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

The London bankers, in Il meeting re-
Gently, adopted, unanimously, a reso-
luton TO the effect that they entirely
disapproved OF the Bank of England
agreeing TO exercise the option, permit
ted by the act OF 1854, OF holding ono
fifth or any other proportion whatever
OF silver Is reserve against tho circu-
laton OF the Bank OF England notes
Or course they protest. They have been
doing that, and pretty successfully, too,
for some years. The bankers Of London
have been consistently opposed to oil
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
or silver. The people want ii. Many of
tho peoples representatives In parlia-
ment are advocating 1t. Isn't it about
time the English people had something
without having to get tho consent OF
the Loudon bankers to be allowed TO
secure 1t?
But, however that may be, one-hfth
OF the reserve of the Bank of England
Is not very much of u contribution on
England's part toward international BIZ
metallism. If tho monetary commits
sion is TO be satisfied with such sops
as this they had better in the begin
png have stayed at home. One-ffth
Of the reserve held by the Bank of Eng
land in silver while the other four-fifths
= held IN gold is not bimetallism, nor
does 1t approach it; nor, so far as we
can see, does il even hint at POSSIBLE
ity 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. If 1t is thought that a sop of this
Kind Will lessen the intensity of the
campaign In the United States for gem
ulne bimetallism. silver on an equal
footing with gold. and Independently
II other nations wont Din us, we NAV
conclude that the caliber of the Ameri-
can people has been woefully mistaken
by our brethren ucross the water.
What we contend for Is the prosperity
OF the people. but the prosperity wants
some assurance OF permancncy. Some
thing of prosperity has come to US Of
Late from the failure OF crops abroad
and tho success Of our home crops. For
the present gold IS tending toward this
side OF the Atlantic. Prosperity has not
struck US yet very hard, but the i'm
proVement ON what has been for some
years Is material. But consider the
slender foundation on which It rests.
suppose that next year that it was our
crops that failed, and that evcrythIns,
was IN smiling way on the Russian
plains and the Argentine fields, where
would the gold balance be? Silyerites
are not apt 10 lose sight Of the real oues-
ton, but our friends of the gold stripe
may be likely TO be deluded into n feel
Ing OF security. For we remember that
go!dites as we'll as silverites were little
While ago clamoring for 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
Detterment we have seen. All hands n
year ago wanted q change. Gold-stand-
ard advocates wanted their leal<y svs-
TEN mended, bank notes substituted
for greenbacks. In fact, when the sad
condition was seen on every side they
must advocate some sort of a change
NOW. with the hull in the storm, they
nave taken assurance. False pilotsl
they little know the waters in which
they sail. Bimetallists stood for q
radical change that would affect the
root OF the matter. Bimetallists stood
on the well-known facts of history. and
prophesied that 40 permanent i'm
provement could como under any gold
standard regime. That is their position
to-day. Horace Boles and others that
are carried with every current. weather
cocks blown by every wind, can re-
Pudlato this stand, but no other position
Is logical or tenable.