The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-10-21
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heouer. Sir Michael Hicks-Beach, to
he governor of the Bank of England.
The Daily Telegraph, dealing edi-
orally with Saturdays cabinet session,
avs:
''As the cabinet has separated, not to
ensemble until the normal date next
month, and az Mr.. Balfour has returned
o Scotland, the ministers must be in
complete agreement. If There had been
my dissension, other meetings of the
cabinet would speedily have followed.
We may conclude, therefore that every
thing remains as before. 1t is impos-
4ible that any momentous change in the
currency system could be settled at Il
single meeting of the cabinet"
The Daily Graphic says:
"All the circumstances lead us to be-
lieve the government will give no under
takings to reopen the Indian minis"
Continuing. the paper says:
Gold may yet again he current in
India if the policy of 1895 is boldly pur-
sued. Then the single gold standard
may rule throughout the empire. This
is to our interest as producers and lend
ers of gold We are not going to throw
it away in order to put money into the
pockets of Colorado mine owners or to
help Mr.. Mckinley out of electioneerng
difficulties"
The Times. in its financial article,
cidcd to decline to reopen the Indian
mints or to enter an international none
tary conference. 1t says:
"We do not know exactly what Mr..
Wolcott proposed. but there il no doubt
that the opening of the Indian mints was
the concession most seriously pressed
The Indian government, supported by the
Trdian Office. strongly protested against
this policy. and the home government
must have felt bound in this year of
serious trouble for India to endorse this
positon. In ORDER however. to meet
The views of sympathzers with bimrtal-
lism in the cabinet. IN intimation may
very likely he given that the government
il prepared TO consider any further al
tentative proposals"
The Times commenting editoriallv in
approval of the governments decision,
says:
president Mckinley has now re-
deemed his election pledges and may
turn with pleasant sense of discharged
responsibility to the serious work of
financial reform. As to the govern
mrnt's offer to consider alternative pro-
posaS. we may perhaps he allowed TO
hope that an indulgent attitude will not
he abused and that before again distract
ing the government and public. bimetal-
lists will he careful to see that they have
invented something really novel and
practicable
Closure of the Indian minis has
practically no defenders on the ground of
abstract principles, and the fact that
its results are not quite what were de-
sired may serve to temper dOgmatic
speculatons concerning the prospects of
gold currency for India. The question
the government has to settle il. however
one of political and financial expPdiency
rather than of principle and there can
he no doubt in any reasonable mind that
they have answered it in the only ad-
way. The fact that there are
no tangible. definite proposals to dis |
declining to enter a conference which |
would he mere fishing inquiry where |
an immense amount of nonsense would |
he talked and great deal of intrigues |
and wirr pulling carried on. Tinkering |
currency amid the cross currents of an
conference and Mt the bid |
ding of people who have no discovcl'ab!e |
establishment of the ratio of II ID to |, |
is thing to which the unionist govern |
ment OUGHT to offer uncompromising OPP ,
position"
The Standard says cditorally:
"rhr strong bimctalic minority in |
the cabinet has shown itSnlf suf- |
iicicntly influential to delay for the pres |
InI any prOnonl'eUl'll' 1a'ill ~ ln' SUI
ross of Mr.. Wolcott's mission. The |
game of coquctry initinted by the bank |
with the connivancr. if not mt tn" in
of some commissioners is an
ralcntly still to he played. and the pub
lie is To he kept in the dark rs to the
real attitud" and intentions of the gov
Hrnmcnt Why issues of such vital i'm.
portancr To the financial stability of
The country should he thus tcmpo- |
riZed without the request of the United
Stato4 is problem of the dcepest oh
sCnrity. Though there can he no doubt |
rs To what THE ultimate result will I've
this policy is dangerous