Los Angeles herald., 1892-11-29
THE MONETARY CONGRESS.
Baron de ROthschild Sub
mits His Proposals.
He Adheres to the Single Gold
Standard,
But FavOrs the Purchase of Large
Quantities of Silver.
Danish Delegate Also Has a Plan.
The American Delegates satisf fed
With the Progress of the
Conference.
By.the Associated Press

Blythe Associated Press.
BRUSSELS, Nov. 28.-The international
monetary conference met again today.
The delay in issuing to the delegates
the proposals of Alfred de Rothschi!d,
one of the representatives of Great
Britain, was due to his asserting last
night that the proposals be modified
in accordance with suggestions by Mon
tefore Levi, president OF the conference,
and other members.
RoTHsCHILD's PLAN.
Under the scheme formulated by
Rothschild, each government repre-
sented in the conference will be asso-
ciated in the purchase of sisver to the
minimum amount of $1,000, 900, and is
to take fixed proportion of this
amount at the limit of 43 pence per
ounce, the purchases to be made direct
by the treasures of the various coun-
tries, or through the agency of financial
institutions. 1t is expected that the
British delegates will support this plan
in the interest of Indian currency.
NOTHING BUT A GOLD STANDARD.
Rothschild said in part that he felt
the gold standard in England was the
only possible one, and if they consider
that her whole commerce and large
part OF that of other countries is carried
on by bill of exchange on London, which
are naturally payable in gold, it must be
admitted that the world generally trane-
acts its business on gold basis, and
that double stsndard, with the excep-
tion of very modified form,
does not exist even in those
countries protesting to pay in
either metal. Whatever inter-
national agreement may be made, or
whatever ratio chosen, gold alone will
always be the favorable medium of eet-
tling large debts or making large re-
mittances. Germany's action in 1873
and the action of Italy, Russia and Aus
tria in amassing gold are conclusive
proof to that portion OF the great Euro
pean countries OF the advantage of
gold standard. Apart from other con-
siderations it seemed to him that uni
versal arrangement of the currency ques-
ton was impossible. AS the wealth and
sources of expenditures OF no two coun-
tries are alike itwoul6 be impossible to
carry on the trade of the world on
sound, stable basis if debtor was al
lowed the option of paying in whichever
currency suited him.
SOMETHING MUST BE DONE.
Rothschild thought some such ar
rangement as he proposed would give
general satisfaction. The gold market
would also be relieved, as only European
appeals will be made thereto for long
time and as South Africa is increasing
her output of gold, the arrangement
suggested would enable Russia and Aus
tria to complete purchases without un-
duly interfering with the money market.
Ii the co lference adjourns without hav-
ing accomplished any definite results it
will cause fall in silver frightful to
contemplate. 1t will cause monetary
panic, added Rothschild, of which it is
impossible to tell the fsr-spreading
effects.
After discussion the proposal was re-
ferred to committee to consider. The
committee includes Sir G. Freemantle,
British Gnilford L. Molesworth, In.
dia; H. w. Cannon, United States;
M. Fevelle, France; Signor Simon
olli, Italy, and M. Raffolovitch, Russia,
with Alfred de Rothschild and M. Levi,
Belgium, ex officio members. The con-
ference adjourned until Friday.
AMERICAN DELEGATES SATISFIED.
The American delegates authorize the
Associated Press representative to state
that they are thoroughly satisfied with
the turn of events and consider that
Rothschild's plan and today's action of
the conference amply justify the con-
voking of the conference.
A DANISH DELEGATES PROPOSITION.
The Danish delegate, who is mono
metallist, will propose the coinage of
silver fvsfranc. four-shilling or dollar
pieces, rated to geld according to the
price of silver in the year previous to
the adoption of an international agree
ment, with siegniorage at 10 per cent.
He will also propose the appointment OF
permanent international commission
to fix the initial prices. Should the
price OF silver fall to per cent below the
coinage ratio, the commission will have
authority to fix new ratio and order
the recoinage of pieces. These coins
will be legal tender internationally;
banks to keep them as reserve against
notes and have the right to demand
gold in exchange for them, at any time.
from the government issuing the partic-
ular coin held. This scheme will be the
subject of lively communications be-
tween the delegates, but will not be for
mally proposed until the Rothschild
proposals are debated.