New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-04
THE LONDON BANKERS.
,~r,r,p PROTEST AGAINST A POLICY IN
INDIA WHICH is THE SEQUEL
TO THEIR OWN ACTION.


Lord George Hamilton shares the fate OF the
wolcott Commission. He Is condemned py inc
harkArs and merchants Of the City for attempt
,ry 70 settle the Indian currency question with
an, securing in advance the support and con-
ndence Of the single square mile IN the hear' Oh
= oraon Last autumn these princes OF finance
rd their retainers Issued a remonstrance
ayai,st international action on monetary ques-
.,ons and the weight Of their millions was de-
.,s,velv felt. The logic Of their protest pointed
% the conclusion that isolated action on the
na,t O, the British Empire was safer than pre-
concerted and systematized arrangements by a
rsnaral monetary conference. The Indian Gov
.-rr,ent sustained this remonstrance by an en-
rhat,c opinion that the rupee problem must be
o,,.oa ,,bout reference TO the financial policies
:, The limited states. France and Europe Lord
caoroe Hamilton in due time declared that in
.srrat,onal bimetasm was impracticable. and
,,s. the reopening Of the Indian minis to free
oo,,ase OF silver was out OF the question. and
.,no,n.ea a committee Of experts to consider
ere alternative currency proposals Of the Ind
,sn government The City at once rises in re-
,o,. against him in new remonstrance as
,,,corous as the protest OF last autumn.
1,. Anancers OF the City. in their resolutions
.sA,.ssed TO the India Office and TO the Treas
NV object to everything which has been done
=, nroposed They express dissatisfaction with
the composition Of the committee. and assert
that II ought to have included men with thor
msh practical knowledge Of Indian trade and
q, the effect Of the movement Of bullion on
British commerce Having discredited the COM
mittee. they criticise sharply the instructions
which II has received They declare that no In
,.yi he +is<a in
cude an examination Of the entire monetary
policy initiated in 1893 with the closure OF the
Indian m.nts. They also condemn the cur
rency proposals Of the Indian Government. and
forecast great dangers to commerce and grave
the policy Of raising sterling loans in London
OF large and indefinite amount for rerittances
Of gold The City fnancers are as thorough
going in their opposition TO the Indian proposals
as they were to the overtures Of the United
States and France for a rational scheme Of in
ternational bimetallism They object to every
thing--the personnel Of the committee, the
scope of its inquiry and the measures upon
which It 10 instructed to report. They give
warning OF the enormous difficulty there will
be in retracing a false step. and plainly intimate
that the British Government is not enlistng the
confidence and support OF the City and the
country.
LORD GEORGE REPLIES
Lord George Hamilton Is evidently irr,tated
by memorial which aims to discredt In ad-
vance the investigation ordered by him and to
embarrass both the committee and the Govern
ment In a spirited reply. published at the end
Of this week. he defends the committee as
competent body, capable OF comprehending the
and I'm.
embarrassed by previous utterances and preju-
diced opinion. He declines either to make any
change in the constitution OF the committee or
to revise the instructions respecting the scope OF
its inquiry. He considers that a committee au-
thorized 10 deliberate and report upon pro-
posals for making effective the policy adopted in
1898. and also upon any other matter which
they may regard relevant thereto" has free
field for unimpeded activity. This is the truth,
whatever gloss the bankers may have chosen TO
put upon II. The committee In considering the
proposals OF the Indian Government is left at
liberty to submit any notifications OF them or
any alternative monetary scheme, and also to
consider the entire trend Of the policy OF 1893
Lord George Hamilton routs the bankers foot
and horse in this controversial skirmish. II IS
with difficulty that he conceals his contempt
for the suggestion that the Government is In
different 10 the Importance Of enlisting the con-
fdence Of the City and the country.
The bankers who have signed this memorial
under the leadership Of the Governor OF the
Bank Of England are not brilliant as contro-
verslalists They are pre-enl,nent as DIRECTORS
and obstructionists They have been respon-
sible for the failure OF one monetary confer
ence after another. They control international
bills OF exchange and the commercial exchanges
OF the world. and satisfied with existing
monetary conditions. London. with its pound
sterling, has become the clearing house OF the
world. Nations may have any currency sys-
tens they Ike. but the pound sterling is the
final standard OF value and the chief source OF
the financial supremacy Of England. The Lon
don bankers have been consistent in their OPP
position to bmetalism as a disturbing force
which menaced their own control over monetary
exchanges They have raised their voices
against every conference proposed by the
United States, and protested against rash ex-
periments by which the British guinea would
be clipped.
LONDON AND PARIS INTERESTS.
When the wolcott Commission presented the
Joint proposals OF France and the United States
the London bankers perceived the general direc-
ton OF the movement. When there was par
OF exchange between gold and silver as there
was before 1873 1t maintained by the oper
alton OF the bimetallic system Of France. The
Faris mint. being open to the unlimited coinage
OF both metals at fixed ratio acted like an
Underground conducting pipe and tended TO
Keep uniform level in the great reservoirs Of
European gold and Asatic silver. When that
system was interrupted London gained in fnan-
ciai Importance al the expense Of Paris Inter
national bimetalsm on the lines Of the VOL
colt proposals would have relaid the French
conduit-pipe, and the mint rating of Paris
would have been re-establshed as a regulating
force In the exchanges OF London and India.
Inc London bankers objected to policy which
would have increased the financial prestige of