Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-29
IRELAND'S ONLY HOPE,
Says Archbishop Walsh, Is the Adop-
tlon of Bi-Netallism by
THE CONFERENCE AT BRUSSELS.
De Rothschild Presents His Scheme for
Appreciating Silver.
DENMARK PROPOSES A COMMISSION

LONDON, Nov. 28-Bi. i.metallism has
found an advocate in Archbishop Walsh,
of Dublin. In the course of an interview
regarding the distress prevailing in Ireland
the Archbishop declared that the adoption
of bi-metallism il matter of imperative
necessity to save the Irish tenants from in
evitAble ruin. It is disheartening, the
Archbishop added, to find that no interest
seemed to be taken in the question by the
leaders of the Parliamentary party. IT
things 60 on as they are even the excellent
land purchase scheme may become, before
many years are over, source of wide
spread disaster to purchasers under 1t.
According to Archbishop Walsh's views
foreign competition is not at all the sole
cause of the ruinous fall in the prices of
agricultural products. The main cause, he
believes, is the continuous rise in the value
of gold.
"What q prospect it il" he added, ''for
the Irish tenants, whose judicial rents are
fxed.for 10 years, or for the tenants with
annual purchase payments extending over
40 years. that gold has risen 35 per cent in
value within the last 15 years, and must
continue to appreciate If the present system
is maintained"
Rothschild's Scheme to Appreciate Silver.
A dispatch from Brussels saws: M. de
Rothschild's proposals were submitted to
the Monetary Conference this afternoon.
He argues that bi-metallism in Great
Britain is absolutely impossible, and sug-
gests that the question arises whether it is
not possible to extend the use of silver gen.
erallv, and by this means assist in checking
a further fall in value. M. de Rothschilds
said he did not claim that his proposals
would prove final solution Of the question,
but he did claim that they would prove
palliative Summed up, his pror osals are
that America should continue her present
purchases of silver; the European powers
should combine to buy an amount equal to
s5, 900, 600 for four years at 43d. 1t silver
should rise above that price, the purchases
are to be Immediately suspended.
It 10 expected the proposals will be re-
ferred to committee. The Portuguese
delegates have been instructed by their
Government to act in harmony with the
British representatives 1t is stated that
De Rothsehild hopes to raise the legal
tender of silver in England from e2 to e5.
Great importance attaches to this proposal,
as It means that English 95 notes will be
payable in silver
Denmark Proposes a Commission.
A Danish delegate, who is a monometal-
list, will propose the coinage of silver 8
franc, shilling or 81 pieces, rated to gold
according to the price of silver in the year
previous TO the adoption of an international
agreement, with 3 seignorage of 10 per
cent. He will also propose the appoint
ment of q permanent International Com
mission 10 fix the initial price.
should the price vary, the ratio of values
will be changed. The coins will be legal
tender internationally, banks to keep them
as reserve against notes and to have the
right to demand gold in exchange for them
from the Government issuing the particular
coin held. This scheme will be the subject
of lively communications between the
delegates, but it will not be formally pro-
posed until the De Rothschild proposals are
debated. 4
Only Single Standard Possible.
The document submitted by Alfred de
Rothschild said in part: ..t
feel that a gold standard in England is
the only possible one, and If we consider
that her whole commerce and great part
of that of other countries carried on by bills
of exchange on London, which are naturally
payable in gold, it must be admitted that
the WOTlu Bcuorhiy eihhsaSbS UusiucsS
on a gold basis, and that a double
standard, with the exception of very
modified form, does not exist, even in those
countries protesting to pay in either metal.
Whatever internal agreement should be
made and whatever ratio should be estab-
lished, gold alone will always be chosen as
the favorite medium of settling large debts
or making large remfttances.
Apart from other considerations, it seems
to me that the universal arrangement of
the currency question is impossible. As the
wealth, resources and expenditures of no
two countries are alike 1t would be impossi-
BILE to carry on the trade of the world on a
sound, stable business If the debtor is al
lowed the option of paying in whichever
currency suited him.
Although hope that we have shown bi.
metalisIn is impossible in England. the
question arises whether or not it Is impos-
sible- to extend tho use of silver, thereby
stopping further fall and its disastrous
CONSEQUENCES, whereof it is impossible to
foresce. I, therefore, submit the proposal,
not as an absolute lasting remedy, but as a
palltation. If the conference adjourns with
out having accomplished any definite result,
it will cause a fall in silver frightful to con-
template. 1t will cause a monetary panic,
of which it is impossible to foretell the lar
spreading effects.