The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1892-12-02
-.-mErALLlsM.

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| sroposai Submitted by NJ. Rothschiid 60
| the Monetary Conference.-The Argues
| that Bt-NesaiIism In England Is Abso-
,uisiy Impossible.
BRrssEf.s, Nov. On. De Roths-
ends proposals were submitted to the
Monetary conference Monday after.
noon They cover eleven printed DC.
ti'o pages NJ. DE Rothschild argues
At great length that bi-mctallism in
ursat Britain is absolutely impossible,
sh suggests that the question arises
'ssether II Is not possible TO extend the |
US Of silver generally, and by this
mans assist in checking q further fall
Iinyalue
". De Rothschild eaid he did not
cain that his proposals would prove !
hnl solution Of the question, but he
q claim that they would prove PAL
limv& Summed up. his proposals. are
[t1 America should continue her
[pN>1t purchase Of silver. and The
Euor1An powerB should combine 70
~ - oinount Equal 20 ~. 900. oco
~. e. n T.! -
nded.
Va Is expected that the proposals will
be referred 20 q committee. The Port
rguese delegates have been instructed
by their government TO act in harmony
with the British representatives.
The document submitted by Alfred
de Rothschild said in part:
II feel that a gold standard in Eng.
land is the only possible one. and II we
consider that her whole commerce and
o great part Of that Of other coun.
tries, Is Carrie. on by bills of
exchange on London, which are nat
ur,lly payable in gold, it must be adj
mnted that the world generally trans
ACTS business on a gold basis, and that
eouble standard, with the exception
81 very modified form, does not exist
eseu In those countries protesting to
BAY In either metal Whatever ma
toual agreement should be made. and
whatever ratio should be established,
gold alone will always be chosen as the
,avoritc medium of settling large de BITS,
or Masking large remittances 1twould
10 impossible to remit large sums of
silver abroad. owing TO the bulk. Gold
would be sent even II II had to be bought
1t premium
Referring to the depreciation OF sill
yer, he said In addition: 'Germany's
action in 1873, and the action of Italy,
Russia and of Austria in amassing gold,
Is conclusive proof of the appreciation
Of great European countries of the adj
vantage of q gold standard. can not
deplore the ability of Indian exporters
to send wheat to England simply be-
cause IL interferes with she British
farmer. l hold that wheat at 3ys in
stead Of ASS Is a blessing rather than
otherwise However. think that the
fall in the price OF certain commodities
Is due TO overproduction, chiefly owing
70 the development of new regions, and
20 the increased facilities of commune
cation, enabling products to be placed
OF low prices in European markets.
Apart from other considerations IL
seems to me that universal arrange
ment of the currency question is impos.
SSble. Az the wealth. resources and ex.
fsudfturos of no two countries are
alike, II will be impossible TO carry on
the trade OF the world on a sound.
stable basis II the debtor was allowed
the option of paying in whichever cur
rency suited him. Although | hope |
have shown that bi-metallism is impos-
sible in England. the question arises
whether or not it is possible to extend the
use of silver, thereby stopping further
fall and its disastrous consequences,
whereof it is impossible TO foresee, ]
therefore submit the proposal, not as an
absolute, lasting remedy, but as pal.
liation."
III You approve the plan" said Mr..
Rothschild, lyon can make a supple
ment to it in any way you think proper
before submitting it to your govern.
ments. think that such an arrange
ment will give general satisfaction. ]
believe that our American friends will
find it acceptable. ] see no objection 10
silver being made legal-tender in
England mp TO five pounds | believe
that the proposal will be well received
in India The bulk of the population
will recognize that no material alter
alton is suggested, while the merchants
and bankers will know that the ex-
changes are given a stability which will
remain undisturbed during period
Of five years. Unstable exchange,
more than depreciation of the rupee,
is the chief factor of complaint in
India The gold market will 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 will
enable Russia and Austria to complete
purchases without unduly interfering
with the money market. II the confe1
ence adjourns without having ac-
complished any definite result, it will
cause fall in silver frightful TO con-
template II win cause monetary
panic. OF which IL is impossible to fore
tell the far-spreading effects.
II allude to India because the cessa-
ton OF the India demand for silver or q
material decline in the rupee. owing to
specific legislation, would materially
affect not only the savings of hundreds
of millions of people, but the value OF
silver generally, ! therefore hope for
your ultimate approval, as, although
1t may be urged that countries not SO
interested as England and India are
expected to make sacrifices, Il yet be-
lieve that what is best for the world
generally must prove best for individual
interests"
The Carolina Ia IN Tar Case.
COLUMBIA, S. c.. Nov. Ex-senator
Evans, lead, of the administration