New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-14
THE SILVER CONFERENCE.
WHAT WAS ACHIEVED.

1
EUROPEAN DELsGATEs-A COUNTER SUBMITTED
BY THE AMERIcANs-EoTEs on THE DISCUSSION
HOW EACH EUROPEAN NATION STANDS on
THE SILVER QUESTION.
TFRoN AN OCCASIONAL CORRESPONDENT OF THE TRIBUNE
PARIS, Aug. 3O.-The International Monetary
Conference closed its labors here yesterday reach
ing formal adjournment after seven sessions and
numerous informal conferences.
As announced by telegraph. the conference separ-
ated without forming monetary union, but the
general effect of the conference has been to strike
blow at the mania for gold recommendation, which
took its the Congress held in Paris IN 1867,
for the purpose of unifylng the coinage OF the
world The results of gold mono-metallism IN Eu-
rope for the past five years have proved anything
but satisfactory aud had 1t not been for local polit-
zeal considerations, especially within the
bi-metailc States of the Latin Union,
it is believed that the conference would
have resulted in full realization of all the
wishes of the United States Government in calm g
it. As it is. the Importance of the effect on the
monetary question of the meeting of the conference
cannot we'll be over-esIimated. 1t drew out the
first enunciation of general European opinion on
the subject since the il-advised action Of Germany
following the FrancO-Prussian war. while the
declaration with which the conference closed calls
a decided halt in the movement for the Punishment
of silver to the East, money fit only to be used
by barbarOus nations and makes the future of sill
yer very promising.
Among the striking incidents of the conference
was the unexpectedly strong assertion made and re-
peated by the English delegates respecting the evils
already experienced and to be apprehended in the
commercial exchange between Europe and Asia
through the decentralization of silver. The delega-
tion which was very influential one consisting OF
N 10 of
the Bank of England and Dir Thomas SeecOnbe of
the Indian Office, did not fail to characterize the
consequences OF the German demOneilZatiOn or 1871
as most disastrous. When it is remembered that
the Chancellor of the, Exclequer. in Parliament,
congratulated EnGland on the declaration OF the
conference S67 in favor of gold monO-metallism
the change of British opinion could hardly be more
marked.
The position of France, also, was one of impor-
lance and through her Finance Minister she declared
that sho only awaited the favorable moment 10 re-
sumo the coinage of silver. England pronounced
forcibly against the extension of gold mOnO-metal-
ism throughout Europe; the United States, Italy
and Austria vigorously supported the bi-metahe
cause the influence of Russia was given in behalf
of the continued monetary use of silver; the dele
gates Of Holland were divided III opinion, though
tine weight of argument and authority was on the
side of silyer-M. Yrolik, former Finance Minister,
who was detained by sickness in his family tele-
graphing to the conference at its first session
his full adhesion to the bi-metallic position.
The whole support Of gold mOnO-metallism
came from a group Of small States whose
aggregate populations do not amount TO one
half that OF the least of the six principal
nations supporting the use of silver Such in brief.
were the positions assumed by the various cOun-
tres aud the results achieved AS mas already been
intImated there were local political complications,
especially inside the Latin Union, which rendered
il impossible TO tain concert Of action IN favor
OF the immediate restoration OF silver. These 1ls,
turbing influences were much stronger IMAM had
been supposed, and made the task OF the American
delegates one of much difficulty ana dehcacy' ana
ndered their success prOpOrtiOnately greater.
France, which had been depended on Tor strong as
sistance was situated with reference 10 the Lath
Union that il impossible for her TO assume pO
81 ou of positive acton. aud Belgium, owing to pO-
ltica changes within the year, was found to DO on
the side of gold.
Az the second session Of the conference, at the
urgency Of the European delegates, the American
Commissioners presented the following propositions
which formed the basis of subsequent discussion:
II opinion Of this assembly that It is not TO be
desired that silver should be excluded from iree e0nne
In Europe aud the Unittd States OF america. On lhe
contrary the assembly believes that IL Is desirable that
the unrestricted coinage OF SILVER aud s use rs money
Of unlimited Iegatender should be retained where they
exist; AMI far as Practicable restor d "heFe they
have ceased To eNist
tender money NAV De shtely adoote1 nIst ny tlulh
ing them &c relation To be fixed by IN ornatOna agree
me- an v,
relation hxcd EQUAL terms VI coinage making no DIS
crminauOn between them
Mr. Groesbeck followed explaining at some length
the history of SILVER in tine United States, the rea-
sons Tor it's demonstration and restoration, and the
prospects of immediate resumption. HIS arguments
had much weight with the conference. Az sub
seQuent session BIO spoke again on tho causes which
led 10 the limitation of silver coinage by the Latin
Union on the production and consumption of sill
YER aud the German effort to establish small gold
standard General Walker at the fourth meeting,
commented on the d sastrouS effects Of the German
monetary policy in 1871, which was entirely yolun-
tary and uncaled for He said that the demOnetiz-
alton of silver would destroy all par of exchange
between Europe and Asia and adduced many Tea-
sons strong fayOung the restoration Of silver. The
General is familiar with the question, especially IN
ITS economical aspects, and proved to be an able
and effective speaker. Mr. Horton, the secretary
OF the United States Commission, also engaged IN
ia, discussion at one or Two OF the seSslOn ms ana,
believe made a very good impression. lie has
written a volume on political economy, and seems
quite familiar with the monetary problem from that
point OF view.
Among the foreigners who took leading parts III
the discussion, were Mr.. GOschen, of England; N.
Feer-Herzog, of Switzerland most intense gold
mono-metalhst; Mr.. Mees, president of the Bank Of
the Netherlands; Dr. o. J. Brooch, of the Scandi-
nayian delegation, and Count Rusconl, of Italy,
who is a man Of varied literary attanments, and is
the first trans ator of the entire works of Shake
spearr Savni used his translation of Otheo
when in America.
At the opening of the session. on the 2Sth instant,
II seemed somewhat doubtful whether even an ex-
prossion in favor of silver could be secured with any
degree of unannity, and 1t became wholly apparent
that no definite agreement to act together could be
effected Governor Fenton, the chairman of the
American delegation, closed the discussion by an
able aud statesmanlike review OF the situation. He
asserted that the present financial depression, affect
ing alike the countries of the Old and the New
World, was due in some measure TO the withdrawal
of silyer "a one of the com moths. and that some