The record-union., 1892-12-07
Special to the REcoRp-UNIoN.

Monetary Conference resumed discussion
Of the ROthschild proposals. After
speech by Sir c. Il. Wilson, one Of the
British Commissioners, Rothschild with
drew his scheme.
Sir c. Rivers Wilson, who said his
views were shared by Sir Charles Free
mantle, the other British delegate, said
he believed that all the Governments who
sent delegates here recognized the pres
ence of a great danger. mo word of
warning reached us from America, and
to say the least it is doubtful whether the
American Government can continue in
definitely the gigantic efforts it has fruit
lessly made so many years to maintain
and raise the price of silver. We need
not inquire whether the policy which
governed the currency legislation of the
great republic was wise in conception;
but it cannot be denied that it has not re-
allied the expectations and is greatly the
causa OF our present position. In any
case the suspension of American silver
purchases has become practically the
question Of the day, and if it occurred
might lead to suspension of coinage in
India. Certain high authorities believe
that the sudden cessation Of purchases Of
silver by America and the closing of In
dia's minls would lead to heavy falls of
silver, and a disastrous disturbance Of
commerce. Others contend that the fall
has already greatly discounted it, and the
removal Of the present uncertainty has
had quieting effect.
in view OF these divergent ideas what
course should be adopted Sir Charles
Freemantle and myself, I'll state frankly,
are pure monomotallistS, and do not ad-
NIT that any other system than a single
gold standard is applicable in Great Brit
tain. We are willing to admit that the
ROthschild and Levi plans will not be in
compatible with our principles, but it is
not enough, these schemes are defensible
in principle. Would either plan have
the least chance of meeting with a pre-
ponderance Of support that would Justify
us IN recommending the British Govern
ment to consider it? We think not.
Another plan may, however. be forrnu-
and If 1t does not conflict with our prin-
ciples, it will receive serious considera-
tion from the British Government"
Mr.. McCreary, of the American delega-
ton, proceeded to point out the difficult
ties and perils Of the existing situation,
and said whatever the cause, the fact re-
manned tnat remedy was imperatively
necessary. lie appreciated the attention
Rothschild had given the conference. but
could not support his plan. He could not
admit that il is a proper remedy for
America to continue the purchase Of fifty
four million ounces Of silver annually at
u price not to exceed d hundred cents on
the dollar, on the condition that European
Powers make purchases yearly to the
amount Of nve million pounds for five
years, at Il price not to exceed forty-three
pence per ounce, and if silver should rise
above that price purchases will be i'm
mediately suspended. 1t seems an nm
81 h1f hot lo, =
purchase twice as much silver as Europe
The object of the conference should be
not to fix price which is to keep silver
below par, but to enlarge its use and re-
store IL to parity with the value it had
with gold prior to 1873.
Met reary referred to the complaints of
the British Cham ber of Commerce, quoted
recent declarations Of Archbishop Walsh
and Mr.. Baltour, and contended that the
situation demanded q broader recOgni-
tion and better remedy than that sug-
gested by Rothschild. 1.-THE American
delegates are ready to cooperate with
other delegates" said he, "in candid
and determined effort to maintain the
monetary functions of both metals.
Therefore, after submitting a general
plan OF bimetallism, favored by America
they also submitted plan favored by
themselves. 1t was a plain business pro-
posal and if adopted necessary details
COtllNl Dt easily dIIdnS6Is IL announces
no new theory, and proposes no untried
system. 1t only opened the way to re-
turn 10 a time-tried and ime-honored sys-
tenn under which gold and silver were
for many years at par and equal instru-
ments i'll exchange. Acts of Parliament
laws Of Congress and edicts OF monarchs
had changed the real value Of the metals"
In order that the situation in the United
States may be fully understood Nc
Creary explained the position of the diff
terent political parties and added that he
believed that the people in general, with
out regard to political affiliation, indorsed
the American plan. lettering to the sill
Yer bullion law, he said the law was not
entirely satisfactory to either party and
i'll support OF his statement quoted from
the platforms adopted by the NEinueapo-
lis and Chicago conventions. A shrink
age in the volume Of money would de-
crease prices and tend TO concentrate
wealth, enrich the few and impoverish
the many. The volume of gold and
when silver is stricken down and
the amount Of coin is reduced,
resulting in a diminished amount of
money and constant shrinkage of values
In concluding, McCreary said: "I be-
lieve the best aim of the conference will
he the general reconciliation of silver
and unrestricted coinage gold and silver
into money of debt-paying power, with a
permanent international ratio of fifteen
and half or sixteen 10 one,p and he pre-
ferred the latter. This, in his opinion.
would give unity and stability to the
value OF money, and furnish the best
remedy for the existing evils from which
all civilized nations are suffering.
Sir @. ;. Wordsworth, ore of the dele
gates from India, combatted the theory
that Great Britain owed commercial su-
periority to the gold standard. Great
Britain was saved from serious danger
only by the bimetallism OF France. The
whole question required to be examined
from view of industrial as well as mon
etary and financial interests.
Sir q. +. Houldsworth, British dele
gate, then presented his plan. He pro-
posed that bimetallic union should be
formed by the Nations willing to enter
into such an agreement, and the Nations
preterrlng TO retain single gold standard
should undertake that their mints should
receive silver bullion in not less uuanti-
ties than the fixed minimum against re-
ceipts, not in quantity and value at a
specified rate per ounce, to be deter
mined by agreement, the quantity so
specified to be delivered by weight TO
bearer whenever demanded and the re-
ceipts to circulate as money.
The conference adjourned until Thurs
day.
NOT A NEW PROJECT.
PARIS, Dec. 6.-The journal des Debafs.
whose financial editor is member of the