The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-09-18
SHOULDN'T FLIRT
Little Old Lady of Threadneedle
Street Accused Of UnbecOm-
ing Conduct.
Bank Of England Letter May
Mean Nothing, But It Is
Not Dignified.
Great Flood of Criticism Poured
Out by the London News
papers.

LONDON, Sept. 1S.-The Westminster
Gazette in it's financial article comments
upon the otter Of the governor of the
, Bank Of England, Mr.. Hugh G. Smith,
to the chancellor of the exchequer, Sir
Michael Hicks. Beach, announcing that
the Bank OF England is prepared to
carry out what is permissible in its
charter, namely, to hold in silver one-
fifth OF the bullion held against its
note issue, provided always that the
French mint is again open to the free
coinage of silver, and the price at which
silver is procurable and saleable are sat-
isfactory. The newspaper mentioned
says:
Not Dignified to Flirt.
Although the governors statement is
perhaps meaningless, SO far as practice
is concerned, it is to be deeply deplored
that the bank had budged from its
principle. 1t is not dignified for the
Old Lady OF Threadneedle Street to f1irt
with the bi,netal!ic faddists. We want
gold against our notes, and there is no
reason why an old statute, passed when
ter. should be refurbished at the bidding
of those who want to dispose Of silver.
The banks reserve is not SO large that
it can be tinkered with. Moreover, by
yielding in these matters Of principle,
we open the way to the thin edge of the
wedge. If the threat is carried out,
what would happen is exemplified by
the statement Of a trustee, who declares
he would feel compelled to sell his bank
stock, and so close risk.
Will Have an Unfavorable Effect.
The St. James Gazette says on the
same subject:
The scheme seems to be knocked on
the head for the present; but the re-.
ception of even this feeble announce.
ment in the city will have an effect
anything but favorable to the bimetal-
lists. A substantial element of indig.
nation arises at the feeling that the gov.
ernment and the bank have been doing
Il little diplomacy at our expense, and
for the advantage of Americans. The
United States has done nothing to make
such risky pohteness to the silver men
OH our part popular in this country.
The Globe, joining i'll the discussion,
has this to say OH the announcement Of
the governor of the Bank of England:
The whole scheme is innovating and
mischievous. 1t seems to us wholly un.
desirable and even perilous to subject
our monetary system to foreign intiu.
ence through the government. If, as
should have leon done, the proposals OF
the United States and France had been
handed to the directors without official
recommendation or pressure, it can be
scarcely doubted that the directors
would have respectfully but firmly de-
clined to further these projects.
4 The Times, commenting editorially,
p'says: "As the same influences have
been at work in France as here in rela.
ton to the currency reserve, the re-
opening of the French mints is perhaps
within the limits of possibilities, though
we doubt whether the action of the
Bank of England can be in any case q
determining factor.
1.-THE second condition which the
bank imposes, the condition with refer.
ence to the price Of silver is obviously
more important. An immense respon.
sibility would rest upon the bank Off.
cials, who must exercise the right to de.
eide what should be regarded as a salts.
factory price OF silver"
rrotests Against the Policy.
The editorial protests strongly against
the policy Of the bank in having con.
sented to commit itself, though even
thus limited and safeguarded.
Repeating arguments used in forme,
articles, The Times says: I'VE cannot
assume that the admission Of a ilve,
seserve would not detract from The
banks prestige abroad. It would be 9