Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-12-22

SUNDAY. 80: DECEMBER %. 1878
THE SILVER REPORT.
fsssrs. Fenton, Groesbeck and Walker,
The Commissioners Of the United States to
she Puris Monetary Conference. have COM
pleted their report. which has been printed
for ehe use Of Congress. The main object
Of the mission-the fixing Of an interna-
sional ratio between gold and silver-was
not accomplished. The general feeling OF
The conference, however. was very strongly
In favor Of the continued use Of silver as q
money metal, even the English Commits
sioners declaring "that universal gold
mono-metalism was not only Utopian, but
would prove . false Utopia that the con-
usnc At German demonstration had
been greatly to derange trade and disturb
International exchange, and that were the
movement for the rejection of silver as
money Of full power to proceed from State
10 State, the result would not be less than
DISASTROUS"
Two obstacles stood in the way Of sue
cess. The first was the attitude of Bel
GUM. Belgium is a miniature State. but
IL has often played large parts. Directly,
II could have effected nothing at the Con-
ference. but indirectly. its action had a
great, II not . controlling influence. On
the Arst day Of next January the States
composing the Latin Monetary Union, will
have TO decide whether that combination
shall be dissolved within . year, or contin-
ued. France 10 the head Of that Union
md Belgium ia one Of its members. In
the present state Of bimetaIism in Europe,
the detection Of any State, however small.
might endanger the very existence Of the
Latin Union. 1t was natural, therefore,
that. in presence Of the hostility Of Bel
gium, France should have hesitated to take
any step in advance. On this point our
Commissioners report as follows:
Into the causes which resulted in a dele
CATION At the present conference openly
favoring gold mono-metalism, it would not
b proper for your commissioners to in
quire, but whether these causes were eco
nomical or political, the detection Of Bel
GUM ct this juncture proved q most Sc
fious obstacle to the accomplishment Of the
mission with which we were charged. Not
only did it substitute . hostile for . friendly
vote, not only did it deprive the metallic
cause Of some OF its ablest champions, but
in view Of the crisis in the affairs Of the
Latin Monetary Union involved in the
necessity imposed upon its members of de-
Gliding before January 1, 1879, whether the
Union should be dissolved the year after
or shall be continued, the changed atti-
tude Of Belgium made the French delega-
tion solicitous that nothing should be done
In the conference which should drive any
Etate into revolt.
The second obstacle in the way Of suc-
cess was the belief that the United States
had . direct interest in the
product OF the silver mines, and that the
demonstration Of silver was q ''bull move
ment on the part Of Congress. This error
had very long-lived vitality, and our COM
spent . great deal Of effort in
endeavoring to destroy 1t. The commits
Dioners demonstrated that the Government
did not v the mines, that it had no roy
alty ON their production; while this country
was less interested in the question under
than most Of the nations
represented q the conference by reason Of
NJ absence Of an accumulated stock Of the
precious metals.
The report very we'll says that it would
Be an injury Of the gravest character
should the pressure Of debts be increased
BY Eliminating the stock Of the precious
in which they are to be paid. And
u further reiterates q consideration, too
msch lost sight Of, that the retention of
Iilssr will greatly facilitate the resumption
II specie payments. 1t is to be regretted
hat the Secretary Of the Treasury has not
made moro use Of silver in his resumption
scheme. But it will not do to say that the
Of Messrs. Fenton, Groesbeck and
walker was fruitless. 1t cleared way .
great deal Of misconception. 1t has pre-
pared the way for the future we now
4uOU Ou Wuot " Acsys AuC OHAsSu Ss"soo
san dominate the world on this great quos-
tion II our Government and people act
We can afford to leave England,
Germany. switzerland and Belgium out in
shs cold. II AL the other nations follow N
lead. And that they will seems not only
but highly probable. Our geo
graphical position and our position as q
producer Of the precious metals both war
rant this conclusion. The first great step
has been taken in bringing the nations Of
the world into practical harmony on the
need Of : bi-metallic standard. The ratio
between the two metals is . matter for fu-
turs consideration. and perhaps the pres
snt was not the most ~opportune time in
which 70 decide this important point. The
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