The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-03
SILVER'S USE AS MONEY.
THE CONFERENCE GETTING DOWN
TO BUSINESS.

portant Part.
BRUSSELS, Dec. 2.--In It's report 20 the
International monetary conference to-day
the special committee appointed to consider
the various plans declared the proposal OF
Mr.. Rothschild extremely interesting and
worthy Of serious attention. The commit
tee had decided, however, especially to
recommend to the conference the
Moritz-Levy plan Of the with
drawal from circulation Of ell bank
notes and gold coin below the nominal
value of 20 francs and the issue Of silver
and paper currency having the same pur-
chasing power as gold coin below 20 francs.
1t rs understood that tns delegates from
France. Italy, Belgium, Norway, Sweden
and Russia were opposed to the Rothchild
plan. The delegates Of the Latin union dis
approved of the plan on account of the op-
position to make 43 pence the maximum
purchase price Of silver, and refused to be
conciliated even when this figure was raised
to higher one. The American delegates
are determined to persist In advocating their
plans on bimetallism, and believe the con-
ference should remain in session until there
has been opportunity for thorough discuss
sion.
RCNN FAAAH SthDAACNes
The report of the special committee said
that before considering the plans of Mr..
Rothschild, MoritK-Levy and Zeetber they
had tried 20 clear the way by getting an
swers from delegates to four vital questions.
The first was: What measures will the sill
yer producing countries take TO restrict or
regulate production2
Henry w. Cannon had answered that no
artificial means of regulating the produo-
fi0D of Gilvar avfafad in kha TTnttnI
and that legislation to ti,at end was improb-
able.
Deputy Don Joaquin CasasuB made a sim-
ilar reply for Mexico.
The second question had been: What are
the prospects regarding the future produc-
tion of silveri
Mr.. Casasus had answered that In Mexico
the production had reached its maximum,
the tax having been reduced from 80 to ~
per cent
Mr.. Cannon had answered that silver pro-
duction In the states was confined to six
states and three territories Extension Of
the Rocky mountain railways had opened a
large number Of mines whose total produc-
aon, although unknown, had reached or
exceeded highest previous average.
POLICY OF THE UNITED STATES.
The third question had been; What is
the policy of the United States concerning
Mr.. Cannon had answered that the Dem
ocratic and Republican parties and the
bankers OF New York had declared in favor
OF repeal OF the silver purchasing act Of
1890 and this act In all probability will be
repealed IL no international agreement
were made at the present conference.
The fourth question had been: What is the
policy of India in the matter Of silver coin
agei
Sir Guilford Molesworth answered that as
long as hope Of an International agreement
existed india would be reluctant to alter her
present money system, but il the conference
collapsed and consequently the last
chance OF united action we're lost
India would feel obliged to act for her
self. The adoption Of a single gold stand
ard brtstled with difficulties which excited
apprehensions in India's mercantile world
Yet she felt assured that her adoption OF
gold monometallism would be still more
disastrous to countries already having a
single gold standard. The only satisfac-
tory solution of the prhblem, as far as he
could see, would be international bimetal-
lsm, in which India gladly would join the
Latin union and the United States.
RoTHSCHILD's PLAN DISCUSSED.
After the depostting of the four questions
and answers the committee had proceeded
to discussion Of the Rothschild's plan. The
OpPOhOAio VA bAC pAhu 1A0 COhL6nUGQ G0aL
natural economic laws would neutralize
the effects of such an artificial mode of
trying to appreciate silver. The act neoess
stating government purchases of silver
in the states had failed signally not only to
raise the price, but also TO prevent its fall
ing. Moreover, in 1SS9-'91, Europe had alb
sorbed 300, 0,000.0 900 francs worth of silver
for coinage without having had any effect
in preventing the depreciation of silver
To these objections Mr.. Rothschild had re-
piled that the arguments of his opponents
were entirely one-sided. The American ex-
pertinent had been quite conclusive.
Senior Osma, a Spanish delegate, then
presented Mr.. Rothschilds plan Ia the form
Of bill providing that European countries
should purchase 30, 600 ounces of silver
annually on condition that the United
States should continue their present pur>
chase, and that Mexico and India should
maintain unlimited coinage, each nations
quota of the purchase to be determined at
some future date aud each being free to
effect purchases in its own manner.
At this point the report states that a wide
divergency Of opinion became apparent in
the committee on the question whether the
central international organization should
be created TO purchase silver in a lump for
all the contracting powers, and then allot
each country its share, or each country
should purchase its own share independ-
emily OF all others. No decision was re-
ported ON this matter.
The committee decided not to enter
deeply into the complications Of Adolph
Zeetbers plan. but to oonfine themselvos
to Moritz-Levy's proposala A recommen-
dation for the RothschAd plaza was defeated
by vote of 7 to o.
As regards Levy's plan the committee
took the action already indicated, with the
approval of a large majority. Neverthe-
less Sir G. Freemantle, delegate for Great
Britain, declared thar he was unable 70
pledge England TO withdraw her smaller
gold coins unless in connection with some
such plan as that proposed by Mr.. Roths-
child.
After discussing the report and general
questions of the principle involved in the
battle Of the standards, the delegates de-
cided against revertipg at once TO discus
sion OF the original American proposals.
lest such should lead to premature dissolu-
ton of the conference.
The conference ad journed after passing a
resolution to meet again next Tuesday TO
discuss Morit-zLevy's plan.
During the discussion to-day the Dutch
delegate, Herr Bissevain, and a Belgian
delegate, NJ. Allard, expressed strong BIZ
metallst views.
Mr.. Currier, a delegate for Great Britain.
created the first sensation Of the conference
by making a flercs attack on the United
States for their attitude toward the silver
question He denounced the selfish policy