND
ard Defense Association, voiced the opinion
Of the bankers. He said: The letter, with
such uuaiica tons, does not pledge the.
tank to anything, and it's only effect will
be to encourage the bimetallists' agitation
II the plan was carried out it might raise
the price of silver temporarily. which would
be followed by a reopcning of the Ameri-
can mines, over-production and another fall
in the price of silver.
Il do not comprehend why the bank
wishes to establish silver reserves when
there is plenty of gold obtanable"
The officials of the foreign office declined
to comment on the letter, but a high Off
cial of the Treasury Department is quoted
In an interview as decrying the work of
the United States monetary commission.
Senator W"lcott Encouraged.
First Assistant Postmaster General
Heath has received letter from Senator
oil t., II,