The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-12-16
Strong Argument for Bi-Mstallism
by the Eloquent Senator
From Nevada.
Senator Allison Also Warmly De-
fends the Position Of the Amer
loan Delegates.
A Day Of Tumuit and Excitement in the
French Chamber OF Deputies
Foreign News.

Unitod States delegation. made strong
speech ut the monetary conference to-day
in favor Of bi-metallism, He said the ene-
mics OF silver and every silver currency re-
form were the very mon who directed at
tention to the appreciation Of gold. In ma
ture money was a function rather than
material. That function, created by law,
was vastly more important than the mate
rial uron which the money function WAS
conferred. Facts disprove the contention
that the fall in prices WAS due to scientific
development reducing the cost of silver
production. The construction Of the Suez
canal brought to European markets the ef-
fective demands of hund eds of millions OF
Asiatics of which the tendency to raise prices
moro than offset the tendency of science to
lower prices. American bi-metallists did
not claim that making the two metals
legal tender would secure stability in prices,
but they asserted that free coinage over
wide area would result in fluctuations OF
the value OF gold and silver. They fully
admitted that the demands OF the myriad
peoples Of the cast might, in case Of harvest
| abundance, 30 increase the demand for
silver bills as to bring silver to slight pre-
MUM over gold, but the fact that compete
tion for whichever metal became fraction
ally cheaper would sustain values.
The metale, inter se, had not been ques-
| toned at the conference. Mono-metallists
OF Lombard street. whom conf onted with
this argument, spoke of mountains Of sil-
yer they were told were about to be discov-
cred. which would swamp the market for
silver with bills sufficient not only to over
| wheim the monetary demand for Europe,
but also to initiate the silver currencies of
600, 100000 of orientals. Evidence taken
before the British royal commission in re-
gard to India showed that the rupee to-day
purchased as much in India as it ever did.
The Indian farmer gets more rupees for the
Thirty shillings in gold which his wheat
realizes in London to-day than he did for
forty shillings ten years ago. How could
Europe and America market their crops in
the face of such competition?
i While the collapse of silver stimulated
Indian exports at the exl ense of the British
fal mer it was similarly creating an enor-
NOUS competition, Bombay sending cot
tons to China at the expense of Lincoln
shire. What India gained by falling ex-
changes she more than lost BY the hesita-
tion of capitalists to invest in India. In
dia's Indebtedness to Great Britain COM
lelled her to sell annually at London al
leGst eighty million ounces of silver more
than was produced by all the mines in
America. Gould it be said that England
would not complain of the attitude OF
France. which was already amply provided
with silver currency. With sta.
tionary population, steady bank
rate and small eastern trade,
French interest in silver could not. for q
moment, compare with the English. The
fall OF prices in England was driving the
farm out of its elevation and putting the
landed interests into the hands of mort
gage companies. History was full Of warn
lnRs Financial struggles had led to social
struggles and sometimes to revolution.
governments had done. Whatever might
be the result of the conference, If some
measure of relief was not willingly adopted
in the near future they might rest assured
that ultimately, i'll spite OF the cunning and
wiles of tho wicked. the great producing
masses of the civiliz ID world would crys
, talize into law their imperial will.
Senator Jones spoke for two hours. M
Aliard, of the Belgian delegation, theI
81 oke iii support of his own plan. whiot
roLoses I'm international agreement fol
purchase. under common account, OF stookl
OF silver, against which treasury notes may
be issued by contracting states. none o
which shall be obliged to coin the silvel
thus purchased or modify it's existing cur
, rency legislation, such treasury notes tt
have international circulation. Ia thu
course of his seeech Allard complained o
|
gates. senor Osmn. of the Spanish delega
ton, and M. RaffoIvitcb, of the Russian
delegation, urged the American deiegate'
I not to press II vote on the main question q
tho present stage.
Senator Allison spoke with some warmth
He said ho and his colleagues did not asl
Z for q vote on the main question. The.
fully appreciated the cordiality with whicl
( the question had been approached by al
) sections of the conference. Tho proposa!
} already presented to the confei ence were O
such character that they would, il adopted
( inpos, heavy burden Il! on America. Til
American delegates could not make con
, cessious without concentrating amend
ments. He believed tho truest ratio be
( tween gold and silver was fifteen to one
I and he wished to repent, If there wa
) any intention TO resume the conferenc
} later. the United States would willing {
I go MS far us possible with due reaard to IL
( own just interests to satisfy tho expeota
{ tions OF Europe. Ie !.,omised that TIL
) United States would accept any schem
! that met with general approval.
I The next ana pf obahly last session for th
( present will be hold ! uesuay. A propose
( will then be made that tho conference ad
} iourn to June &, without diasoivinR.
s CONFUSION IN THE CHAMBER.