, 1881-04-06

Ing 1a,a.l'lg Iens wlltcil France utll the
l}1iEted Stntcs propose tu advocate nt tho
l'nris Monetary Conference, which IL 10 optn
III tho tUtl Of April. 1t Is, however, quite
understood that tile Powers invited to tlln
Conference arc In Ito way committed either
to tho ter,lls Ut the Invitation nr to my pro-
gsa,l,, bit will bc free to recommend any
s.eas.iro wlllcl, may improve international
monetary relations, nor will ally Power te
hound to nbEtlu by tho resolutions which may
bc adopted by tue Others:
/. WHEHEAs. litrnctntlIsm, or tho monetary
tnx tluantity uf vof1 AMI silver the footing Ut
Il legal ratio bctMeen tue weight or tho 'nont-
5 'y n .vr ~ b Eli nrs a nc t ws1snI nH ~, sa III
TINT only slncn few ycltrs Inns 1t rcasch to op-
erAtG IN At,y pArt VI tho world.
Ertnctrat Continental hints hnd cofnet Nt ttie
lsEAl int0 III nj git tho quantities tIf Eohl ntl
svSr presen,e;d m f1r soiag whereby a!ons
EDld ntlt tue production Uf silver. tho relative
yai'to of tho two mctnis WIS necessarily ix.sl IL
nny country arrec,ng 10 pir. WITH, either so!;i
o. silver ut 4 !css advantageous rntlo than that
which was known could l,t rcnlizeti III Europonl
TO c.n'Grt Into eoln t,ns!nx irgsII eITrccy with.
ont limit 81 nmuunt I'LL tho n'etnl tioy wero
j. WfENEts. Ily this universal par Of ynio
between gold and silver tho lsuI,tthsv innttrlnl
I'll tha entire world lorthet slnuin nnSs NJ h0-
tlttKetgs rs II 1t hA GGcn cuIll ltN1sGd f htEylG
metal. l,ut with this evident anu very Important
ssIreriosity. that ~ Iny,nR power was much
power Of gnld AlHjoed from silver, Or oE R!iyrr
s1tsjn!nci from Ru1d And this BECAUSE tho Erent-
er ~ less sahllaty 9f thut iny!uE iower dnpends
uli tho greater ur less reEniWrtty vi inDt,Hthry
prolucton bccHttse tho production Of vDl.i IL
very rrea.!ias also ti,at q silver: wh!le tho !ont
prn.dctton nf thu t%o rtnls yAlucd NJ tho ics"!
Fatit, Is lsltlH AuiilclGntsy reKulHr:
4. WnE'tl;A'. Thu Mbove- mentioned universal
Ins bewec1i tho sn',le Of tho two metals wns of
1!o!ls?ncsnltsn sslell ~ gull tnoIin't,gtus!lc E-
xfanu Anu silver nlonointthlilc lutlll!. WGith
eantrfcs onE to ta, pnr csa ntnll sst
fuclitty Ald certainty rs II they tut cue nu1 tue
sntae e M!netnl ~ cotlinlon nsotty.
freely allittcsl to con!4e by. tho States wh!cl.
hRtt nsevlousiy been Iin.eshllic TO tsllserstl
rnr Of valus betGs', the w. n!etals necessarily
nppcur4nce tho h!netallie una homogeneous
t.'atertal p,.sesscA y, thS world va1s uccu.s'-
i.cneous to tnch other-.ho 'natcr!aI. Eud. tho
sno 1letnl unlimited au FREQ so!s,nEe n l;urnIc
mn Amsr1c al;d TUG iInterln! silver. ilie so!e
Ism. which has 1rtHleretl tho cn'iiInercfnl anu
tinlnen relations between the s"o hnlses nf the
II tho oxchanges between thon were lnalp by
oartSr. ~ ,,-.. 49,, .r.u .,..,
~: U: WnEnE'ss: Moreover tho !states Y of tl,9
States Of. America. whlo admitting Hnid
A!Gnc to, FREQ eotnagr. nrr !nc,,rnbrrcl with
try cA1not bo converted into 1nnlicy III t,ther
countries Unless u Asia, hut then undergoing
nll tnp loss resulting fron thu difference he.
eol.le with rtvurd 10 yoisl ni.d thu m.lcI, sntcr
ratio Of gold realized OH tltspnsng Ut silver fnr
pnr no longer exists, Il ratIo which would be-
Of silver Anppcne sol,a sesualcd all.i eon.lns,s1
t!rAW fr1n circulation MD ggt rid Of tho talrd