Whatever may be the demerits. of Mr. "Morgenthau's silver-purchasing Programme, it is satisfactory to find that it is not be allowed to pander to the convenience of speculators, if Mr, Morgenthau can help it, He is still constrained to keep his Silver Senators in good heart and therefore he not able to give much comfort to those who believe that the best course would be for America to temper a [policy which does not seem calculated to achieve its declared objects and cannot be helpful to Washington's foreign relations, But Mr. Morgen-than is resolute in preserving silvern silence on the operations. of the 'Stabilization Fund.. He points out that information on that point can be beneficial only to speculators and the Silver Senators are thus presented with an unanswerable retort. 'They have to rely on Mr. Morgenthau's good faith or confess' themselves: as more solicitous of the interests of speculators than concerned with the economic welfare of their country. Mr. Morgenthau's reply, taken in conjunction with the European messages regarding the limitation on gold dealings suggests that a definite attempt is being made to establish cooperation between London, New York and Paris in defeating the anti. social ambitions of the speculator from whatever country he may come, This may be a tentative approach to the Important question of stabllization and on that ground alone it may be given a welcome,
Text read from the printed page and cleaned; old type leaves the occasional error.