New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-08
1.-THE Statist's" Apology.

A tremendous furore was pro-
duced by an article in the mid-Sep-
TENDER number Of "The London
Statist" calmly calling attention to
The fact that if the war was likely
20 continue another year the world
night as well begin to reconcile it.
self to the thought of a suspension
Of specie payments by the Bank of
England. "Your people," says the
London correspondent of "The New
York Evening Post" "need not have
paid any attention to the recent alb
surd article in The Statist.' The
article was apparently the produc-
tion of a political or financial crank
entirely out Of touch with city af-
fairs, and it was written while the
responsible editor was away. 1t is
known that the article gave grave
offence to the government"
One could so imagine. The board
of censors has probably had very
bad fortnight. "The Statist," the
second best known financial and eco
homie journal in the English lam
guage, should have known letter to
egin with, and the issue containing
so explosive an article ought not to
have got out. The issue next fol
lowing is now at hand. The ire
sponsib!e editor" is again on the
job, apparently He evidently CEN
not find it in him to repudiate the
article Of the crank, CT, at least, he
doesn't repudiate it, and yet he
makes amends. 1t is a very common
fallacy, he writes, to suppose that
curing a great war the one desire
Of a country is to emphasize the
favorable points Of its condition. The
reverse, in fact, is often the case.
Indeed, so strong is the condition OF
Great Britain that one is under
great danger of forgetttig the good
points and strcssing the bad, in
purely intellectual mood. The
crank's gold article is not once men
toned. The responsible editor con-
tinues;
So far from shutting down upon
our own gold supplies, we must nave
sent abroad since the war began very
little short Cf 100000, most OF
which has come from our own stores
Gpcluding the output from South Al
rica). the amount contributed by the
Allies. though useful and timely, be-
ing. of course, moderate when com
pared with the huge size OF the cred
its granted by US And yet in splte
Of the freedom with which this gold
has been outpoured our central STOCK
of the metal is some tlo,OOO'VVo
greater than it was previous to me
Vor while in addition nearly $780,
1000 of gold has, OF course peeh
eet aside on account OF the note
currency reserve. Needless 10 say.
these gold exports in settlement oil
trade balances have been supple
mented By the mobilization OF our
other resources as expressed in pub
lie securities, but the points TO be
noted Mt the moment are, first, that
all legitimate demands from neutral
countries have been promptly met;
second. that all other credits raised,
whether with or without collateral,
have been of purely voluntary
character on the part OF the neutial
countries, thus expressing confidence
in Great Britain's credit; and, third.
that al the end Of over two years OF
war our gold and other resources are
such that, combined with the fact
that imports themselves are likely 10
show reduction in the comparatively
near future, the anxiety which might
well have been expressed at the be-
ginning of the war concerning Brit
am position as the great gold CEN
ire may be said to cease TO exist.
Then, lest he has been too hard on
the crank, he thinks it necessary TO
add;
Nevertheless and in recording, as
We aye bound to do, these favorable
developments we must once again
add that to those who take long
lou of the situation, with the pos
sibilitv Of a protracted war, there is
stul no Justification for relaxation
Of caution, whether as regards none
tary conditions in Lombard Street or
The question Of general private ex-
penditure.
No one has predicted a suspen-
sion of specie payments by the Bank
of England. Al that "The Statist'
said in the absence Of its respon-
sible editor, was that If the war cor-
t.....d mint would presently be