New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-11-30


financial crisis the plan OF Mr. Eothscmli Is au-
,nitted TO have some strength. II silver IS 10 DC
supported artifcialy II is agreed that "ou'u
nc desirable TO have Europe share the labor WIN
America even If the foreign support Is only 10 Dc
one-half OF that be given by this nation. IL Is.
donbted BY many bankers, however that the sltu-
ation demand, such an alternative, and hopes are
expressed mat the Conference may find room for
notifications OF the English scheme which Will DC
acceptable to the British monomeali'tS ana yet re-
move the Objectionable features Of the plan as now
presented There is strong feeling among wan
Street men that the proposition of the English oeic
gates indicates that Great Britain realizes the necd
OF meeting the United states halfway
in devisns plans for settling the s'i
yer question in order to protect her Indian Interests
and TO avoid war for gold with the United Su''es.
But 1t is thought that advantage should lie taken Vi
this spirit of concession to strengthen TINS cou""S
position financially, and there are many hhahCial m,'
VINO believe that the shortest way to accomplish "i
would be withdraw from the silver market as o"i1
bv n prompt repeal n the so-caled Sherman ACT Vi
1890.
George Rutledge Gibson of Watson Gibson, spoke
OF the subject as follows in the market le'er Vi his
firm
There is sure 10 be diversity opinion on the merits
OF Albert dc proposition to the Brussels Oon'
terence that the foreign represented should agree
TO buy s25 900 worth OF silver bullion cach year ir
five years price not TO exceed a. pence ~ o" "
There is nothing Hncl III V'' P4NP'''V' ""'
wav 1t has gone other proposals to seiec' com.
,nIttee OF twelve among whom is Henry W. cannon oil
this city This spccia committee wei report on fIu'''
and IL early discuss the SUBJECT or wv 70 cS
its value probability OF It's acceptance oy our Wv
eminent or others until the proposal emergcs from This COM
mttee II however we 10 express an opinion now
we should say that the proposal seems 'riVai' anu Wv
much like throwing tub Of water TO "h"ie' -,
Europe AZ large buy only S25OOOOOO worth ahu"'
ho,oy o. cents per ounce while bind ourselves alone
purchases
amount up 10 our limit Of 81 1920. the burden %
maintaining silver values would fall on US a""o'V
siyey. To reach "a cents an ounce ana Dy puma
to keep IL there, is not heroic achievement anu " Nv
o GO Il matters much whether price Is So as nov"
cr "a cents as Rothschild thinks IL might be a''r
Europe's purchases add to ours III we nave "
establish market parity between the TWO me'"s ." '
ratio Of our ega parity to l6, our people may con-
pde 10 finally aiopt free coinage. That would brhg us
70 silver basis II you please but why VIII hou 'nS con-
tnuod purchase Of "a 100000 ounces shhuS ~ "h"'" w
tain the same endl Do wish TO oin1 ourselves ior
Ave ye,rs TO an unequal burden obligation we ah'S
that our Congress would make work with the ots-
child proposition be vastly amended ana IN
proved. ,,,,,
Warner Van Norden. president Of the Nauohal bai"
~ North America. said ~ think that Mr.. de Roths
chld's proposition is only putting Oh the eVh uaS
have held all through this silver controversy that The
only sensible course to pursue is to treat silver rs an
article Of commerce. and let it find its price in accord
ancc with the law of supply and demand Treat 10
as any other metal such as copper OF Hon' "s''H ~
only In coinage for subsidiary currency ii the N'cu
States continues To purchase 14.OOo,oOo ounces !"
year. in accordance with the preseTt aw the reSuis
will be that in a few years shall have accumuE'"u
q vast stock of metal which will be OF no practical
use to the Government. A change of policy VIII then
ensue and the people will demand that the silver be
sold To throw on the markets of the world such
vast quantity Of silver at time VIII dcpress 'he
price far beyond any point yet reached Inc proPoNr
ton OF Mr.. de ROthschild would simply az
gravate the situation 10 the extent OF the
silver held by the European Governments uider
his proposition. by the improved processes no" IN
use silver can be produced cost which ylelds a
largo profit even at the present low price, ana SO
long as our Government will purchase ouethiIu OF
tho entire product the world, as II Is now cong
that with what the European governments under .Ps
scheme would purchase, would cause the plooucuoi
70 increase even beyond its present rate. believe
the only wise plan is TO meet the crisis az once, u
stop purchases by our Government and ell simiaf
artificial demands and let silver find its howell as 10
price the same as any other marketable commonly
There can be but one standard OF value
which is now gold All other metals are
crctro,,,, in valuc think that
the scheme proposed by the parties OF which Mr.
De Rothsc bid is the exponent clever one 10 Keep
the United states IN the market as large purchaser
Of silver at the present rate and while crisis at
the end of the five years proposed IS Inevitable, the
European nations wonld have that time TO set Their
houses in order and TO be prepared Tor
the crash. Tie proposition that the
European nations engaging In the conference
would work hardship TO them for they are already
purchasing that amount the present time for sub
sidhry coin | think the conference will come 10
nothing and the law under which we are purchasing
will be repealed l have too much confidence
In the American people believe that they Will agree
to any such proposition that Of Mr. DE ROthschlIn'
EN-PostmasterGenera Thomas L. james, the pesi-
dent of the Lincoln National Bank, when askd II he
thought the proposition Of Mr. dc Rothschild made
in cd faith and with any idea that anything wouid
come OF the conference, sold
Yes l think 1t Is. MI. de Rothschild certainly
has consulted with the other members Of the British
&c cgaton and knows thu fee Ing 4 the home s)ve IL
ment and Is confident o. ppNt. Ills lcfulat On IL
ih, financial void. the Traditional standiIG OF his
house and his acquired and hereditary ability as
keen business man. forbid that he should bring
10. ward Il monetary scha which he did not believe
feasible and not prepared 10 support. think
England Is coming around and Il anxious TO have The
conf renee result in something. She l. Ia meas c
forced 10 do 50 by thr needs Of India India wants
would prefer a gold b1.is with 10 comp promise.
while have always believed in single yard stick,
and think ne single gold standard Is 10 be preferred,
stll cannot Ignore the fact that something must be
done with this Silver question. think England finds
de RothSchid's pan would raise the price Of silver
and be good thing for Us IL would 90 tIis ven
Nc i much Of an Increase over tie present consump
ton aere for it would place ii on stable basis rs
money. Even If nothing definite should be nc
compished at the conference, think It will do good
At least by bringing the nations nearer together on
the subject enabling them 10 understand one another
needs and promote good feeling
appraiser Marveie ". Cooper said IT'S some,
thin ANYWAY. That Is better than nothing. think
Mr. dc Rothschlld has all along been inclined TO do
what he could do for silver, and that he has made
this proposition in the sincere hope that 1t may at
least be partial solution Of the problem confirming
the fnancal world. The conference ! aIn sure will
leave tho subject In better position that IT found IT,
Henry Clews's cpiniDn was as follows:
The fact that Albert Dc Rothschid, the English repro
sentative Of the great financial house made propo
s,,lon to the Brussels Conference the OH
INT national committee representing the majority OF the
great powers other the United states should pur-
chase s250cOCO Of silver annually, i fG OF latent
meaning that does not appear on the surface. IL un
dobtedly not lndic0t that he has been in O and