Omaha daily bee., 1889-09-25
y1Jr ,foNErARY coNGREss.

Very little attention has been given
to the international monetary congress
which met in Paris September IL. or
course nothing was expected Of the con-
gress but an expression OF opinion, and
even ln'this respect the result was dis
appointing. 1t was attended by some
of the ablest fiuanciers and economists
in Europe, but as TO the chief problem
they met 10 cousider-that OF bimetalism
it was left as far from solution as be-
fore the congress assembled. So far
as appears the. congress made no spe-
cific suggestion or recommendation,
and it seems plain that the delegates
Of neither Great Britain nor Germany
could offer any hope that their respec-
tive governments would make any de-
parture from their present attitude re-
garding a double monetary standard.
II there has been, as claimed, any de-
cided change in public opinion in
Europe favorable to u double standard,
proof OF it is not TO be found in the re-
suit of the deliberations of the Paris
monetary congress.
There was one utterance from this
conference, however, sufficiently nota-
BILE to be worthy of more than passing
atten tion. The president, NJ. Magnin,
who is q senator and governor Of the
Bank of France, said: IF the United
States repeal the Bland bill, II the
Latin union is declared at an end, the
debasement of the white as regards the
yellow metal will no longer have any
limit, There would then be q terrible
monetary and commercial crisis in the
whole world" The friends OF silver will
find great deal of encouragement
in this observation of one of the lead
ing economists OF Europe, which con-
cedes that it is the policy OF the United
States regarding silver which has pre-
vented a universal crisis, and indicates
the necessity OF continuing that policy
in order to avert financial and CONNER
cial disaster. The question is naturally
suggested whether the good accom-
plshed by the American monetary
policy would not be increased by the
enlargement of that policy. This is
the question which the next congress
will be called upon to consider and
answer.
The impression prevails at Wash
ington that the president and secretary
of the treasury will not recommend any
change from the existing policy regard
ing silver. The views of the secretary
are we'll known to be unfavorable to in
creasing the coinage, and there is no
reason to doubt that the president
agrees with him. 1t is doubtless safe to
assume that their influence will be used
| to maintain the present policy, but
it is less certain that it
| will be effective. 1t is be-
| lieved that in the fifty-first congress the
silver men will be in stronger force
| than in any congress for u number of
years, and they will be stimulated to ex-
traordinary efforts by more general
| popular demand for increasing the coin
| age of silver than has existed before
| for years. There has been developed, :,
in the west particularly, a greatly en-
| larged public interest in this matter,
which will make itself strongly felt
in congress, and it is believed the
south will be found in greater
| SynilldthE WIFI tte poIlCy Vi IN
creasing the coinage of silver. This
has reference, of course, to the house,
there having been no changes in the
| senate to increase the strength of the
| silver men IN that body, and it is the
| probable opposition of the senate to any
change of policy that the silver men
have more to fear than the influence of
the president and secretary of the treas
ury.
| Obviously the United States must con-
tinue to pursue its own way regarding
silver. Although there has been some
growth Of popular sentiment in
Europe favorable to double STAN
dard, the capitalistic classes appear to
be as firm and unanimous as they have
ever been against change from the
single standard, and they are all-power-
full with the governments. Germany
may in time be persuaded that the well
fare of her people would be promoted
by double standard, but that time is
remote, while Great Britain will never
consent to bimetalism so long as she
remains a creditor nation. In this
matter the United States cannot do
otherwise than pursue policy of abso-
lutte independence.
| |