The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-06
BRITISH B|METALL|STS ACTIVE
WILL DEMAND A REOPENING OF
THE WHOLE QUESTION.
London Statist Gives Some Reasons
Why American Bankers Are In
creasing Their Gold Holdings.

London, March 5.-(Copyrighted
1898, by Associated Press.)-The BIZ
metallists in the house of commons
have secured first place on March IS
when they will present a resolution
providing for the closing of the Indian
minis and demanding the appointment
of a royal commission to take up the
whole question of bimetallism. The
Bimetallic League has issued a long
manifesto, reviewing the situation
from the time of Senator Wolcott's
mission, protesting against the pro-
posed adoption of the gold standard
| in India, and urging the government
instead to resume earnestly the nego-
| tiationS with France and the United
| States.
Operators on the stock exchange are
inclined to leave American securities
alone until the Maine crisis is settled.
They burned their fingers during the
past week, the net result of the see
saw movements being that London
lost considerable to New York, and
although there is no doubt as to the
final outcome. it is feared the strug-
gle will cause the trade of the United
States to suffer severely. Hence. the
London purchases at present are not
likely to be appreciable.
An exemplification of the feeling here
is contained in a long article published
by the Statist. After complimenting
President Mckinley, whose powers
are perhaps greater than those of any
European sovereign" upon having
exhibited admirable firmness of char
acter and independence of judgment"
the Statist points out that however
strong the president may be, he is
finally to obey the will of the people"
Continuing, the Statist says: 1T
would be gravest mistake to suppose
that because the jingoes. who have
discredited themselves by reckless
charges, which they were unable to
subStantiate, have failed to move the
the president, public sympathy for
the Cubans, which is very real and
very widespread, will also fall
Commenting upon the financial as
pect of the situation, the Statist says:
1.-The withdrawal of gold for New York
at this season of the year is note
worthy" and gathers therefrom a cor
roboration of the belief that most
of the recent speculation in American
securities conducted by the United
States was financed by the New York
banks, hence the latter are now in no
position to part with much money to
the agricultural districts without call
ing in loans"
Continuing, the Statist says: "An-
other circumstance has powerfully
contributed to the stringency. If there
should be war, the expenditure would
be upon an enormous scale, and the
government would have to borrow I'M
mense sums to meet this enormous ex-
penditure. 1t would not be surprising,
therefore, if the banks were taking
precautions and were increasing their
holdings of gold"
The Spectator believes that both
Washington and Madrid expect war,
without desiring it." and both are
arming as rapidly as they can," and
that both are cogitating upon posi-
BILE alliances, Spain with France and
Russia, and America with Japan,
which wants the Philippine islands.
and can double the American fleet at
a few hours notice, if Russia permit
ted"
The Spectator continues: Great eff
forts are being made on both sides to
be in time, by Mckinley because the
arsenals are not full. and by Premier
Sagasta because he must elect a Lib
eral parliament"
The French foreign Office, dreading
a financial crash in Paris, is suggest
ing mediation. but it will, in the end, !
make a mistake in threatening a peo-
pie, who, at heart believe there IL
nothing strong in Europe except Great |
Britain"