Omaha daily bee., 1889-08-13
SILVER IN EUROPE.

A report has just been received Mt the
state department from the American
consul at Marseilles upon the outlook
for bimetalism in Europe. The obser-
vations Of the consul, who is one of the
most intelligent and careful in the SER
vice, are r%eassuring to the advocates of
silver reconciliation. He finds q stead
lily growing sentiment in Europe, and
particularly in France, Germany and
England, in favor of restoring the BIZ
metallic standard of currency.
This is shown in the numerous pc
titions favorable to such restoration
that have been presented to the Ger
man reichstag, in the resolutions intro
duced in the British house of commons,
as we'll as the frank declarations of
Salisbury in favor Of Great Britain par
ticipating in the monetary conference
to be held in Paris, and in the attitude
OF leading French journals. In view of
all these expressions, the consul con-
cludes that it would seem apparent tn at
the Paris conference will meet under
circumstances far more promising to
the interests of bimetalism than those
which surrounded the conference of
1881.
The most noteworthy change Of senti-
ment on this subject has taken place in
Germany. In 1878 the new German
empire having issued a gold currency
~improvised and minted from the French
a indemnity fund, attempted to de-
monetize the silver medium of it's con-
stituent principalities, with the object
OF shipping it to bimetalic France in
exchange at fifteen and one-half to n
for gold, forcing, by this unnatural eff
fort, another million dollars in gold out
of France. France at once placed her.
self in self-defense on IN INSTRUCTED
bimetalic basis, coming until
1879 only so much silver as was required,
and in that year entirely stopped the
coinage of silver. France at present,
therefore, is an entirely INSTRUCTED BIZ
metallic country. The German states
and municipalities forming the present
empire were silver monometalists until
1872. AT this period the German empire
came into existence with an intended
gold monometalic policy, the founda-
ton of which vas the war indemnity of
a thousand million dollars taken
from the French. The Heterogeneous
German silver coin was pur-
chased and converted into bull
lion designed for shipment to France.
But the cessation Of the unlimited
French coinage of silver left Germany
no alternative except to reissue the
,sIvar fha1ar, in ire trany,~, OVID ,rirt
the remaining bullion into like coins,
so that Germany remains in fact an OBJ
structive bimetallic country, and as a
result Of its mistaken policy has sue
ceeded in bringing it's own silver, as well
as that Of France and the world, into dis
credit. The government, however,
while conscious of the failure of it's
purpose to demonetize it's silver without
resulting pecuniary loss, has persisted
in the policy adopted in 1878,
and until within a year or two with
very general public approval. Popular
sentiment, however, has been undergo
ing a change, becoming very marked
recently under the influence of indus
trial conditions which it is believed a
change in the monetary policy would
improve, and the government has been
! forced to give at least respectful atten-
ton to this sentiment. In England
there has also been an unmlstakable
growth of sentiment favorable to bimet-
alism, although less pronounced than in
Germany. England mas been a gold
monometalic country for more than
seventy years, or since 1915, and the
people of that country cling to long-es-
tablished policies with great tenacity.
Besides, all the vast power of the capt.
tai of the country is opposed to any
change. Nevertheless, there has grown
up within a year or twoa very consider
able sentiment in favor of Il departure,
as was shown by tho report OF the royal
commission to investigate the causes Of
trade depression, and has appeared in
the expressions of public men. While
these do not give warrant for expecting
an early change in England's policy,
they indicate a tendency that may ulti-
mately bring about such a result.
The trend of sentiment in England
regarding this question of bimetalism
possesses great interest for the people
of the United States, and the delibera-
tions of the monetary conference which
will assemble in Paris mex month will
be watched with much concern in this
country.