Morning journal and courier., 1892-11-30
NEWS BY TELEGRAPH.
From All Quarters.
De ROYHSCHILD'S VIEWS.
His Plan Not an Absolute
Remedy.
PROGRESS OF The HERESY TRIALS.
immigration Regulations
Modified.
JOHN WITHERSPO0N SCOTT DEAD.
Daring Bank Robbery in
Daylight.
JOHN WITHERSPoON SCOTT DEAD.
THE CURRENCY PROBLEM.

DGy LIZ uUs
THE CURRENCY PROBLEM.
Committee to Consider the Severa
Proposals-De Rothschild's State
ments-Gold the Only Standard
BIN etalism Impossible in England
The Use of Silver Must be Eek.
tended and the Gold Market Re.
Neved.
BRUSSELS, Nov. 29.-The committee ap
pointed yesterday by the international
monetary conference to consider the pro.
posals of Mr.. Alfred de Rothschild, which
were presented to the conference yester-
day, is made up as follows Sir G. Ere.
mantle, Great Britain; Sir Guilford L.
Molesworth, India; Henry w. Cannon,
United States; M. de Foville, France; Sig
nor Simonelli, Italy; G. F. Tietjen, Den
mark; N. P. Van der Berg, The Neither
lands; Hans L. Torsell, Sweden and Nor
way; Senior Osma, Spain; NJ Cramer Frey,
Switzerland; M. Sainctletto, Belgium, and
N. Raffalovitch, Russia. Mr.. Alfred de
Rothschild, Great Britain, and M. Monte
fore Levi, the president of the conference,
are ex-officio members of the committee.
The committee will also consider the plans
suggested by M. Levi and Professor Adolph
Soetbeer. The plan of Mr.. de Rothschild,
as reported yesterday, is in brief that a
syndicate of nations be formed to make
yearly purchases of silver to the amount
of 95, 900, 900 sterling, and that America
continue her purchases of silver as at
present. In the event of the price of silver
rising above 43d per ounce the purchases
are to be at once suspended.
Of the committee that will consider the
five me nbers are avowed bimetal-
doubtful. The committee will sit twice
each day. 1t is the general expectation
that Mr.. de Rothschild's proposals will be
by the committee and then re-
ferred for adoption or rejection to the con-
ference and the governments represented,
with notifications suggested by the
schemes OF M. Levi and Professor Soetbeer.
The document submitted to the none
tary conference yesterday by Alfred De
recalls the fact that the bank
of England in 1886 obtained the opinions
of the directors on the subject of bimetal-
ism, and he himself then gave an opinion
which was published in the report of the
royal commission.
II refer thereto" he says, Gin order to
remind you that the question was serious
felt strongly on the subject then, and have
no reason now to regret or modify my
views.
81 have since felt that gold standard
in England Is the only possible one, and if
we consider that the whole commerce and
q great part of that of other countries is
carried on by bills of exchange on London,
which are naturally payable in gold, it
must be admitted that her world generally
transacts business on gold basis, and that
3 double standard, with the exception of q
very modified form, does not exist even in
those countries protesting to pay in either
metal.
CHOW it is proposed to reve 1T to the
situation existing prior to 1878 and open
all or part of the mints of Europe to the
free coinage of silver, and to discuss
the ratio to be fixed. The result of the
the Bank of England notes would cease to
represent sovereigns, and would be psya-
BILE in deprecated currency.
"Whatever international agreement
should be made and whatever ratio should
be established, gold alone will always be
chosen as the favorite medium of settling
large debts or making large remitances.
It will be impossible to remit large sums of
silver abroad owing to the bulk. Gold
would be sent even if it had to be bought
at a premium"
Referring to the depreciation of silver,
he said in addition: "Germany's action in
1878, and the action of Italy, Russia and
of Austria in amassing gold is conclusive
proof of the appreciation of great Euro
pean countries Of the advantage of gold
oko T,,r1or1 ri oS bor
wealth to the confidence felt in her none
tary system, which has inspired at home
and abroad confidence based on the
knowledge that bill drawn on England
from anywhere would be payable in gold.
Given if the bimetalist's contention is
correct that fall in silver has reduced the
prices of certain commodities am unpre-
pared to say that it is a misfortune for
England or the world. I cannot deplore
the ability of Indian exporters to send
wheat to England simply because it inter
feres with the British farmer.
"Apart from the other considerations it
seems to me that universal arrangement
of the currency question is impossible. AS
no two countries are alike it would be i'm
possible to carry on the trade of the world
on sound, stable basis if the debtor was
allowed the option of paying in whichever
currency suited him.
t'Although have shown that bimetal-
ism is impossible in England, the question
arises whether or not it ia possible to ex-
tend the use of silver, thereby stopping a
further fall and its disastrous conse-
quence, whereof it is impossible to foresee.
i Their efore submitted the proposal, not as
an absolute, lasting remedy, but as palli-
alton.
eff you approve the plan you can sup
plement it in any way you think proper
before submitting to your governments.
see no objection to silver being made le
that the proposal will be we'll received in
India.
"The gold market will be relieved, al
only European appeals will be made
thereto for a long time, and as South
Africa is increasing her output of gold
the arrangement suggested will enable
Russia and Austria to complete purchases
/ without unduly interfering with tn
| money market.
eff the conference sdjourns withou
having accomplished any definite result
it will cause a fall in silver frightful +
contemplate. 1t will cause a monetar.
the far-spreading effects.
81 therefore hope for your ultimate ar
prevail, as, although 1t may be urged tina
countries not so interested as England An
India are expected to make sacrifices, I ye
believe that what is best for the worl
generally must prove best for individus
interests"
One of the notifications will undoubted
| ly be that all gold coins below the value q
twenty francs be withdrawn from circr
lation and replaced by silver notes.
The adhesion of the German delegate
is now considered certain, AS Herr Decbent
formerly president of the reichsbak, al
proved the main line of Professor Soc
beers proposal.
The French representatives will also a.
cept the plan of Professor Soetbeer, whic
|; was communicated by N. Tirsrd, Frene
ex.minister of finance. This plan was
vorably received by all the French del
gates before 1t was submitted to the CO..
| ference.
LONDON, Nov. 80.-The Post says tn
/ the Rothschild silver scheme IL free fro
: the blemishes found in nearly all recs,
schemes, and marks q new era In the Gu
rency discussion.
LONDON, Nov. 29.-The Chronicles Ror