New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-06
AMERICAN CREDIT ABROAD.
CURRENCY REFORM IN INDIA AND THE
UNITED STATES - ENGLISH VIEWS
OF AMERICAN OPPORTUNITIES.
London, October u

London, October 81.
American affairs filled the English press dur
ing the first eight months of the year TO the ex
clusion OF everything else that not OF the
first importance. reaction was inevitable
The secret of modern journalism Is variety.
Newspapers which constantly discussing
the same subject weary their readers and
accounted dull just the man in clubhouse or
drawing-room who has a single topic for con-
versation acquires the fatal reputation of being
a bore The war with Spain has ended and
Americans are left TO work out their own des-
tiny in a new career of Imperialism. A be-
wildering series OF Old World events-the
Dreyfus affair the death Of Prince Bismarck
the disarmament rescript. the assassination OF
the Empress Of Austria. the Chinese Regency.
the Cretan settlement the Fashoda menace. the
activity in French dockyards and the German
Emperor's pilgrimage 10 Jerusalem-has diverted
attention from the Western hemisphere An
American election is coming on. and only the
weekly financial journals seem 10 be aware or IT,
The Indifference with which this American
political canvass has been regarded contrasts
strangely with the intense interest excited IN
England when the last Presidential election
was In progress or when the fortunes Of greater
New-York were staked upon popular suffrage
Two years ago competent English observers
agreed that Mr.. Bryan could not be elected
without the reflex effect being perceptible IN
financial panics IN every European bourse ana
revolutionary outbreaks against existing instltu-
fions and social order. year afterward Lora
Salisbury, in giving the signal FOR polltlcal
campaign against the London County council
justified his action by referring TO the failure OF
re<orrn IN New-York where the cause OF good
government had not secured the united support
Of the only class Of public-sprited citizens by
satisfactorily
conducted England was intensely interested IN
both conflicts This year the American elections
sre nassing almost without observation me
,ssues are not understood. and no interest Is
taken in them.
An execution I have already noted. The
financial reviews are better Informed than 'he
daily press. and are disposed to take serious
view Of the political struggle in America IheN
perceive clearly that something more praC'lc"
than the trial of War Department ofhcias by
tho general electorate is involved In the canvass
They forecast the settlement OF the currency
question il the Republicans can succeed In
carving the elections and obtaining trust
worthy majority IN both houses OF Congress
They apprehend the revival Of Organism and
nroionyation OF existing conditions Of financial
uncertainty II the Republicans are defeated
Little is now said in England about the Dingley
tariff because the contrast between the hhahcia
xas,1t. ~ the Mckinley and Cleveland Admin
,s,ra,,ons "a 50 strong as 10 silence cavilling
critics one has been conspicuous for prosperity
and strength. while the other was coincideht
with commercial depression and shrinkage OF
revenues II Is generally assumed by financial
writer's that there can be no reduction or the
tariff owing 10 the increased burdens Of war
debt and administration. Currency REFORM is
the issue commonly discussed ny them
English fnancicrs are deeply interested In this
esnect OF the American elections because they
are aware that they have currency question
Of their own 10 he worked out speedily IN India
The financial advisers OF the Niceroy decided
wear ago that the rupee problem must he solved
without reference 70 the monetary policies Of the
United States France and Europe. The London
bankers approved Of this determination because
Il was in accord with their own advice 10 the
chancellor Of the Fxchequer. the effect that
isolated action the part Of the Br1tlsh EN-
pire was safer than preconcerted and system
etized arrangements by a general monetary con-
>arencA Theoretically they are in favor OF a
gold standard in India. but practically they are
onnosed 10 its introduction under conditions
which will render II either inconvenient or I'M
possible for them TO provide the gold that may
he required. The Indian Government has not
been able 10 defer action until convenient sea
son II has been compelled by the financial
s,ringency prevailing in India to move forWalu
and 10 recommend gold loan Of SlOoooo'uoo' 10
he raised in instruments Of S2O.0OoOop ms
nIan has been referred to a Parliamentary COM
,,ittee which IS expected TO report upon IL our
ing the approaching session
THE BLUE BOOK WITH THE EVIDENCE
blue book containing a portion or the EVIL
denca taken by this committee has recently
been published 1t reveals substantial agree
mont among the experts on the impractlcaplny
o> reonening the Indian minis to the free coin
ega NJ silver and also on the necessity Tor ad-
,rst,ny tho present rupee, the value OF which Is
art,Ac,alv enhanced by scarcity and prevailing
e,onc,al stringency TO a single gold standard
,rho ,vovs and means in doubt. but the ultl-
,,a.a DIN, Of both Indian and English treasury
a,o, - clear They consider international
,,,o.oi,,e-o tn,practicable and the reopenlnB OF
49,, 1d,o, ,n,rts 10 silver entirely out OF the
os,,o,. and they ore fully committed 70 the
-, y, Introducing a gold standard Ihat Is
-, -, .o,u,ion Of the Indian currency oues-
-, .h,c, Tho committee is likely TO recon-
..d Tho. also is the monetary policy which
49,, ,o,,. v,cerov and his Chancellor Of the Ind
49,, u,xohaouer Mr. Dawkins Will be expected
70 carry out by methods and adjustments OF
their own. ,..
,rhese facts are understood among English
epanc,ers and the urgent need OF prompt ac'io"
-, u,bicb the prevailing stringency may be re-
lieved is clearly perceived. Al a general H'eS'-
inc q, the chartered banks Of India Ausiaha
md China held Yesterday in London the chd'-
80, Mr. GNyther. referred to the existing
state OF currency as "notoriousV uis"''9
tory" and predicted that If there were no early
cfrnTI