The record-union., 1892-12-16
Special to the REcoRD-UNroN.


strong speech at the Monetary Confer
ence to-day in favor of bmetallism. He
said that the enemies of silver and every
silver currency reform We're the very
men who directed attention to the appre-
citation of gold. In nature money was a
function rather than material. That
function, created by law, was vastly more
important than the material upon which
the money function was conferred. The
facts disproved the contention that the
fall in prices was due to scientific de-
velopment in reducing the cost of pro-
duction. The construction of the Suez
Canal brought to the European markets
the effective demands of hundreds of
millions of Asiatics, of which the ten
dency to raise prices more than offset the
tendency of science to lower prices
american bimetallists did not claim
that making the two metals a legal tender
would secure stability III prices. but they
asserted that free coinage over wide
area would result i'll the fluctuations ofthe
values of gold and silver being consider
able. They fully admitted that the de
mands OF the myriad-peopled East might
in case OF heaviest abundance so increase
the demand for silver bills as to bring
ollN CL ~ q ONGI ROIl, DuL
the fact of competition for whichever
metal became fractionally cheaper would
sustain values. Metals, inter Sc, had not
been questioned at the conference.
The monometGllists Of Lom bard street.
when confronted with this argument,
spoke of the mountains OF silver they
We're told were about to be discovered
which would swamp the market tor sill
yer with bills sufficient not only to over
whelm the monetary demand for Europe,
but also initiate the silver currencies for
six hundred millions Of Orientals. The
evidence taken before the British Royal
Commission in regard TO India showed
the rupee to-day purchased as much in
India as it ever did.
IF the Indian farmer gets more rupees
for 30 shillings gold which his wheat re-
alizes in London to-day than he did for
40 shillings ten years ago, how could Eu-
rope and America market their crops in
the face OF such competition? While the
collapse Of silver stimulated Indian eX-
ports at the expense Of the British farmer
it was similarly creating an enormous
competition, Bombay sending cottOns to
China at the expense of Lancashire
What India gained by the falling ex-
change she more than lost by the hesita-
ton of British capitalists to invest in
India.
'India's Indebtedness to Great Britain
compelled her to sell annually in London
at least S0.000,000 ounces Of silver more
than was produced by all the mines in
America. Could it be said, then, that
England had no interest in the silver
question?
II will not complain of the attitude of
France, which is already amply provided
with silver currency. With a stationary
population, steady bank rate and small
Eastern trade, French interest in silver
!
English. The fail of prices in England is
driving farms out of cultivation and put
ting landed interests into the hands of
mortgage companies. History is full
OF warnings. Financial struggles have
led to social struggles, and sometimes to
revolution. The Governments alone
could undo the mischief the Governments
have done.
whatever might be the result Of the
conference, if some measure of relief is
not willingly adopted in the near future
you may rest assured that ultimately. in
spite Of the craft and cunning wiles Of the
wicked, the great producing masses Of
the civilized world will crystalliZe into
law their imperial will"
Senator Jones spoke for two hours.
NJ. Allard of the Belgium delegation
then spoke in support Of his own plan,
which proposes an international agree
ment for the purchase, under common
account, of stocks ofsilver, against which
treasury notes be issued by the contract
ing States, none of which will be obliged
to coin the silver thus purchased or mod
ify its existing currency legislation, the
treasury notes to have international cir
culation. In the course of his speech
Alard complained of the obstructive
tactics of the British delegates.
Senior Osma of the Spanish delegation
and NJ. Railolovitch ofthe Russian delega-
ton urged the American delegates not to
press a vote on the main question at the
present stage.
Senator Allison spoke with some
warmth. He said he and his colleagues
did not ask for vote on the main ques-
ton. They fully appreciated the cordi-
ality with which the question had been
approached by all sections of the confer
ence. The proposals already presented
to the conference were of such a character
that they would, if adopted, impose a
heavy burden upon America. The
American delegation could not make con-
cesslonS without compensating amend
mentS. He believed the truest ratio be-
tween gold and silver was Is 10 !. and he
wished to repeat that if there was any in
ten1on to resume the conference later,
the United States would be willing to 90
as far as possible, with due regard to its
own just interests, to satisfy the expecta-
tlons OF Europe. He promised that the
United States would accept any scheme
that met with general approval.
The next and probably last session for
the present will be held Tuesday. a pro-
posal will then be made that the confer
ence adjourn to June 9th, without dis
solving.
NO RESULT ATTAINED.
BRUSSELS, Dec. 15.-The committee au-
pointed by the International Monetary
Conference to consider the various pro
Jects submitted to the conference adopted
report in which they state that, in con-
slderlng the various proposals submitted
to them. they had confined themselves to
the study OF general principles, and did
not discuss the details necessary to give
the several proposals effect. After re-
viewing the reasons for and against the
different plans, the report concludes:
Having regard for the fact that the con-
ference has not yet pronounced on the
general question, the committee do not
feel satisfied in taking a vote upon the
projects referred TO them, or attempting
TO formulate compromise between the
varying monetary doctrines advanced"
THE SITUATION IN INDIA.
LONDON, Dec. ia special from Cal
cutta states that Mackay, President of the
Indian Currency Association, has re-
turned to Calcutta, without giving evil
dence in London before the Herschell
Currency Committee. Mackay says if
the committee reports against a gold
standard the commercial men of India
must accept the situation. India, he