Evening capital journal. (Salem, Or.) 1888-1893, 1892-12-07
THE SILVER SITUATION.
Great Danger to the Country Un
less Action Is Taken by the
Monetary Conference.

| mOuebdTy OOulcIcuCCs
BRUSSELS, Dec. I'm the none
tary con nference, Sir Criyers Wilson,
who slid his views were shared by
Sir Charles Freemahtle, the other
British delegate, said he believed all
the governments who sent delegates
here recognized the presence of
great danger. A note of warning
had reached us from America, and,
to say the least, it is doubtful
whether the American government
can continue indefinitely the gigan-
tic efforts it has fruitlessly made so
many years to maintain and raise
the price of silver. Certain high au-
thorities believe the sudden cessation
of purchases of silver by America
and the closing of India's mints
would lead to heavy falls of silver
and disastrous disturbance of COM
merce. Others contend that the
fall is already discounted, and the
removal of the present uncertainty
would have quieting effect. In
view of these divergent ideas, what
course should be adopted? Sir
Charles Freemantle and myself, l
will state frankly, are pure mono.
metalists, and do not admit that
any other system than the single
gold standard is applicable in Great
Britain. We will admit that the
Rothschild and Levy plans may not
be incompatible With our principles,
but it is not enough that these
schemes are defensible in principle.
Would either plan have the least
chance of meeting with the prepon-
derance ofsupport that would justify
us in recommending the British
government to consider it? We
think not. Another plan may be
formulated and approved by the
conference, and if it does not con.
flict with our principles it will re-
ceive serious consideration from the
British government.
Mr.. McCreary, of the American
delegation, proceeded to point out
the difficulties and perils of the ex-
listing situation, and said that what
ever the cause, the fact remained
that remedy was of imperative
necessity. He appreciated the at.
tention Rotchschild gave the con-
ference, but could not support his
plan, He could not admit that it is
a proper remedy for America to con-
tinue to purchase fifty-four millions
of ounces of silver annually at a
price not to exceed one hundred
cents on the dollar on condition
that the European powers make
purchases yearly to the amount of
five million pounds for five years.
at price not to exceed forty-three
pence per ounce, and If silver should
rise above that price the purchases
to be Immediately suspended. 1t
seems an unequel distribution that
we will be expected to purchase
twice as much silver as Europe.
The American delegates are ready
to cooperate with other delegates
in candid and determined effort
to maintain the monetary function
to both metals. Therefore, after
submitting the general plan of BIZ
metalism favored by America, they
also submitted the plan favored by
themselves. 1t was plain business
proposition, and If adopted the
necessary details could easily be ar
ranged. In concluding, McCreary
said: ~ believe the best aim of the
conference to be the general remon
citation of silver and the uure-
stricted coinage of gold and silver
into money of debt paying power,
with a permanent international ratio
of fifteen aud half or sixteen to
one," and he preferred the latter.
La his opinion, "this would give
unity and stability to the value of
money, aud furnish the best rem.
edy for existing evils from which all
civilized nations are suffering"
The conference adjourned until
Thursday.
Didn't Turn OF the Gas.