The New York herald., 1878-09-21

the debtor class largest, feels than any other
the effect Of any monetary action like the demones'za'
ton OF silver, and would be benefited by the creation
| Of the two standards gold and silver.
AMERICAS SECOND PROPOSITION
The second proposition advanced by the Americans
was that dsmonstiz ,tion would destroy all ex-
change between Europe and Asia. Asia was tho de-
pository OF tho vast silver houses. merchant
could purchase In London New York goods suit
able for India or China 10 the value OF 200 ounces
| In gold To q profit he must receive 1900
onoes In silver at q certain value II silver were at
the standard OF 15x In India-the standard adopted
by France-he could make profit. This enabled
him to have fixed and definite exchange under the
| old system. He what he was doing. Since
1873 since demonetization became the law Of Ger
many he might do mis- best, but he could not depend
upon exchange. iail OF two pence the price OF
silver would ruin him. His business, conducted on
| the most conservative business ideas, was only
gambling. Business at the best Is difficult. Business
between Asia and Europe IL impossible when We
| weaken the Asiatio standard and give II SHIFT
| ing value. II we reach mono-metallism we
| are in tho position OF country which Is solvent
while other countries suspended. From 1903 10
1873 in America the two metals were the same, and
| there was no trouble. Tho exchange between Asia
and America Is not as great Asia and some
other countries but business is growing. IL must
in time assume dimensions, and. for the protec-
ton OF American merchants and American commerce,
silver should have a value that would protect ex-
| change between tho two continents.
CRITICISMS on AMERICA.
1t was charged that America was pressing for this
action for So nsh reasons she had largo sil
| yer mines and wanted market for her silver. To
this was answered that the stock In the mines was
| ike any other unproduced and uuproductivs metal
| AS ior our silver hand, We had less even than
Switzerland Instead of being selfish we were less
than any other specie paying State. 1t was not silver
but industries that suffered, and these America
wanted to protect encourage. II was urged that
America had passed the Silver bill means OF seal
ing the debas, in fact, measure OF partial repudia
| ton. This allusion was com0ated with great force
and ability and in this particular the success Of the
American delegates very great. No ailusion was
made 10 Canada
The formal declaration Of tho Congress was, after
| much thought, promulgated IN the following form-
| DECLARATION THE CONGRESS.
sThe delegates OF the European States represented
the Conference wish to express their sincere thanks
to the government OF tho United States for having
procured an international exchange of opinion upon
a subject of so much importance % the monetary
question.
"Having maturey considered tho proposals Of the
representatives Of the United States they recog-
| nize:-
|
tho monetary functions Of silver well as those of
gold, but that the selection for use OF one the
other Of these two metals of both
should be governed by the special position of each
| State group OF States.
| .II.-That the question Of tho restriction OF the
coinage of silver should equally be LETT to the dis
creton of each State group Of States, according
| to the particular circumstances In which they may
find themselves placed and the moro 80 10 that the
disturbances produced during the recent years IN the
silver market have seriously affected the monetary
| situation Of the several countries.
"IlI.-That the differences of opinion which have
| appeared, and the fact that some Of the States
which have the double standard hnd It impossible
| enter into mutual engagement with regard TO the
coinage OF silver, exclude the discussion Of the
question OF the adoption Of Q common ratio between
| the two metals"
| This declaration was submitted TO tho United
States and carefully considered. In response they
presented the following answer argument, which
Governor Fenton read TO the Congress-
REPLY OF TIE UNITED sTArBs.
sIn response 10 the address OF the representatives
of the European States the representatives Of the
United States their part 70 their SIN
cere tho European States for accepting their
invitation consulting with them on subject OF SO
much Importance. They regret that they caunot en-
tirey In ai that has been submitted TO them
by majority Of the representatives OF the European
| States.
"They fully concur In part OF the first prepssi-
tion-namey that 1T Is necessary TO maintain In the
world the monetary functions Of silver well those
OF sold'-apd they desire tnat long thsre may be
| adequate cooperation 10 obtain that result They
cannot object to shat the selection for
use of one or Of these metals OF both
simultan cousiy should be governed BY the special
position Of State but II be necessary to
tain the monetary functions OF both metals as previ-
ously declared. they respectfully submit that special
positions OF States may become Of but secondary i'm
portance
'From SO much OF the second proposition as as
signs as special present restricting the
coinage OF silver, that the disturbance produced dur
ing tho rocent years In tho silver market has differ
emily affected the monetary situation OF tho several
countries they respectfully dissent believing that
policy of action would the disturbance that
| produced these Irregularities.
sIn regard 10 third proposition they admit that
.some of the states which have the double
or as they prefer say, use both metals, 'nnd II I'm
possible 10 into mutual engagement Tor the tree
coinage OF silver Thoy, the representatives OF the
United Satcs have here expressly to entcr such
an engagement The difficulty is not with them,
and wherever IL may bo, they trust may be
moved. They entirely concur in the conclusions
drawn from this state OF case, that II excludes
the discussion the question OF tho adoption Of a
com mon ratio beiwcen the two metals.
cit Is useless to agree upon particular ratio be-
tween the metals the nations not ready also
to adopt policy to uphold 1t. We remain upon ours,
the European world upon theirs"
THE GAINS THE CONFERENCE.
The Inference might be drawn, from the terms o
tho two have printed, that the Americans
were beaten In their arguments This would be an
unfair inference. There was disposition all through
the Congress, with the exception OF Switzerland, to
consider tho b-metaic standard. But, as
have shown, diplomacy INTERVIEWED In many
ways. Although no action was reached The
Americans achieved a great deal. The Congress
emphatcaly antagonizcd tho theory Of gold