New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-12
THE p1RLS MONETARY CONFERENCE

THE PARIS MONETARY CONFERENCE.
The report of the American delegates to the
Paris Monetary Conference will probably con-
tain very little calculated to modify public
opinion in this country on the silver question,
OF To shane future legislation. Its failure 10
agree upon any line of international policy
was to be expected. Convenience or custom
has caused the adoption by the different ma
tons of Europe of one or both OF the precious
metals as their standard of value, and very
little disposition has been manifested any
where to change monetary systems in order 10
bring them into harmony with one another.
England demOnetZed silver in 1916, ana
every years experience since that time mas
tended to confirm the opinion then formed by
her statesmen and political economists, thaC
the single gold standard is best adapted to the
needs of a great commercial people. SO uniyer-
sal is this sentiment in England, that there Is
not to-day one public man in the United King
dom, and but one writer of any prominence, VINO
favOrs q return to the double standard. Nv
ilty, even, would not have induced the British
Government to send delegates to the Monetary
Conference if the object of that meeting had
been anything more than a friendly discus
sion which should leave each Power repre-
sented rs free as 1t was before to adopt us
own policy and pursue il independently
France was no more willing than England
to join with the United States either to fix
common mint ratio between the values OF gold
and silver or to determine the amount OF the
latter metal that should be coined. France,
as the leading double-standard nation OF
Europe, has been more seriously affected thin
any other by the unparalleled depreciation OF
silver since 1875. Her entire monetary sys-
TEN would have been revOlutionlzed, anu the
resumption of specie payments, except III a
currency worth much less than her bank paper
ever was even in the darkest days OF the
war of 1870, would have been impossible,
but for the measure of protection adopted
nv the Latin Union in closing their minis
TO the coinage of silver. In connection
with the policy of France, the Monetary
Conference was attended with very important
results The uncertainty which has prevailed
for more than two years in regard to the future
course OF France and her monetary allies OF
the Latin Union has been one of the perplex-
ing features of the silver problem. The de-
elaration. therefore, of NJ. Leon Say, drawn
ont by the debates in the Conference, that
France intends to abide by the bimetairic
standard, and 10 resume very shortly the free
coinage of silver is far more important than
any resolutions that were adopted by the
European delegates. Let il not for moment
be supposed that this decision of France was
brought about by the deliberations OF the Con-
ference; it was her own individual act, prob
ably determined upon before the Conference
met, but first announced to its members.
But while our delegates failed to secure any
promise of cooperation with us in our attempt
TO establish silver in the currency OF the
country, the Conference has held a
series of discussions that cannot fail, when
they are reported, TO give us much valuable
information. Those enthusiastic advocates of
the complete reconciliation of silver who de-
clared that if the United States adopted the
double standard European nations would be
forced TO follow our example, will probably
learn that foreign countries know how to
manage their own affairs as well ms we do ours,
and that il we choose to go back to the money
of comparatively primitive times and small
transactions, our neighbors across the water
will consult their own convenience with re-
spcct to their monetary systems, and will act as
independently of us as we do Of them.
There is one lesson which this country ought
TO learn from the International Conference,
and that is to make haste slowly when dealing
with a subject of such Importance and dclicacy
as the currency question in any OF It's
phases The European delegates representing
both single and double standard coun-
tries, and comprising among their num-
Der some of the most profound scholars
of the Old World in financial science, al
most unanimously resolved that il was
expedient to maintain silver as well as
gold in ordinary use for coinage purposes,
but that the complications Of the present
situation preclude the adoption of a COM
mon ratio, or any attempt TO regulate
the relative values Of the two metals. Our
own delegates urged that policy of action
substituted for a policy of expectancy would
accomplish the desired result. but found
no other delegates TO agree with them. The
common interest of the civilized world de-
mands that there shall be as little disturb
ance of present monetary systems as possible,
and that any changes that may be necessary
shall be made only after the most mature de-
liberation and with a perfect understanding
of what their effect will be- Aside from Its
relation 10 contracts, public and private, and
the injustice that unwise legislation may cause
to individuals, tho currency question is not
one of morals but of reason ; not one of prin-
cples, but of expediency. It's laws must be
learned by study. and do not come TO men by
intuition. We thought the Silver law passed
by Congress last Winter unwise, and we be-
lieve now that conservatism in financial leg
islation is the only safe policy.
SEPTEMBER FAIRS.
During last week began the succession of
c...o Fairs fvvnntv-throe States holding nm