St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-11-29
Alfred De Rothschild Submits
a Plan to the Monetary
Conference.
Rothsehild and the Ameri-.
cans Said to Be Working
Together.
The Latest Proposal Referred
to a Special Commits
sion.
Americans Hope That Sub
stantial Results Will Be
Achieved.

BRUSSELS, Nov. 2S.-In the interna-
tional monetary conference today Al
fred de Rothschild. of the English dele
CATION, proposed that the powers en-
gagged in the conference should form an
association, having for its object col
lective purchase annually of 95,000,000.
equal to 125OG0, 900 francs OF silver,
this to continue for maximum pc
riod of five years under the eX-
press condition that the government
the United States should continue its
monthly purchase of silver similar to
the purchases heretofore made by said
government, equal to about 54,000,00
ounces of silver. Also that the col
lective purchases of the powers should
be suspended if silver should reach the
price Of 43 pence an ounce, the result
desired being to consider how TO obtain
that rate.
The submission of Mr.. RothSchlld'S
plan was preceded by an explanatory
memorandum quoting his correspond
ence with the government of the Bank
of England. In his correspondence the
governor says that he is always op-
posed. on principle, to bimettallsm,
and that Mr. Rothschild's plan is merely
palliative of the crisis which the fall In
silver has provoked. The governor
adds that nevertheless this expression
of opinion is purely personal. All the
other British delegates except Bertram
Currie are known to approve the plan
proposed by Mr.. Rothschild, and it is
now confirmed that MIR. RothSchild and
the American delegates are
Working Together.
The Rothschild proposal was referred
to special commission of fourteen del
egateS. The commission was Instructed
to consider and report on the plans OF
Moses Levi and Adolph Rothschild
mentioned in the proposals OF the
United States delegates. The commits
sion on the American proposal will sit
daily and will report to the conference
next Friday. The Americans manifest
increased hope that the conference will
not adjourn without having achieved
some substantial results.
The document submitted by Alfred
de Rothschild read in part:
IL feel that gold standard in Eng
land Is the only possible one. The
whole commerce and great part OF that
of other countries is carried on by bills
of exchange on London, which are
naturally payable in gold. 1t must be
admitted that the world generally trans
acts business on gold basis, and that a
double standard, with the exception OF a
very modified form, does not exist even
in those countries protesting to pay in
either metal. Whatever international
agreement should be made, and what
ever ratio should be established, gold
alone will always be chosen as
The Favorite Medium
of settling large debts or making large
remittances. 1t would be impossible to
remit large sums of silver abroad, owing
to the bulk. Gold will be used if it has
TO be bought at premium"
Referring to silver he said in addition: !:
"Germany's action in 1878 and the
action of Italy, Russia and Austria in
amassing gold is proof of the apprecia-
ton of the advantage of a gold standard.
l cannot deplore the ability of Indian
exporters to send wheat to England
simply because it interferes with the
British affairs. hold that wheat at 80
shiliingS instead OF IS shillingS is a
blessing rather than otherwise. How
ever, tnlnk tnaC the lall III tne price
of cotton commodities is due to over
production, chiefly owing to the deveI-
opment of new regions, and to the in
creased facilities of communication, en-
abling products to be placed at low
prices in European markets. Apart from
other considerations it seems 20 me that
a universal arrangement of the cur
rency question is impossible. AS the
wealth and resources of no two coun-
tries are alike, it would be impossible
to carry on the trade of the world on a
sound basis if the debtor was allowed
to palm off any kind of payment that
suited him. The questian arises as to
whether or not it is possible to extend
the use of silver, thereby stopping a
further fall and its disastrous conse-
quences, which it is impossible to fore
see."