Show I THE DAILY V WASHINGTON ASHINGTON J I Financial Whirligig I Written tor Th Telegram I By JAMES McMULLIN NEW V YORK Not all the pressure for bi- bi comes from the silver senators and their obvious New York supporters The knowing say the British are doing their part sub rosa to help the thc cause Their methods are anything but crude and their influence isn't easy to trace but people with excellent London connections have been subtly selling the blessings blessings bless bless- ings of bimetallism to congressmen and others whose carry weight in Washington The pipeline runs to the Bank of England crowd still the backstage rulers of the empire despite growth of rather opposition than to official government circles Their hand will wilI never be shown publicly but its it's being played for unlimited unlimited un- un limited stakes The ironic part or of it is that some of New NewYork's NewYork's Yorks York's most outspoken are vehemently British anti and claim that the bro broader der metallic base is necessary to free us forever from London's London's Lon Lon- dons don's financial domination Those who know the inner picture figure that London must get a sophisticated English grin out of the zeal of its unconscious allies or Of course the secret British enthusiasm for bimetallism is all on Uncle Sams Sam's behalf They want no part of it for themselves England's Motives Why are our British cousins leaving no stone unturned to lead us to salvation through silver Experts say there are two reasons 1 Britain has no idea of returning to any fixed monetary base herself She knows we wont won't revert to the gold standard without an international stabilization a agreement which includes in- in eludes the sterling bloc That's out because London wont won't enter such an agreement except on terms perpetuating sterling trade advantages and we arent aren't likely to be caught napping on that score But if our 16 to 1 emotions could be stirred to the point of the action dollar dolIar would again be tied to a metallic foundation while the pound would remain free to climb or dive at will Figure Figure Fig Fig- ure what that difference would mean in worldwide worldwide world world- wide trade competition British experts fully appreciate ap- ap predate the merits of monetary mobility 2 American adoption of would pull Britain's far eastern chestnuts out of the fire at no cost to John Bull BulI It would raise the price of silver and thereby smash the currency advantage of Oriental exporters especially the without Japanese committing London in any wa way What could be sweeter than to have one major trade rival cripple another for you and bind his own hands at the same time F. F D. D R. R Firmly England hasn't practiced herself for more than a hundred years but local insiders insiders in- in siders remark she knows more about it than we will in the next hundred years One authority comments London ran us politically until 1776 Then she ran us through financially banking connections and the gold standard for odd years more Her hopes for the next seem to lIe in lashing us to silver But even the most ardent local silver whether cates-whether for or against the now British concede that F. F D. D R. R isn't having any Its It's a mighty bitter pill pilI but they privately know they are licked licked-at least till congress meets again Insull's Misery I Has Company Well posted New Yorkers say that Insull's enforced return is bad news to several individuals and institutions who earnestly hoped the embers of the Insull crash would not be re- re kindled There is reason to believe that American Arner- Arner lean ican as well as British money has much more moreon moreon on its mind than putting the magnate ex-magnate behind bars New York learns that an effort will probably probably ably be made to interest Silas Strawn in in Insull's Insull's In- In sull's de defense ense Strawn had more than casual contact with Insull interests in the days of their glory and is rated one of Chicago's ace law law- years There is doubt here whether he would take such an obviously unpopular case although an acquittal verdict would be a notable professional professional triumph for any counsel Hard Blow to Fusion The death of Comptroller W W. A. A Cunningham hits the local fusion administration even harder than appears on th the surface Cunningham Cunninghams ability and integrity were highly respected by local bankers They were about ready to give him anything he wanted in inthe inthe the way of financing accommodation His successor sue sue- cessor will have to start from scratch Bankers always assume that anyone connected with the city government is a suspicious character until he proves otherwise This may delay seriously the solution of the city's refunding problem a b Brokers are moaning plaintively about the proposed city tax of tenth one of 1 per cent on their gross but they're not threatening to move to New Jersey this time Nobody has told them whether the gross will be figured on commissions commissions commis- commis or on total sales The answer will make a whale of a difference in the degree of their anguish Copyright 1934 McClure Newspaper Syndicate |