New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-06

long period. The financial experts perceive
that the conditions. far as India Is concerned
are more favorable for currency reform than
they have been. and recommend decisive action
In the direction Of gold standard The London
bankers cannot take the same view Of their own
market. The bank rate is now per cent. in or
der to prevent an outflow of gold for Germany,
where the pressure for money Is great More
over. England and Europe are heavily in debt to
America on the commercial exchanges OF the
last three years and gold can be called for in
large quantity whenever II is wanted. There
could not be more inconvenient time for sup
plying the reserve OF gold required for the intro
duction OF single gold standard in India.
The sum of the whole matter is that currency
reform ought not to be deferred in India where
the conditions now favor It. yet II cannot be
carried out without serious inconvenience and
sacrifices In London The gold that is indis-
pensable for reserve In India cannot be OBJ
tained from any quarter except England II II
be supplied there Will be monetary stringency
here instead Of India. II the gold could be had
from America the Indian currency question
might be settled without serious disturbance in
London. II Organism had triumphed two years
ago and the United States Treasury had been
emptied of gold and the country reduced TO a
silver basis. the British currency problem In
India would now be easy one. Organism did
not triumph. The flow of gold has been heavily
in the direction of America and not away from
II. and there is great volume Of European in
debtedness which be collected in gold when
ever II Is called for by the United States
The moral which all practical financial ex
perts emphasize when they discuss Amer
lean affairs IS that the victory for sound finance
in the United States two years ago has increased
fha - mil, coll for
India. which is essential to the solution Of the
currency question in that quarter OF the British
Empire. That victory. followed It was by
plentiful harvests and a revival Of prosperity in
the United States. has greatly facilitated the
processes Of American currency reform. Ac-
cording to the English view the conditions are
now highly favorable for working out prac-
teal scheme OF currency reform in the United
States The elections will be closely watched by
financiers here. because they will reveal evil
dences either OF willingness or unwillingness on
the part OF the American people TO take ad-
vantage OF a browning opportunity for com
plotting currency reform. The United States
Treasury is trimming with gold. there Is an
immense uncollected debt due from Europe. and
only a majority is needed in both houses Of Cor
gress for enacrng a series Of practical financial
measures.
1t is not easy for English writer's TO believe
that the Mckinley Administration, after con-
Quoting a successful and restoring the
financial prestige Of the American people. can
be defeated in the approaching elections. No
English administration which had fought vic
torious foreign campaign and enlarged the in
nuence Of the nation abroad would he In danger
If it were to appeal to the country when its work
had been well done under conditions of storm
and stress The defeat Of the Republican party
when 1t has restored confidence in National
finance and enlarged the sphere Of American
activities. commercial and political, in the East
and West Indies. will he regarded in England as
a startling anomaly illustrating the instability
Of democratic institutions and the inscrutable
capriciousness OF the electorate. The verdict
will be, The Americans do not know their own
minds" |. y. F.