The Wichita daily eagle., 1892-12-01

BRUSSELS, Nov. 3o-The committee of
twelve appointed by the International
monetary conference to examine into and
report on the proposals submitted by Mr..
Albert de Rothschild, one OF the British
delegates, sat yesterday for eight hours,
with only short interval for luncheon.
Senator Jones, one of the American dele
gates, has prepared a special statement OF
the production and consumption OF silver.
The committee has consented TO the re-
quest of the Danish deleg ate, Z. .F.Teitgen,
to submit his plan as an adden6um to The
Rothschild plan. Mr. Teitgen IS mono.
metailist. He proposes the coinage OF
silver five-franc, four-shiiling and dollar
pieces, rated to gold according to the price
of silver in the year preceding the adoption
of the international agreement, with
seigniorage of 10 per cent. He also pro
poses the appointment OF permanent IN
teruational commission to fix the initial
price Should the price or silver fall 10 D
per cent below the coinage ratio, the COM
mission Will have authority to fix a new
ratio and order reconaoe or the pieces.
These coins will be legal tender lnterna-
tionally the banks to keep them as re-
serve against notes, and 20 have the right
to demand gold in exchange Tor them at
any time from the government issuing a
particular coin held.
that their proceedings must be kept COM
pletely private until definite decisions are
attained They will not communicate to
the delegates not belonging to the commit
tee the progress they are making In the
discussion The conference did not meet
today The next sitting will occur on Fri
day, when it is expected that the commit
tee will make report.
The delegates to the monetary confer
ence were greatly interested in Archbishop
WaIsh's declaration in favor OF bimetsl-
lism, the adoption of which he advocates
ns necessary to save the Irish tenants from
ruin. Sir G. L. Molesworth, an Irish land
lord, said to the Associated Press cores
pondent this eXening:
Archbishop Walsh is right. / have con-
tended for years that the Irish difficulty is
greatly due to the appreciation of gold,
the value of which has increased fifty per
cent since 1871. The Irish farmers contract
to pay rent in gold, and now, owing to the
increased purchasing power OF the sover-
eign. they must raise more produce IN
order to earn the rent money. The adoption
of a bimetailic standard would lead to n
slight rise in prices and a severe fall in
rates of Interest, which would result In In
creased commercial activity throughout
the world"
IL is regarded as certain that the COM
nni.tee having in charge the Rothschlid
the Rothschild plan, with important mOdI-
tications, including the suggestion that
the limit for the purchase of silver be re-
huced to three years. 1t is understood
that the recommendation will not be pre-
scented as the unanimous report of the
committee, but that the views of the
minority win he explicitly stated.
The American delegates, although they
invite discussion of the Rotbschiid and
other plans, intend to have their own
scheme of international bimetallism thor
oughly discussed A majority of the dele
gates seem tonight inclined to adopt the
Rcthschild plan, modified by suggestions
from the Soetber and Levi plans.
NEW YORK FINANCIERs
NEW YORK, Nov 30.-The Rothschild
proposals TO the international monetary
conference are received with both approval
and condemnation by New York finan-
ciere.
Edward Simmons of the Fourth National
bank said: II would not like to express n
final opinion on the proposition until &C.
Quainted with all the details involved in
the plan proposed by Mr. de Rothschild.
When these are known it may be that the
proposal will be admissible, as far as we
are concerned; but looking at ii as it is
now published. the mere. suggested pur-
chases am led TO believe that the scheme
is not a good one for the United States.
FOR the hrSe reason, that wnlie all the
s European powers combined would only
buy Is oo0, 900 worth of silver, or about
$1,000, 600 ounces. we, a single nation, would
TIE bound TO buy twice as much each year.
That would be throwing too heavy a bur-
den upon Us, and the advantage would be
I'll ou the other side. AS IL appears now,
i do not see where our relief would
come in.
The other side may be taken from the
remarks of Henry Clews, who said: 1.-The
step proposed by Mr.. Rothschld is one in
the right direction, | think. Its immedi,
uie effect upon money Itself wopld not be
so great, but the moral effect would be
most important. Should Europe agree tc
buy e5. 600 000 worth of silver yearly for
five years II would indicate that they un'
derslood Americas situation and were
anxions 10 help her as much as in their
power. Therefore, after they had coIl-
mitted themselves to such theory, they
would lie obliged TO stick to it, and. when
The necessity came, To go even further
Than they propose to now. 1t would be an
Endorsement, if only slight relief for the