New-York tribune., 1899-12-24
NEWS OF TWO CAPITALS
LONDON.
CHRISTMAS GLOOM DEEPENED BY THE
SENSATIONAL PRESS
THE NATIONS TRUE GRIT-HoPEs IN LORD
RoBERTsFINANCIAL QUESTIONS.


London, Dec 23-England has had many
green and many dry Christmases. but not
since the terrible winter in the Crimea so
black Christmas as this year. portion Of
the press. with Tine Daily Mall" at the head.
is bent upon making as black Christmas as
possible by ushering It in with a Miserere and a
litany of dismal croaking and lament. The
sensational press in America may have been
guilty OF strange vagares OF judgment during
the with Spain. but the black press In
England has rivalled it in ministering TO alarm
ist tendencies when the nation itself like the
American people in their crisis, is showing signs
Of splendid forttude and presence Of mind.
The low, dspiriting rumble OF censure Of the
military authorities at home and in the field.
and the undlscrmnatng ignorance with which
many journals exaggerate the dangers OF the
situation. magnify the Dutch resources and un-
derestimate the strength and gallantry Of the
British armies under fire contrast strangely
with the cooness, good sense and true patriot
ism OF the nation. which has responded quietly
and effectively 10 the calls made upon II by the
Ministers. II the nation of its guard. has been
taken in ambuscade not only by the Dutch allies
but also in consequence of its good fortune
and triumphs in fifty years Of warfare with
semi-civzed races it has displayed fine pluck
anu true STIl III IdCiHS grave tllSls N'tHOus
undue excitement or theatrical alarm. and In
making it clear that the would be carried
through. cost what II might in blood and treas
ure and the Empire delivered from internal re-
volt and foreign intrigue
The new Commander in Chief who has left
Waterloo Station this morning to take the same
ship by which Sir Redvers Butler went out to
the Cape leaves behind him a country which
longer expects its soldiers to work miracles
in war with white race OF singular aptitude
for hunting battalions and entrappng generals.
General Butler was sent out for what was re-
garded by unrefecting minds a long holiday
march: and while he did not make the vain
glorious boast attributed to him, that he would
eat his Christmas dinner in Pretoria, he did
assure his friends that he would be back In
London by May. Lord Roberts has the ad-
vantage of starting when the nations illusions
have been dispelled and the magnitude OF the
struggle upon which he is entering is we'll un-
derstood. Like General Butler, he will have A
free hand, but will not be likely to repeat the
mistake of scattering his forces frontiers
instead Of concentrating them for a march
through the Orange Free State.
General Butler has disappointed the hopes Of
the military staff here from the outset. He
went out with a distinct plan Of campaign
which he has not carried out He has massed
two divisions Natal and is now calling In
the bulk of General Warrens division TO enable
him to go His reputation has suffered less
from his single disastrous battle than from his
getting into a in Natal instead Of re-
naming in Cape Colony, where he could COM
mand view of the whole field Of operations
Lord Methuen stands better to-day with the
general public and with the military authorities
here than any other commander. He had three
victories to set against one defeat, and there Is
confidence in the bulldog tenacity which he has
displayed. Gatacre is done for, but White. II he
pulls the garrison through will retrieve his
military reputation. especially as he belongs 10
Lord Roberts's school, which is proiting
by the discontinue of Lord Wolseley's gang
of scientific warriors. outcassed in guns and
ignorant of the art Of scouting
II is not likely that there will be any Cabinet
changes. since Mr.. Alfred Harmsworths claims
10 political dictatorship. by virtue Of having
string Of profitable newspapers under his per-
sonal control. are not recognized. This million
aire newspaper owner who a clerk with
modest salary under Sir George Newnes only
few years ago. is Lord Roseberys friend and
aspires to be a political Warwick for both
parties with large incidental increase in the
circulation Of The Daily Mali; but he lacks
sagacty and sobriety Of judgment Certainly.
the Tories are as little prepared for the displace-
ment of Sir Michael Hicks Beach by Mr.. Cham
berlain as the Liberals are for Lord Rosebery's
return 10 leadership.
Sir Michael Hicks Beach will find II less DIM
cult 10 finance big than a small one. since
he will be forced 10 borrow on large scale and
increase the funded debt The military oper-
ations in South Africa will require not ten but
fifty millions sterling II is clearly imprac-
E~xokar ~
provide for war expenses by charging them
against revenues for two three years. and
carrying large floating debt He is not likely
10 increase the difficulties OF the Ministry by
raising the rate Of taxation, and thereby render
ing the war unpopular when he has the easy
resource Of borrowing the money which ne re-
quires and leaving another generation to carry
the financial burden OF war for the salVatlon
Of the Empire II is generally assumed that ne
will take this course especially as 1t VIII tend
70 promote steadiness in the money markets OK
the world which have already been thrown into
confusion by the war. January will be the best
time for bringing out bonds. when dividends
are released and money is flowing into London.
New-York and Berlin; but Sir Michael Hicks
Beach is a slow going inancer who requires
time in order 10 pull himself together.
American financial policies have been closely
watched from Lombard Street during the last
week and two conclusions are expressed by
bankers: First that the New-York Clearing
House Association invariably saves the situation
when there is a tendency 10 a semi-panic, and
secondly that the banking system OF the coun-
try needs radical revision. The fact is clearly
d.scerned here that the organization OF the Clear
ing House is one Of the best safeguards OF
American credit.
The maritime policy OF the United States is
also vlgantly followed by shipping circles In
England and II is assumed that a<iirge meas
ure for subsicizng American shipS>lg will be
passed before the present Congress rises while
journals like The Economist" do not dispute
the statement OF the American Commissioner
OF Navigation that Great Britain pays fll52OOo