Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-28
EUROPE FOR SILVER.
Several Indications That 1t May
Agree on Free Coinage Soon.
GREAT NECESSITY FOR CAUTION.
Germany. England and France May Hold
eff for Good Chance to
EXCHANGE THEIR. SILVER FOR GOLD

WASHINGTON, Oct. 27.-The President
and Secretary Foster are banking good
deal in their plans to check the free coinage
of silver craze upon the results Of the In
quiries which they have been making In
Europe The feeling in favor of inter-
national bi-metallism seems to be growing
and to be likely to prevail in European
cabinets if the leading European powers
can be convinced that the United States
decs not intend to plunge into free coinage
of its own motion.
Several gentlemen of standing in private
life agreed early in the summer to make
some inquiries of foreign fnanciers with
view to an internatio nal agreement, and to
report the results to the President and Sec
retary of the Treasury without expense to
the Government They have discovered so
friendly a feeling to the use of silver in
Europe that they have recently asked and
obtained informal credentials from our
Government, showing who they are and
what their instructions are, without having
authority to commit the United States otfl'-
cially to any programme.
THE PRESIDENT ENCOURAGED.
The fact that these credentials have been
asked for is regarded by the President as
very encouraging indication OF the feeling
in England, France and Germany in regard
to the reconciliation of silver. The gentle
men who have been making the inquiries
would not have asked for such credentials
if they had not felt that the time was ap-
preaching for serious negotiations with Eu-
ropean Powers, for they have no personal
or financial interest in magnifying their
office.
The President will have powerful argu-
ment for urging conservative action in Con-
gress if be can hold out the hope that inter-
national bimetallism is a thing of the near
future. So long as the European powers
feel that this country is ready to plunge
into free coinage without waiting for them
they will hold off in the hope of unloading
their surplus silver upon us and draining us
of our gold. Mr.. Edward Atkinson dis
covered this tendency when he was sent to
Europe by President Cleveland in 1887, and
it has grown stronger since.
1t has been the restless eagerness of the
free coinage champions in the United States
which has kept the European powers aloof
from an agreement.
EUROPE NOT QUITE READY.
This is what the agents of the administra-
tion report in confirmation of what Mr..
Atkinson reported four years ago. The
gentlemen now abroad state that even the
European powers are not quite ready to
restore silver to its place upon an equality
with gold. They may be willing to try
some experimental steps by increasing
their gold reserve or issuing limited
amount of silver notes. If such measures
result in no disturbance to their monetary
system and raise the price of silver, they
will then be ready to take some longer
steps in the direction of the free and unlin-
tied coinage of silver.
If President Harrison in his annual mes
sage is able to present convincing evidence
that the European powers are ready to act
in this matter, he will be able to urge upon
Congress, with much force, the wisdom of
taking no hasty step which will defeat his
plans If free coinage is not considered
during the coming session of Congress, or
even if it fails to pass both houses, the ad-
ministration will be in q position to insist
that the European powers shall meet us
half way in any plan tor the remonet1zat1on
of silver. The President would be in less
favorable position if free coinage legisla-
tion were arrested only by his veto.
SENTIMENT IN THIS COUNTRY.
1t might then appear to the European
powers that public sentiment in the United
States was bent upon absolute free coinage
without an international agreement, and
that nothing but the accident of an indi-
vidual will stand in the way of its success.
If Congress should not act at all and the
two political parties should nominate for
the Presidency Mr.. Harrison and Mr..
Cleveland, both known as outspoken op-
ponents of free coinage, the administration
would occupy stronger position than it
has for some years, and absolute free coin
age by all the leading nations would be a
much more likely event than it would if
free coinage bill passed Congress by the
largest majorities.
STORE-FIFTHA AVENUE.