Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-09-13
ENGLAND AND SILVER.
Bank Director Who Discredits the
Story About White Metal
in the Reserve.
FROM SENATOR CHANDLER
Calls on Republicans to Cultivate Friendly
Feelings for John Bull and Other For
eigners, That Friendly Action Toward
Silver May Be Obtained-says This Is q
lad Time for Discriminating Duties. Too
Washington Much Interested.


London. Sept. 1s.-Henry RiverdaIe
Greenfield, director Of the Bank Of Eng.
land and former governor, has g letter
IN The Times in the course OF which he
says: AS bimetallist and as one of the
senior members of the bank court think
1 have right TO ask on what ground
the writer Of the article entitled "A
Remonstrance" in your Saturday issue
makes his assertion that the bank has
decided TO hold fifth of its reserve in
silver. Had the bank done SO its action
would have been strictly in accordance
with the bank act Of 1874, and equally
IN acc 1rdance with the action taken in
1881 by the government then presided
over by monometallist, Mr.. Glad
stone. What the bank did in 1881 was
TO assure the treasury that the bank
would always be opeE to the purchase of
silver on condition of the return Of the
minis OF other countries to such rules as
would insure certainty of conversion of
gold into silver and of silver into gold
Bimetallists declare that the practical
result of double standard in France
alone was that the two metals did ex-
change Throughout the world at a legal
ratio. or with such slight variations as
might in consideration of this great SUBJ
1ect be neglected.
Doubts the Truth of the Story.
There is 10 ground for saying that
any one connected with the bank has
officially gone beyond that position. In
deed. / doubt IL any opinion has been
recorded or any determination come to
at all. Your correspondents whole let
ter seems founded on a suggestion of
what may or may not have arisen in
the necessary preliminary discussions
with regard to the watering OF the
banks reserve with silver on the condi-
lions mentioned in 1881. If am 10,
mistaken the very persons who depre-
Gated this dilution have always been
most DESTROYS of a much greater dilu-
ton ty the issue of pound notes on a
more or less fiduciary basis. ] may con-
clude by saying that the expression
certain Americans is scarcely fitting
description Of the commissioners now Of
ficially charged by their government
with their difficult and onerous task"
View of the Daily Telegraph.
The newspapers, however, treat the
matter as If the author of "A Remon-
STRANGE" was authority for what he
wrote. The Daily Telegraph says: 1.-The
basis OF the proposals of The American
delegates appears to be the withdrawal
of the half sovereign and the substitu-
ton of one-fifth reserve in silver This
may be plausible enough from the point
OF view Of the silverites. but it would be
very questionable policy unless some
substantial. permanent recovery in the
value of silver were apparent, which is
not the case. If Germany should cease
melting the thalers, If France and the
United States adopted bimetallism, and
IL India reopened the minis, then it might
be within the province of the bank to
meet the suggestions of the American
commissioners and the silverites. But
the instant the French government were
to adopt bimetallsm the ministry would
be overthrown. The new gold discoveries
and the fact that other nations are
adopting the gold standard prove abun-
dainty the wisdom of no departure from
the present system in this country"