The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1889-12-02
Bl-METALLIsM
Proposal submitted by VI. Rothsehiid 20
the Monetary Conference.-The Argaes
that Bi-HetaIIism Ia England Il AlsO-
LATELY InsPos.ible-

the AnnNAAAII
that Bi-sIsfaIIism Ia England l. AbsO-
lately Impossible
BErsssIs. Nov. 2o.-M De Roths-
child 5 proposals were submitted 70 the
Monetary conference Monday sitter
noon They cover eleven printed oe-
tavo pages u De Rothsehild argues
at great length that bi-mctallism in
Great britain Is absolutely impossible,
and suvges.s that the question arises
whether II is not possible 10 extend the
use u silver generally, and by this
means assist in checking further fan
In value.
". De RothschiId said he did NOT
claim that MS proposals would prove
fnaI solution OF the question, but he 4
did claim that they would prove a pal .
liatiye Summed up, his proposals are
that America should continue her
present purchase Of silver. and the
European powers should combine 10
buy up an amount equal 10 5000 600 4
sterling yearly for i've years at isd IL
silver should rise above that price the ]
purchases are TO be Immediately sus- 4
pended
il IS expected that the proposals will
b. referred 10 Z committee. The Port .
ucuese delegates have been instructed
ty their government 70 act in harmony
with the British representatives
The document submitted by Alfred
de Roth5cAjld said in part:
Il feel that a gold standard IN Eng
land i the only possible one. and If we
consider that her whole commerce and
a great part u that Of other coun-
tries. Is carried on By bills of
exchange on London. which are nat
urally payable in gold. it must be ad-
fnitted that the world generally trans
acts business on a gold basis, and that
a double standard. with the exception
r7f 4 very. modified form. does not exist
even Ia those countries protesting 70
rav IN either metal Nhateyer na-
tionaI 4 agreement should be made and
whatever ratio should bc established.
cold alone viii always be chosen As the
iavoTi.e medium OF settling large debts
81 making large remittances Itwould
! be irupossihic to remit large sums of
silver au-aad. owing TO the bulk. Gold
would. tc sent even fit had TO be bought
1t ! premium
Reie-ringto the depreciation Of sil-
ycr. he said Ia addition: GeTmany's
action in ls73. and tie action Of Italy.
Rus -ia and If AUSTRIA in amassing gold.
is.coneius5ve prooi 81 the appreciation
II great Eu-8pezn countries Of the ad-
{ vantage Ia gold standard can not
I l,.nI1rn the ability ~ Indian exporters
| 10 send wheat 70 England simply be
causs. 1T iuterfcrca with the British
| farmer. holi that wheat at Sls in
stead of As Is blessing rather than
otherwise. However. think that IN
fall in rhe price Of certain commoditi
| is due 10 OverrroduetiOr., chiefly owing
| TO the Development 81 new regions, and
| 70 the increased facilities OF eomfnuni-
| cation, enabling products 10 be placed
nj l9v prices in European markets
Apart from other considerations it
| seems b uls thar universal arrange
] lreut Of the currency question Is lmPos-
/ Sible. As the wealth, resources and ex-
/ rsnditures af no two countries are
alike. 1t viii b. impossible TO carTy on
/ the trade ~ the world on a sound
Stable basis Il ;Hc debtor was allowed
| the option os paying in whichever cur
/ rency suited him Although ] hops
| have shown that bi-uletallism S irnpcs
| sible IN England. the question arises
whether n7 rotitis possi0le 10 extend ths
use Of silver. thereby stopping q fuTthei
/ fall and its disastrous consequences
whereof il Is impossible 10 foresee,
therefore submit the proposal not as a
aT,solute. lasting remedy but as a pal
liation
eff you approve the plan" said Mr.
| Rothschild. '-you can make a supple
uneni To II in any way you think ProPei
before submitting il 10 your govern
meu;s I think that sueh an arrange
ment will give general satisfaction
believe that our American friends vii
fnG il acceptable / see no objection Z
silver being made legal-tender Il
England up TO five pounds ! believ'
that the proposal will be well reeelye'
in India The bnlk Of the population
y Il, ree5gaize that no material alter
alton Is suggested. while the merchant
and bankers viii know that the ex
changes are given stability which vii
remain unGisturbei during perIo'
Of i've years Unstable exchange
n more than depreciation of the rupee
is the chief factor Of complaint Il
India The gold market VIII also b
relieved. as only European appeals vii
ise made thereto for \ long time, and a
south Africa is increasing her output o
gold. the. arrangement suggested vii
enable Russia and Austria 10 eomplet'
ps.rchases without uhduIy interfering
with the money market If the confer
ence aiiournS without having ne
eonplishel any definite result. 1t vii
cause . tali N silver frightful to con
/, template II xill cause \ monetary
panie. of which II Is impossible to fore
tell the fat-sp Spreading effects
Il allyide To India because the cessa
tion OF the India demand for silver or
material decline in the rupee. owing {.
specitie legislation. would materially
affect not ONLY the savings of hundred
Of millions Of people, but the value o
silver generally therefore hope 70
vour intimate approval. rs. althoug
IL may b. ursed that countries not 5
interested as England and India ar
, expceie1 10 make sacrifices yet b
; iieve that what IS best for the wOrl
generally mast prove best for individua
interests
The SaroII-a Haak Tax Case.
COLUMBIA. ;, c. Nov. sa--SenatO
. Evans. leader of the administrator
I f,y,.ss q, III, ies-islaturS,. Monday intrV