New-York tribune., 1898-01-30

rBY CABLE TO THE TRrBUNE.l

those Journals which are best Informed on Amer
lean affairs "The Statist" interprets It as q
strong warrant for the belief that he VIII sup
port Secretary Gage and bring the whole nhu-
ence OF the Administration TO bear upon the
Senate in favor OF effective reform in the cur
rency Tho Economist less graciously remarks
that instead Of talking ne should be up ana
doing and carrying legislation through. Tho
Standard" which is always friendly and fair In
It's treatment Of American questions, Is I'M
pressed alike by the passages respecting cur
rency reform. National honor and mercantile
expansion. II regards expansion as the text OF
the hour In the United States and predicts that
II the American people follow the Presidents
advice they will become unco mmonly fornh-
dable rivals to the English in the markets Of tho
world.
This is indeed a conclusion which might have
been confirmed by the report is ued this week by
the Foreign Office on the remarkable progress OF
Germany during the last twenty years Great
policies Of currency reform. protection and
reciprocity have been operating there success
fully and have been supplemented by mer-
camille energy and the development of shipping
interests. Protectionist Germany has learned
that the to compete Is TO compete. Presi-
dent McKney's speech Will tend unmistakably
to strengthen American credit abroad. The ef-
feet was felt at once In the Stock Exchange.
where II impaired Increased buoyancy TO all
American securities. The passage Of the Teller
resolution slightly clouds this effect to-day but
the great strength Of the NewYork market un-
der the influence OF Vanderbilt amalgamaton
and the cheapness Of money causes all American
stocks TO stiffen here. The condition or ths
money market in London offers striking con-
trast to that prevailing in New-York. Ease has
,~gtA a
for two months money will remain firm and
that frequent borrowing from the Bank viii be
necessary
Uncertainty over the Chinese loan and Indian
finance causes disturbance and bewilderment
The course Of diplomacy seldom runs smoothly
when Ministers are considering the first draught
of the Queens speech Lord Salisbury is eager
to inform Parliament that governor of Crete
has been selected and that the British Govern
ment has arranged satisfactory terms for the
Chinese loan; but each gun hangs fire. The cam
didature Of Prince George was probably devised
in Copenhagen, where the family councils or the
Court are ruled by clever women. The Queen OF
Denmark has a keen mind and strongly in
fiuences her daughters. the Dowager Empress OF
Russia and the Princess OF Wales. II was Prince
George who saved the life Of Nicholas III IN the
Far East and he could ask favor with a good
glace. His letter to the Emperor Is believed In
diplomatic circles TO have been suggested from
Copenhagen. where the Queen has been anxious
to restore the prestige Of the royal house OK
Greece 1t enlisted the services of the Emperor.
and Prince George became the Russian candi-
date for the goyernorsnip Of Crete. France ana
England warmly supported 1t, but the sultan
ohstinately refuses 10 consider II. His reluctance
IS natural since Greece would obtain by this
appointment control over Crete. when the victo-
rious Turks are still in Thessaly Austria ana
Germany are hanging back, but Russia can en-
force her will If Nicholas be really In earnest
The Turkish war indemnity has never been PAID
and Russia by demanding settlement with in
torest can exert great pressure upon Constants
rcple
Negotiations over the Chinese loan are en-
yeloped in mystery. England and Russia are
described as taking part in diplomatic duel
over the privilege Of lending China money on
easy terms The fight was supposed at the out
So, to be thrae-cornerad Ike the ingenious one
planned by Mr. Mdshipman Easy. Germany
having a part in it, This did not comport with
the serious not 10 say religious character OF
the German crusade In China II is a genuine
drel but apparently amicabe one, since
Russia and England are simultaneously support
ing each other in Coustantinople. with the cordial
eprroval OF France Probably England VIII
n odify her proposals at points specially oo-
tectionabe to Russia. and finally advance tho
money through the Issue of consols London
bar kers take little interest in these financial me-
gotiations with full English guarantee. There
is too small a margin Of profit for them; they
would make more out of japanese loan. ot
which there have be"n vague rumors IN the
Street These are evidently premature. since
japan will not issue fresh loan when there is
a speedy prospect Of receiving large payment
OF indemnity from China.
The Chancellor Of The Exchequer Is now in
Downing-st every day and the other Minister'S
are in their London residences Cabinet meetings
being frequent. The clubs already filing
up with Members Of Parliament Sir William
Harcourt Will return next week 10 Richmond
Terrace. where he will again have Lord
Onslow's house His followers are anxious to
waste all their ammunition at once by propos-
ing amendments on the Indian frontier war,
China Crete the S0udan and every other
foreign question. but he is too wary COM
mander to adopt these tactics. He believes IN
keeping up a steady fire throughout the session.
The Governments most vulnerable point Is the
frontier campaign, which has been badly man.
aged but probably debate on this question will
be deferred until Sir William Lockharts
turn TO London
All forecasts agree that the session will
be a protracted one. with Irish, local gov.
ernment and army bills well 10 the front
The London bill will be kept back until
Whitsuntde and possibly held over until an
other session. Lord Salisbury will receive next
week delegation from nineteen vestries which
desire incorporation as nineteen cities. His re-
ply will probably be cautious, for his previous
speech has been taken up by the Progressive
rarty as a direct challenge. and the March eiec-
tlons will be fought on the issue raised by him.
The Progressives have opened their campaign