The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-01-11
THE MISTAKE OF FRANCE.

1t will be remembered that Fran virtually
rejected the proposals made to her by the
United States IN the monetary convention of
1878. She is now becoming seriously alarmed
at its consequences Had France then
thrown the whole weight Of her influence in
establishing the double standard upon a
broader basis, the depreciation of silver
would have been remedied, and instead of
thr threatening spectacle that now confronts
Europe from a virtual characterization of sill
yer in all countries, the whole combined
mass of gold and silver would
have been equal the whole world
over. An Eastern exchange, in commenting
upon the mistake made by France, adds /:
"France, however, chose to side with the
single standard countries, England and Ger
many, as against the United States and in
so doing she is now the chief sufferer. The
exchanges have turned against her, and the
depreciation of silver she has invited having
rendered that metal unavailable for export,
she has been subjected to a drain of gold that
has put her in a condition closely v%erging
upon the suspension of payments in that
metal. The government has had to come to
the rescue of the bank by allowing all the
treasury gold to rest in its vaults and yet,
even with that paid, the bank has only 223
per cent. of gold to its note circulation. In
1878, France chuckled at the folly of the
United States Congress in committing this
country to the double standard and ordering
a large coinage of silver without first taking
national cooperation that was sought later
and too late In the Paris congress-. She
thought our extensive coinage of silver would
suffice to restore its relation to gold, and that
as we had so generously volunteered to re-
lieve her of the burthen of supporting the
value of silver, she might perhaps safely re-
cant her double standard creed and find a con-
venient opportunity of going over to the
single standard nations. How far her sagacity
served her is apparent from the fact that she
has since lost a large portion of her gold
and that it now rests in the United States.
We can afford to be generous towards France,
however, in this extreme humiliation OF her
judgment especially as she is not disposed
to persevere persistently in her blunder. M.
Magnin, the Minister OF Finance, has openly
acknowledged before the Chamber Of Depu-
ties that the time has come for France to re-
consider her attitude, and to cooperate for
giving efficiency to the double standard sys-
tenn. lie thinks that England and Ger
many has not vet suffered keenly
enough from the scarcity Of gold 40
make them willing to Cooperate in such a
step; and, for that reason, lie is not prepared
to invite them into another convention; but
he intimates that, if any other country should
make proposals to that end, France would be
ready to join heartily. We take this to be an
indirect intimation to the United States that.
if they are prepared to renew the proposals
rejected in the last convention, France will
be more ready to "talk business than she
was then. Well; what shall we do? Pocket
the old aiiront? Or stand on our dignity and
give France to understand that we can afford
to abide by her late decision until proposals
come from her: We have already a virtual
apology from the French minister of finance:
and as events have amply indicated our
course, it would be p%ettishness rather than
craftsmanship not to accept this hint for a
renewal of negotiations. We respectfully
submit to the government and to congress-
whether the time is not opportune for an CT
Tort TO consuminate the negotiations in which
we failed in 1878.