The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-12-07
ONE PLAN WITHDRAWN.
The Proposal by Rothschild not in
Favor at the Brussels Con-
ference.
Sir q. Rivers Wilson Voices the
Opposition OF England to
Silver.
Mr.. McCrcary Outlines the Position OF
the United states on the
Question.


the United States on the
Question.
BRUSSELS, Dec. G.--The International
Monetary conference to-day resumed the
discussion of Rotnschild's plans. Sir @.
Rivers Wilson, who said his views were
shared in by Sir Charles Freemantle, the
other British delegate, said he believed all
the governments who sent delegates here
recognized the presence of a great danger.
"A note Of warning has reached us from
America" he said, land. to say the least,
it is doubtful whether the American gov
erninent can continue indefinitely the gi-
gantio efforts it has fruitlessly made for 80
many years, to maintain and raise the price
Of silver. We needn't inquire whether the
policy which governed currency legislation
in the great republic wss wise in con-
coption, but it cannot be denied it
has not realized expectations and is greatly
the cause of our present position. In
any case the suspension of American silver
purchases has become the practical ques-
tion of the day. and il it occurred might
lead to the suspension of coinage in India.
Ger tain high authorities believe the sudden
cessation Of the purchases of silver by
America and the closing of India's mints
would lead to heavy falls of silver and dis
astrous disturbance to commerce. Others
contend that the fall has already been
n eatly discounted and the removal of the
present uncertainty will have quieting
effect. Sir Charles Freemantle and myself,
I'll state frankly, are pure mono etallists.
| and do not admit that any other system
| than single gold standard is applicable in
Great Britain. We will admit that the
Rothschild and Levi plans will not be in
compatible with our principles, but it ia
not enough that these schemes are de-
fensible in principle. Would either
plan have the least chance of meeting with
| a preponderance of support that would just
| ify us in recommending that the British
government consider it? We think not
| Another plan may, however, be formulated
and approved by the conference. and if it
does not conflict with our principles it will
| receive serious consideration from the Brit
| lsh government"
Mr.. McCreary. of the American delega-
| tion, proceeded to point out the difficulties
| and perila existing in tue situation, and
said whatever the cause. the fact remained
that remedy was imperatively necessary.
He appreciated the attention Rothschild
had given the conference. but could not
support his plan. He could not admit that
it was proper remedy for America to con-
tinue the purchase of tifty-four millions of
ounces of silver annually at q price not to
exceed 100 cents on the dollar, on condition
that the European powers make purchases
yearly to amount to Is. 100000 for five
years, at price not to exceed
forty-three pence per ounce; and if silver
should rise above that price that the pur-
l1I t,A DndI ta1y cr11,a 1nl !
seems an unequal distribution that we he
expected to purchase twice as much silver
as Europe" he said. The object of the
conference should be not to fix a price
which will keep silver below par, but to
enlarge its use and restore it to a parity
with the value it had with gold prior &c
1873" Mr.. McCreary referred to the COM
plants of the British chambers of COM
merce quoted the recent declarations oi
Archbishop Walsh and Mr.. Balfour, and
contended that the situation demanded q
broader recognition aud better remedy
than that suggested by Rothschild. The
American delegates were ready tc
operate with other delegates in &
candid and determined effort tc
maintain the monetary function
of both metals. Therefore after submitting
a general plan for bi-metallism favored by
America, they also submitted n plan fa-
yorsd bv themselves 1t was plain bust
ness proposal and if adopted the necessary
details could be easily arranged. 1t an.
nounces no new theory and proposes no un
tried system. 1t only opened way to {
return of time tried and time honored sys.
tenn under which gold and silver were for
many years at par, and equal instruments
in exchange. Acts of parliament. laws oil
congress and ediets of monarchs had
changed the real value of the metals. lr
order that the situation in the United States
be fully understood, MIR. McCtearJ
explained the position of the diff,
ferent political parties and added
that he believed the people in general
without regard to political atfliatlon, en-
dorsed the American plan. Referring t,
the silver bullion law, he said the law WA
not entirely satisfactory TO either party
and in support of his statement quoted
from the platforms adopted by the Mime
apolis and Chicago conventions. IN,
shtinknge i'll the volume of money woult
decrease PRICES and tend to concentrat,
wealth, enrich few and impoverish many
The volume OF silver and gold in the worlt
was nearly equal. When silver was stricke1
down the amount of coin was reduced. re-
cutting in Il diminished amount of money
aud II constant shTinkage of values
In conclusion br. McCreary said: II be-
lieya the best aim of the conference to bt
the general RECOMMENDATION of silver and TIL,
unrest ietsd coinage OF gold and silver into
money of debt-paying power, with PER
half or sixteen to one" He preferred TIL,
latter. This, in his opinion, would Civ,
unity and stability to the value OF none,
and furnish the best remedy for the exist.
ing evils from which all civilized nation.
we're suffering. The Rothschild plan wal
withdrawn and the conference adjourned
until Thursday.
American Delegates Ecu tsrtained.
Cry OF MEXICO, Dec. 6.Hon. M. Rubino
secretary of the treasury. gave the Ameri-
can Health association magnificent recep-
tion at the Penou baths yesterday. In tht
afternoon President Diaa rendered them
sumptuous reception at the castle of Cha
pultepec, The two affairs are the culmina
tion of u se5ies OF tho most hospitable ant
varied entertainments ever given an organ
lied body iii Mexico.
| Ran Past the Robbers.