Los Angeles daily herald., 1886-01-09
TELEGRAPHIC.
The President on the
Silver Question.
THE VIEWS OF u. $. MINISTER'S
Secretary BayaPd to the President.
Great Britain, France and Ger
many on the Subject.

SDecfdl 70 the Hffdth OV thf ddevcintch fAfess
WAsInNgToS, January THE Presi-
dent to-day, in answer to the resolution
adopted by the Senate December 9th,
transmitted copies Of documents showing
the action taken by him to ascertain the
sentiment Of foreign governments in re.
gard to the establishment of an interna-
tional relation between gold and silver.
The correspondence Is accompanied by a
letter from Secretary Bayard to the
President. in which he says in part: at
has been the object Of this Department
and its agents, whilst ayowing our readi-
ness to separate, not so much to impress
our own opinions and wishes upon Others
as to obtain the well considered and in
dependent views from the most infiuen-
tial, responsible and competent sources,
in order to lay before Congress, first, the
actual status OF metallic curreneies in
the European countries, aud secondly
the intentions and policies of those gov
ernmcnts in relation TO the subject,
with details of their action up
TO the present time. 1t is believed
that the accompanying, from the
Ministers OF the United States to
Great Britain, France aud Germany re-
spectively, summarize and convey the
true condition Of the opinion and inten-
tions OF the governments and people to
whom they have been severelly accred-
tied. The letter then mentions the
designation OF Mr.. Marble, the contiden-
tial agent, 10 obtain information ON the
subject and says no separate report by
MIR. Marble has been made bt cause the
results OF bis Investigations appear fully
in the matters Of Messrs. Phelps, Nc.
Lane and Pendleton's correspondence.
Ii opens with letter from secretary
Bayerd to Manton Marble, notifying
him OF his design ltion to visit Europe
upon this mission as above Indicated.
Letters were also addressed to our Min.
listers at London, Paris and Berlin, noti-
fying them Of Mr.. Marbles visit and
asking them to cooperate. A reply was
received from Minister Phelps, un.
der date OF London, October 20,
1885, in which he gives the
result OF conferences by himself and Mr..
Marble with leading members of Her
Majestys government. He says: "From
these, as well as other sources, am sat
stied that the British government will
infiexibly adhere to Their past and pres.
ent policy in regard TO the respect of
coinage; that they will not depart from
the gold standard now and SO long es-
tablished; that they will not become
party to any International arrangements
| or union for creating bi.metallic stand.
| ard as a common ratio between gold and
silver for the purpose Of making both an
unlimited legal tender, nor adopt such
| double standard in Great Britain. On
this point both political parties quite
concur, and believe If either were to
attempt to introduce such a departure
| from the existing money standard it
would be driven out of power by the
loree of public opinion.
A reply from Minister McLane,
mt Paris, dated October II, 1885,
expressed as his opinion that
while France would gladly receive in.
telligence that the United States would
adopt the French ratio of l5l of silver to
one of gold. No consideration of future
consequences could induce them to adopt
the American ratio of 10 to |. Still less
would she adopt any higher ratio to as
simulate the present commercial market
value OF silver with the value OF gold,
nor would she consent now to permit an
unrestricted or even limited coinage OF
silver at her mints. At present the pur-
pose of her government and people is to
maintain, il possible, two metals, and at
the present rate of l54 to | in domestic
circulation, exchange.
Mr.. McLane says, the facts obtained,
naturally suggest the United States as
the greatest goldand ercountry in the
world should suspend its silver coinage
ia order to utilize it, not only for cireu-
lation, but as part OF its treasury re-
serve.
Minister pAndlston, i'm his roPiy.
dated Berlin, October nineteenth,
1885 gives his conclusions briefly as fol-
lows: "rhe adhesion of Germany to
AN international bi metallic union, such
as was proposed by the United States
aud France in 1881, can scarcely be ex-
peoted with any limit of time now to be
predicted. The cooperation of Ger
many in such action may be sought with
a fair prospect of success whenever 1t
becomes possible to include in such
union England and Russia, the former
of which seems to cleave tenaoiously to
her gold mono metalism, while the lat
ter staggers under the evils of depre-
ciated and largely fluctuating paper
money. The adhesion of England. at
least, is certainly now and would
probably, for an indefinite period. be
regarded by Germany as sine qua non.
Consul General Walker in letter to the
Secretary OF State under date of August
20, 1885, reviews in detail the changes
of sentiment of foreign countries in rela.
tion to monetary matters, as shown in
the proceedings of the Conference, and
expresses the opinion that nothing will
so much hasten the adoption in Europe
of the monetary policy which we desire
to have adopted as the suspension OF sill
yer coinage in the United States. The
correspondence also includes q copy OF
the agreement entered into at the
Paris Monetary Convention, the essen
tial parts of which have been published.