New-York tribune., 1879-05-27
NEE, PHASE F4HE SILVER QUESTION.

In Our foreign exchanges we hfd dlspatch
from Rome which has an important bearing
up0n one of the most complex problems OF
tbe time-the Silver question. The Monetary
Convention which was adopted last Fall by
the representatives Of the five States const-
tgtng the Latin Union, is subject to the ap-
proval of the national legislatures a fort
NIGHT ago it was discussed by Il special COM
mittee of the Italian Parliament, the Premier
and the Ministers of Finance and Commerce
beiug present. The Premier declared that
tbe Government must have the privilege OF
coinipg 60, 900, 900 OF five-franc pieces with
in five years and of keeping notes of small
value in circulation whenever the fractional
currency should be withdrawn and unless
these notifications could be agreed upon the
Parliament could not accept the Convention.
The Committee decided that the fundamental
principles of the Convention must be sane
toned. but at the same time instructed the
Government to resume negotiations with the
Powers tor the purpose of engrattlng upon
the compact the desired amendments.
Ii must be borne in mind that Italy is the
ONLY one of the five States in the Latin Union
which is allowed to coin silver during the
present year, and the amount is limited to
1000, 600. After January 1, 1880, the
Governments of France. Italy, Belgium, Switz-
erland and Greece will be under pledge to
abstain, for the penOd of six years, from COIN
ing silver in pieces equaliing or exceeding live
francs The Italian Government now demand
permission 10 coin within the next five years
$4,000, 900 of ive-franc pieces. In order to
obviate the evils of an incOnvertible paper
currency. the Ministry advocate partial re-
sumption of specie payments in silver, but are
unable to take the first steps in that direction
inasmuch as the Latin Union has ordered
suspension of coinage. They are also under
obligations TO the Powers with whom they
are in monetary alliance TO call i'll the small
notes which have been issued. France is now
flooded with Italian coins. and her representa-
tives at the Conference last Autumn insisted
that room must be made for them at home by
the retirement of small notes from circulation
The Italian Premier prefers to keep these
small notes in circulation, and Is anxious to
be released from his obligations to the other
Governments. To secure these two objects
permission to coin silver and the retention Of
the small notes in circulation-he intends to
reopen negotiations for the revision of the
Convention of the Latin Union.
But when once the wedge enters it may go
deep. The Latin Union, which has been re-
Gently renewed for six years, may be dis
solved if another Convention be held, for the
divergences in views are already very wide
On the other hand the conditions are far
more favorable this Spring for the establish
ment of bi-metallsm than they were when
the last Conference was held Moreover, out
side of the Latin Union there has been a
great change of current opinion respecting
mono-metallism in Germany and Great Britain
the two countries which have suffered the
most from the demOnetization OF silver. The
resumption of negotiations between the States
of the Latin Union may, therefore, lead to
most important results. Meanwhile, our own
Government should NOT lose sight of the fact
that the establishment of bi-metalsm in Eu-
rope will promote our own as well as the
worlds interests. The free coinage Of silver
here will do much to retard the result there.
The suspension of silver coinage here will do
much to help it on. II may be just the right
moment for our Government to reopen nego-
tiations to secure international action.