Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-04-22
TIE "DoLLAR OF THE pADpIEs."

There is no lack of interest in the In
ternstional Monetary Conference either
in this country or Europe, although
there is a manifest lack OF confidence as
to any practical results which may be
evolved from its deliberations. Inc
Philadelphia Bulletin, an influential
journal in financial circles, says that I'll
finance were science rather than an
experimental art, the remedy would De
comparatively easy" for the variance
between the price of silver and gold.
"But science docs not know the rene.
dv and so it is that France proposes
now what America proposed in 1878,
that the matter be discussed at an in
ternationsl conference" The Bulletin
thinks that there is no danger that the
conference will resort to so called
scientific discussion, its members being
too practical to arrogate a scientific
character for a strictly practical and
rather unmanageable problem.
The interest which the several coun-
tries represented in the conference have
in the silver question is thus set forth
by the BaIleim:
"The conference OF 1873 was called by
America before resumption. The con-
ference resolved that the use OF both
metals AS money was desirable; that
every country had better act to suit
itself, and that the adoption OF legal
ratio between gold and silver was no,
oppoTtune. 1t cannot be said that the
demand for silver as an unlimited legal
tender has since increased in this coun.
try, and il is significant that the confer
ence Of 1881 has been called by France.
In 1878 France had all the gold it
wanted, and more silver. Since that
time il has lost gold, and most OF The
gold is now circulating in this country.
The Bank OF France cannot pay
silver when gold is wanted with
out derauging the money mar
ket, and without compromising
itself. 1t has nominally about
S24O. 600, 900 in silver, but the real value
of the amount is about thirty.three mil
lion dollars less. Its gold reserve is
about $4,000. On the other hand,
France contains almost as much gold
and silver as England. Germany and
the United States combined. 1t has
about $3.50, 900 in gold and over $3.50, COO
900 silver. Hence its loss OF gold has
not been a calamity, although the Bank
of France feels the loss keenly, and de-
sires one OF two things, either that
France obtain more gold, or that silver
be legal.tender TO all amounts, the
bank reserving the privilege OF paying
in gold or silver at its own pleasure.
Are England, Germany or the United
States willing TO give their gold TO
France? And il not, are they willing to
enhance the circulation OF silver by law
and Otherwiser
"The latter point is the real issue OF
the hour. From what is known II
seems fairly clear that every country Is
willing to let the others experiment with
silver. They are all anxious that silver
fetch a higher price. But they are
equally anxious not to derange their
own currency. England and Germany
are partial 10 the SOlu sldnudIu, IIauCc
and America nomlnally have the bi-me
tallic standard, while in reality they en-
ploy the gold standard. The drift is to-
ward the gold standard, and no methods
now known to governments can restore
the situation OF the old times. Mean
while government cooperation is power
full. and il is significant that Germany
will attend the Conference. England has
a very marked interest IN what is called
the appreciation of silver, for il is the
India council bills on which so much is
lost. In 1880 they amounted to about
seventy five million dollars or more. But
England will not accept double stand
ard, nor will Germany, Holland or
Scandinavia, as far as official informa.
ton shows. The decision thus rests
with France and America. America is
anxious that the price OF silver should
rise; but as it is unwilling to use its
l6:l dollars, is there any hope that it
will favor the 1851 dollar? Or is it
probable that France will abandon its
1851 ratio, and adopt the Quasi-com-
mercial ratio of l7.3:l?"