The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-12-15
MONETARY CONFERENCE,
NOTHING TANGIBLE HAS YET BEEN
BROUGHT FORTH.
One Of the Belgian Delegates Suggests
Silver Purchase Plan-Professor An
drews Of America Makes Log
ical Appeal for Harmony.

national Monetary conference adjourns
at the end of next week it will proba-
bly, leave the respective governments
represented to decide whether or not
it shall reassemble in January. Amer
lean and other bi-melalic delegates
will try to obtain from the conference
recommendation to all governments
TO allow from year to eighteen
months to elap,e before taking any
active measures towards changing the
present currency policy. The advo.
Gates of this recent action have in
view possible improvement to the
general monetary position. They
also hope much from the growth of
bi-metalism as political force in
British politics.
Immediately after opening today
M. Allard, one of the Belgian dele
gates, submitted plan for an inter-
national agreement for the purchase
under common account of stocks of
silver against which treasury notes
will be issued by contracting states,
none of which will be obliged to coin
into silver thus purchased or modify
it's existing currency legislation. The
plan proposes that these notes shall
have an International circulation.
M. ,,Raffalovitch, one of the
Russian delegates, spoke briefly re-
garding the Moritz Levi plan. He
declared he did not believe under
present conditions any international
agreement to regulate relations be-
tween gold and silver was possible.
The general discussion was then re-
sumed. In reply to an invitation ex-
tended him by the conference, Profess
sor Andrews, an American delegate,
made an address in which he said he
hoped the idea that America was
bent only upon increasing her national
wealth and merely acting as q service
creature of mine owners would be for
ever dismissed as being equally as
absurd as the idea that American in
terest was mainly due to distress af-
f1icting the American monetary sys-
tenn. Continuing, Professor Andrews
said:
"We have not and are not at pres
emit likely to have dollar in silver be-
yond our needs in the United States.
We have no idea of soliciting any
favor from the people of Europe.
What we desire is as much to Europe's
interests as ours. We wish to multi
ply our trade with the world, to do a
vaster business with China
and Japan and Central and
South America, and at the same time
with E'urNpn Thio mil Lo
cessfully accomplished so long as two
groupes of nations continue to DRIFT
apart. The evils of fluctuating ex-
change which will be sent to England
in her commerce with India we also
experience in our trading with our
newest neighbors, but we are determ-
ined not to accomplish this desirable
end at the terrible cost of opening
similar chasm between ourselves and
the nations of Europe. We will part
company with Asia and South Amer
lea rather than with you. We will
not forever continue alone the task of
sustaining the price of silver. II Eu.
rope is not enough interested in the
matter to cooperate with us we will
soon decrease our annual purchases
of silly er and begin to provide by re-
cruiting our currency by issues of pa
per. The next congress is nearly GER
tain to open procedure in that direc.
ton. We will not give up our gold.
The time. honored monetary policy of
the United States will never bs
changed with Mr.. CIeveland's con-
sent"
Referring to the tariff, Professor
Andrews said it was obvious there
was no surer way to lower the Ameri-
can tariff than for Europe and the
United States to agree upon a policy
favorable to silver as money. That
alone, he declared, would abate the
conflict for gold and leave the United
States to effect generous reduction
in customs tariff. In conclusion Pro-
lessor Andrews said he thought some
of the plans proposed to congress were
feasible and if the delegates continue
their deliberations with due sense of
their esponsibility the conference
would not fail to devise measures of
relief.