New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-11
FINDING UP ITS AFFAIRS.

The Latin Union goes into liquidation. III
the official dispatch to the Secretary OF otate
correctly states the action of the Monetary
Conference at Paris, no other construction Is
possible. For, first, Belgium does not agree at
ALL Though invited to come in. and notihed
that the door is left open. The terms upon
which Belgium would be admitted are not CHI
braced in the dispatch If they are such as
have been foreshadowed in mail accounts OF 1he
discussion i'm conference, it would be suDstan-
italy true to say that Belgium does not come III
because Belgium cannot. 1t il a question OF
ability to redeem in gold the vast quantity OF
silver coined in Belgian minis during the oper-
alton of the Lltin Union, the CONS DelnR no"
held in other countries. and mainly Ill france
The Belgian Government urges that IL OughC
not to be called upon to redeem thcse coihs'
since no advantage whatever to that Govern
ment accrued from the coinage, and it was sim
NV n service eratmtously performed for the
benefit of other countries of the Union. France,
on the other hand, insists that the large
supply of Belgian coins held by the BANK OF
France and in that country shall be redeemed,
either now or at some future time. III belgium
is not able there seems to be an end OF 1t.
BIT the position of Belgium is secondary
matter The other Powers composing the Latin
Union have agreed. it is said. But to what
To stop the coinage of silver and to redeem the
outstanding silver coins in gold. IT this is not
closing up the business of the concern ana
lionidating it's debts, what is it France holds
great quantity of silver coins from Italian and
other minis. They constitute large part OF
the French "hump,n Of which NJ. Cernuschi
Nt,h., 70 ont
he says, France insists that the nations OF the
Latin Union shall take back the coined
silver and pay for it In gold Ihls
is formal adoption OF mono metallsm'
which by force Of circumstances has prevailed
in France since the minis were closed. but with
an addition of great Importance. silver CONS
are now for the first time recognized by the
Latin Union az having only representative
value. They circulate only "a tokens OF the
gold which the Governments agree to pay for
thcn, The lye-frlnc coin is held worth, not
what the silver in il would bring in the market
but the amount of gold which the Governments
have agreed TO pay for it. II may prove that
this recognition of the representative ch1rac-
fer of silver coinage. by the Nations OF the
Lain UImon. will have a wider influence ana
larger Importance than many are now ready TO
suppose.
But the agreement to stop the coinage Is 10
the United States peculiarly important. The
Latin Union adopts for five years the course
which NJ CcrnuSchi,iu the aforementioned yes
tcrday. so forcibly urged. II throws upon the
United States the entire responsibility oil con-
tiruing useless addition To the worlds supply
orconcd silver. France and other Nations OF
the Latin Union declare that, III the absence OF
international accord on the question OF coinage
they have more silver than they can use for the
present. Germany, rs all know, has more
than enough. The United States has more
than SlG3. 100000 that it cannot circulate.
But this Government continues to com more
a, il it had no other purpose than 10 serve
Great Britain nj any cost or sacrifice. Following
tho example OF France and the Latin Union, list
cnIng 10 the counsel Of the wIscst advocates oil Il
double standard in this country and in Europe,
the United States might compel England ana
Germany to consider the question with IA new
and practical interest if II would stop the com =
age. But blind fanatIcism seems likely to pre-
vent "A course so wise and necessary.