Evening journal., 1892-12-15
Common sense md Tlnnnee.

New York Times.
The last number of the London Econ
omist contains two articles on the gen.
eral subject Of the International None
tary Conference and the matters with
which it has to deal. Both are very calm
in tone, very careful in the statement of
facts, logical in construction and above
all, apply to the questions an amount of
clear common sense quite unusual in the
treatment of the Conference 1t is es-
pecially gratifying to find in journal of
so much authority so complete an under
standing of the situation of the United
States and of what it can and cannot do.
OF course the Economist is not blind to
the inherent absurdity of the appearance
of our delegates at Brussels gravely pro-
posing general international bimetallism
TO the rest of the world whenit was known
| just swell in advance as it is known now
that that policy was utterly unattainable,
and when the invitation to the Con-
| ference was purposely drawn
in terms that would not imply the ac-
ceptance Of such a policy. But as it is
still open to any one who chooses to sug-
gest schemes for extending the use Of
silver in the currencies of the world, the
Economist turns its attention to the
so far made toward that end-the propo.
sition Of Mr.. de Rothschild This it con-
demns, not merely because IL would not
avail TO keep up the price OF silver or
advance it, but because il is entirely i'm
possible for the United States TO adopt
il with the condition attached The
Economist understands, what does not
seem to be at all plain to some of our
own representatives in this curious con
erence, that the real difficulty with
which the United States has to contend
and TO contend under constantly greater
difficulties, is the tendency towards a
silver basis. It sees that practically
every dollar of the paper money
of this country, excepting the
gold certificates, are redeem
able out of the gold reserve
Of the Treasury of less than S115, 900, 600
IL sees that the issue Of legal tender
notes for the purchase of silver bullion
steadily adds to the burden already rest
ing on this very insufficient reserve. II
= recognizes that the operation of this pro
cess is twofold, since the continual inha
tion of the currency by paper that
must be confined to our own borders, NJ
matter whether needed here or not, tends
I to stimulate the export Of gold, and thii
! export comes substantially from th'
Treasury. The crisis is, therefore, only
I a question of time. If we 60 on in th'
same way, the day must come when w
q must either stop gold payments or Dor
! row gold TO maintain them. In thes'
7 circumstances, what is the use Of askinl
= the United States to continue buyinl
:. silver on condition that the rest of tn
: world will buy half as much more eaol
year for five years? The economist see
that there is no use. But this is not th
worst. Even il the United States shoul'
be foolish enough TO 60 into sue
an operation the evis-such a
they may be-consequent on a break i
the silver market would surely come an
would be more serious because To
break would be greater. The break ma
be looked for when the United State
stops buying silver and may begin 10 sci
silver If the United States goes O
buying silver for Eve years. it will hav
xT0. O00, 600 ounces more TO sell, and I'll
Il pressure to sell will be very niue
II greater then than 1t is now We NIGH
/ indeed, stop now and hold the silver il
4 definitely. It is doubtful if we could d
so then Aud below all this argument
lies the simple fact that he moro any
the great governments try to medd
with the relation Of silver aud gold th
more they viii muddle it, and the SOON
they makeup their minds to leave the tv
metals alone aud allow the natural fore
affecting them to determine their rel
ton, the better it will be for all Co
cerned. The production Of silver b