Savannah morning news. [volume] (Savannah) 1868-1887, 1881-03-17

man to represent the United States Gov
eminent at the new monetary conference,
soon to be held in Paris, has given fresh
impetus TO the discussion of a
bi-metallic standard of currency,
and very great interest is being
manifested in the subject. The indica-
tons also point to the fact that the univer-
sal reconciliation Of silver win be much
more favorably received than when the
subject was presented before the Inter
national Monetary Convention, which
was held soon after the passage of the
law creating our present silver dollar.
We read that most of the English
financial journals are willing to admit
that powerful bi-metallic union would
exert great influence upon the market
ratio of gold and silver, but at the same
time advise the British Government to
hold aloof from the conference. This
seems to be very strange advice, for OF
ali countries in the world Great Britain
has peculiar reasons for using all its in
huence to prevent silver depreciation.
Her immense Eastern business is nearly all
transacted upon silver basis, that metal
being the only recognized currency OF
the Orient, and, as an exchange
well remarks, cit is impossible
to conceive of anything that would so
rapidly and totally demoralize Great
Britain's Eastern commerce as a mate
rial depreciation in the value of silver
1t ia, however, generally believed in
France, Germany and the United States
that if a bi-metallic union, such as is
contemplated, can be formed, it will
have the desired effect, even though
England refuses to join in, and that if
such union is effected, the British Gov
eminent would be as well pleased with
the result as any member of the union,
for then the combined influence of the
great powers participating in the confer
ence would be exerted to maintain uni
form ratio of value between gold and
silver, and thus secure a stable basis
upon which to carry on the Oriental
trade.
The chances for the formation of such
aunion are, evidently, much more
favorable now than they have ever been.
In the first place nations which hereto
fore have looked upon the proposition
coldly are now anxious for it. Germa-
ny has accepted an invitation to be pres
ent and participate in the proceedings on
certain conditions, and even England has
expressed a willingness to do likewise
provided the form of the invitation to do
so Is so changed so as not to make her &C
ceptance a committal to the bl-metallic
movement. In the next place it is stated
that the conditions Of the financial stu
alton are more favorable for the success
of the movement than formerly. The
United States, France, Italy, the other
members of the Latin Union, and Austria
aud Russia would join the union, and
possibly Germany. Italy, Austria and
Russia, all of which nations suspended
specie payment years ago. are now
very anxious to resume, and
are making preparations for re-
sumption. They have paper money
equivalent in amount to more than one
thousand million dollars, and their total
supply of full legal-tender coin is esti-
mated at no more than $170,0O0,000 in
gold and 500, 900, 600 in silver, of which
probably not more than one-half is
Immediately available for resump-
ton purposes. To successfully main
tain specie payments, they must
obtain certainly not much less
than $500, 900, 600 in gold or silver, or
both, in addition to their present supply.
Here alone is demand enough to absorb
all the visible supply and much more be-
sides. With this demand at the agreed
rate of nearly Gid. per ounce, there will
assuredly be no reason why lower rates
should be accepted. The enlarged use
of silver as money would legitimately
affect the market ratio, and would, no
doubt, establish it pretty firmly at the
agreed ratio.
This new monetary conference is re.
garded as one of the most important
events to the financial and commercial
world likely to occur in the near future,
but to no section of the country is it of
more importance than to the South. By
reference to an extract elsewhere pub
lished, from the last monthly circular Of
Smith, Edwards s. Co., of Liverpool, it
will be seen that in the opinion of that
firm, should the Paris conference succeed
in the formation of powerful bi-metalliC
union in whole or in part, the prospects
for an active cotton trade would be
greatly improved, and this would Offset
to great degree the low prices which it
is generally anticipated will be the result
of a good season and a large crop next
year. The reason of this is obvious.
Should the bi-metallic standard be
generally adopted, the effect would
be to make money more easy,
and give impetus to industrial
enterprises, besides causing an increase
in consumption. On the other hand,
should the Paris conference fail, the
money market would certainly be no
less stringent abroad than at present,
and hence, with an increased crop of
good cotton, and with consumption not
greatly improved, prices must decline
This proposed conference, therefore, is
a subject in which the South is vitality
concerned, and its deliberations will be
watched by our people with great in
terest.
Grant, it is said, has expressed him:
self in very positive terms regarding the