Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-10-29


The London bankers, in Il meeting re-
Gently, adopted, unanimously, q reso-
luton to the effect that they entirely
disapproved of the Bank of England
agreeing to exercise the option, permit
ted by the net of 1854, OF holding ono
fifth or any other proportion whnteveY
OF oliver III Il reserve against tho circu-
lauon OF the Bank OF England notes
OF course they protest. They have been
doing that, and pretty successfully, too,
for some years. The bankers of London
have been consistently opposed to ell
the interests of the whole people, un-
less il might be some interest OF which
they themselves had way OF securing
the major portion OF the profits. The
trades unions OF England are without
exception pledged to the RECOMMENDATION
OF silver. The people want 1t. Many of
the peoples representatives In parlin-
ment are advocating 1t. Isn't il about
time tho English people had something
Without having to get the consent OF
the Loudon bankers to be allowed to
secure 1t?
But, however that may be, one-fifth
OF the reserve of the Bank of England
Is not very much of Il contribution on
highlands part toward international BIZ
meta!lism. If tho monetary commits
sion il to be satisfied with such sops
US this they had better in the begin
ihng have stayed at home. One-ffth
OF the reserve held by the Bank of Eng
land in silver whilethc other four-ffths
L held in gold Is not bimctallism, nor
[ nnnFnnnI So.
can see, does it even hint Mt u POSSIBLE
iiy that the British government or the
bank of England will ever do anything
further toward the placing of silver in
the markets of the world as q money
metal. Ii 1t is thought that sop of this
Kind will lessen the intensity of the
campaign In the United States for gen
ulne bimetallism. silver on an equal
footing with gold. and Independently
II other nations won't Din us, we NAV
conclude that the caliber of the Ameri-
can people has been wocfully mistaken
by our brethren across the water.
What we contend for Is the prosperity
OF the people, but tho prosperity wants
some assurance OF permancncy. Some
lining OF prosperity has come to us Of
late from the failure OF crops abroad
and tho success Of our homo crops. For
the present gold Is tending toward this
sido OF the Atlantic. Prosperity has not
struck us yet worry hard, but the i'm
provement on what hes been for some
years Is material. But consider the
slender foundation on which It rests.
suppose that next year that it was our
crops TINT failed, and that everything
was In smiling way on the Russian
plains and the Argentine fields, where
would the gold balance DO? Silverites
are not apt To lose sight OF the real cues
ton, but our friends of the gold stripe
may be likely TO be deluded into feel
ing OF security. For we remember that
Go!dites as well rs silverites were little
while ago elamoring for q change in
our currency system. This very fact
shows the Inconsistency observed in
certain quarters of crediting to the gold
standard forces credit for the SLIGHT
bettcimcpt we have seen. All hands n
year ago wanted change. Gold-stnnd-
ard advocates wanted their lealfy svs-
TEN mended, bank notes substituted
for grecnbacks. In fact, when the sad
condition was seen on every side they
must advocate some sort OF change.
Now. with tho lull in the storm. they
haTo taken assurance. Fulso plotsl
they little know the wnters In which
they sail. B!metallists stood for n
radical change that would affect the
root OF the matter. Bimctallists stood
on the well-knovn facts OF history. and
prophesied that 10 permanent i'm
provement could come under nny gold
standard regime. That is their position
to-day. Horace BoIes and others that
are carried with every current. weather
oocks blown by every wind, can re-
pudlato this stand, but no other position
Is logical or tenablc.