Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-17
VIEW Of A VISIT OR
]. E. Gordon, N. P, Discusses Mat
tsrs IF Interest.
SUCCESS OF FHEi POSTAL BANKS
Poor Outlook in England for 81
metaiIism.
PEACE EVER WITH AMERICA

PEACE EVER WITH AMERICA
Mr.. J. E. Gordon, member Of the English
parliament, has been in this city for a few
days, and while here called -on President
Mckinley. He had very pleasant talk
with the President. and, referring to his
Scotch nativity, recalled the fact that the
President himself was of Scotch descent
Mr.. Gordon is one of the youngest mem
bers of parliament, and is exceedingly well
informed in legislative matters. He has
the distinction of being the only son of
life peer ir the house of commons his
father being the late Lord Gordon. Since
arriving on American soil Mr. Gordon has
taken great interest in his observations
here. He expressed himself as much i'm
pressed by the activity of New York city,
which seemed astounding to him, although
for twenty years he has made his home in
the heart of London. He expressed himself
as extremely well impressed with the Presi-
dent who. he said, appeared to him to
have the virtues of Napoleon without his
vices, and he thought the Napoleonic fea-
lures Of Mr.. Mckinley quite remarkable.
Mr.. Gordon referred to the employers
liability bill, lately passed by parliament
as remarkable step for the improvement
Of the working classes of England, and
conversed freely upon the relations of his
country with the United States Although
he has been a member of parliament but
two years, his membership has been a very
active one. his whole life having been close
ly associated with public affairs his father
not only being member of the house Of
lords, but was minister for Scotland dur
ing two Disraeli administrations.
Postal Savings Banks.
When The Star reporter referred to the
fact that the Postmaster General proposes
to work for the establishment of a postal
savings bank system in this country, and
inquired as to the success of the system
in force in England, Mr.. Gordon promptly
replied:
Nothing could be more successful The
postal savings banks of England have been
of the greatest value from variety of
points of view. First of all, the system gives
undoubted security for the savings of the
working classes. and teaches habits of
saving to the young, who in England are
inclined to spend ais they go. The ordinary
young person is a spending creature, and
If you can induce him to put by small
amount of savings he and the community
are benefited to that extent The savings
of the people. although individually small,
in the aggregate make a very large sum-
With us the government invests these saw
ings in our consolidated national debt Sc
curities. 1t has guaranteed the depositors
~ per cent and has made out Of the
money "a per cent, which gave it a profit
more than sufficient TO pay all costs of
conducting the postal savings banks. But
lately we have had to give 112 for these
securities, so that a slight deficiency Is
made. But the government does not object
to this for the reason that it has made a
profit in the past, and the operation of the
postal banks greatly encourages thrift
among the working classes. In the future
there may be a slight deduction in the in
terest paid on these deposits. Probably 2k
per cent will be continued to be paid for
probably receive only per cent interest.
Another advantage OF this system which
accumulates the savings of the working
people is that their investment in govern
ment corsols tends to enhance the value
of the government securities, so that IN
the future doubtless government loans will
be renewed at lower rate OF interest than
they have been drawing in the past. Be
sides investing this money in government
securities the government also loans 1t for
the BUILDING of public works in localities
that need improvement, though they may
not have sufficient credit to secure the
money from private sources. The ability
to secure government loans at a low rate
of interest causes the erection of many
public works that would otherwise not be
possible to secure. The system in Eng
land has proved most satisfactory, and I
am sure it will be found to be quite as
beneficial to the United States"
Bimetallism In England
The Star reporter asked Mr.. Gordon what
he thought of the chances of the bimetallic
commission now in England to secure some
col cession from that government to as
sist in establishing bimetallism.
II think" he replied, ''your people are
wasting money and hotel bills. My per-
Sol al interest would cause me to favor
silver. because I have certain silver GER
the English government is in a dual posi-
ton in regard to silver Any idea that
there is a chance of our home government
becoming bimetallic in any way is pure
myth. 1t is absolutely impossible. The
belief that some of your people seem to
entertain that 1t is a possibility is merely
case in which the wish Is father to the
thought. The one heresy of Balfour is
silver. and 1 am afraid that the fact that
he indorses bimetallism is overestimated
in importance by American bimetallists.
He has evidently come in contact with
continental and perhaps American theo-
rtsts on that subject, but when you listen
to his arguments it is If anC If and If
certain things happen we can nave bimet-
alism.. The local influences that Influence
Mr.. Balfour should not be overlooked. He
has Lancaster constituency where the
cotton industries have suffered from the
depreciation of silver in India. Mr.. Bal
four leads the house of commons, but not
on the financial question.
and you will see that bimetallism has no
hope there. The English people are pros
porous today. Our working people are
prosperous. Our prosperity is greater than
1t has ever been in spite of competition,
and to change our monetary system under
these conditions appears ridiculous. Our
commercial supremacy has been attained
under our present system, and all argu-
ments favor maintaining it, Then we
have large amount 6f money loaned in
all parts of the world, and it is not likely
that that interest would be attacked by
Introducing bimetallism. No, your COM
missoners are wastingltheir time in Great
Britain. "a ~
Silver inY India.
''But there is some future for silver in
India. My understanding was that when
the mints of India were closed to the coin
age of the rupee 1T was the intention
to keep them closed until their value reach
ed certain point. and that then the gov
eminent would no longer be bound to keep
the mnts closed. The population Of India
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