The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-07-14
INTERNATIONAL SILVER CONFER
ENCE.

The Government Of the United States has
made two OF three efforts to induce the prin-
cipal European nations to enter into an
agreement to establish a common ratio be-
tween gold and silver, and to coin and use
both metals at that ratio. Our efforts in
that direction have not been successful.
Silver conferences have been held, but the
obstacles in the way of the restoration of
bimetalism have seemed insuTm0untable.
Senator Teller has now introduced Joint
resolution declaring it to be the determined
policy Of this country to use both gold and
silver, and instructing the President to
invite the Latin Union and such other
nations as he may deem advisable 10 adopt
q Ike policy The first step is to agree
upon a common ratio. 1t is necessary that
tile silver dollar of one country should
ussess the same intrinsic value as the sill
yer dollar of another country. a number
Of nations acting together can. 1t is be-
lievcd, secure a iXity Of the relative value
of the two metals. The greater use of the
one that might at the moment be cheaper
than tie other, which would follow the
recognition Of the right to pay debts with
the cheaper, is relied upon to keep the two
metals close together. The United States
has not succeeded in previous conferences.
but Il does not follow that il will not sue
coed in the one proposed. We are in bet
ter position to exercise influence in such
conference than we ever have been. Our
own purpose is declared in the bill now ap-
proved by Congress, which is almost certain
10 become law. We have shown that we
believe it within our power to restore silver
even without cooperation, ana the present
propositio is simply an invitation to
Europe to join US and make the task easier.
Silver has responded to some extent to the
movement to increase its use, and there is
no reasonable doubt but that such an agree
ment as is advanced will cause a further adj
vance. The common silver dollar should
include the coinage of Mexico and South
America as we'll as of the Latin Union in
Europe. The ratios in the several countries
now vary from 1512 to l 10 to TO l, without
any particular reason why they should.
They vary in the absence of any agreement
not to vary. Each nation has adopted its
own ratio, with only a remote consideration
Of the ratio adopted by other nations.
With a silver dollar that is worth its face
in all the independent countries of America
and in the Latin L Mon, its use would in
crease as matter OF convenience. A GER
tifcate of deposit based upon such coinage
would be accepted without discount wher
ever presented. a Washington dispatch
says that the President has sent to Con-
gress a letter from Mr.. Blaine, recommend
ing that an International American Confer
ence be Leld at Washington some time
within one year. The object Of the confer
ence is to arrange basis for the issuance
of coins, to be current in all the nations
represented in the conference. This Inter
national American Conference is a distinct
proposition from Senator Teller's proposed
international conference, but the purpose
Of the two are the same. The larger the
number of nations which accept single
ratio between gold and silver, the more
likely that ratio will be maintained.