The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-08
international Action in Relation to Silver
Can Only Be Secured by Prompt Suspen-
sion of Coinage by the United States.
A Discouraging Goodness Arising Be-
tween Messrs. Bynum and Holman,
Caused by the Action of the Former on the
Question of Changing the House Rules
Other Washington News.
THE SILVER QUESTION.


A Solution Can Only Be Reached by the
United States Suspending Coinage.
WAsHINGToN, Jan. THE President to-day,
in answer to resolution adopted by the Senate
on Dec 8, transmitted copies of the CORE
spondence showing the action taken by him to
ascertain the sentiments of foreign governments
in regard to the establishment of an interna-
tional ratio between gold and silver The cor,
respondence is accompanied by letter from
Secretary Bayard to the President, in which he
says, in part
ut has been the object of this department
and its agents. whilst avowing our readiness to
cooperate, not so much to impress our
opinions and wishes upon others as to obtain
well-considered and independent views from the
sources, IN order to. lay before Con-
gress, first, the actual status of the
metallic currency in the various European coun-
tries; secondly the intentions and policies of
those governments in relation to the subject,
with details OF their action up to the present
time. 1t is believed the accompanying letters
from the ministers of the United States to Great
Britain, France and Germany, respectively,
summarize and convey the true condition of the
opinions and the intentions Of the governments
and people to whom they have been severally
accredited"
The letter then mentions the designation of
Mr.. Marble as a confidential agent to obtain in
formation upon the subject, and says no separate
report by Mr. Marble has been made, because
the results Of his investigations appear
fully in the letters Of Messrs
Phelps McLane and Pendleton. The
correspondence opens with letter from Secre-
tary Bayard to Manton Marble, notifying him of
his designation to visit Europe upon the mission
above indicated. Letters were also addressed to
our ministers at London, Paris and Berlin, noti-
flying them Of Mr. Marbles visit and asking
their cooperation. A reply was received from
Minister Phelps. under date Of London, Oct. 90
by himself and Mr.. Marble with the leading
members of her Majesty's government, and says:
From these as well as other sources 1 am
satisfied that the British government will in
fexibly adhere to their past and present policy
in respect xosA mage that they will not depart
from the gold standard now and so long estab-
lished; that they will not become party
to any International arrangement or
bimetallic standard at 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
from the existing money standard, it would be
driven out OF power by the force of public
opinion"
A reply from Minister McLane at Paris, dated
Oct. l, 1885, expresses his opinion that, while
France would gladly receive the intelligence
that the United States would adopt the French
ratio of l5a of silver to ! Of gold, no con-
sideration of future consequence could
ind IN nAn Annf %hn
ratio of 16 to /; still less would she adopt
any higher ratio to assimilate the present COM
mercial value of silver with the value of gold,
nor would she consent, at any ratio, now to per-
NIT an unrestricted or even a limited coinage Of
silver at her mints. The present purpose of her
government and people is to maintain. if possi-
ble the two metals at their present ratio of 15s
to in domestic circulation. and international ex-
change"
Mr.. McLane says that the facts obtained
naturally suggest that the United States, the
greatest gold and silver country in the world,
should suspend its silver coinage in order to
utilize it, not only for circulation, but as part of
its treasure.
Minister Pendleton, in his reply, dated Berlin,
Oct 49, 1885. gives his conclusions briefly as
follows:
'The adhesion of Germany to an international
bimetallic union. such as was proposed by the
United States and France, in 1885, can scarcely
be expected it seems to me- within any limit of
time now to be predicted. The cooperation of
Germany in such union may be sought with
fair hopes Of success whenever it becomes pos
sible to include in such union England and
Russia the former of which seems to cleave to
gold. while the latter staggers under the evils of
deprecated and largely -fuctuating paper
money. The adhesion of England at least, is
certainly low. and would probaly for an indef-
mite period, be regarded by Germany as a sine
qua non."
Consulgeneral Walker, in a letter to the
Secretary of State, under date of Paris, Aug. 90
1885. reviews in detail the changes of sentiment
of foreign countries in relation to monetary
matters, as shown in the proceedings of the
monetary 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 a copy of
the agreement entered into by the Paris none
tary convention, the essential parts of which
have been published. q