Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-11-29
RoTnsCnlLD's PROPOSALS.
he Argues for The Advantages Of The
Gold Standard.
SOMETHING MUST M poNE
or Else - Monetary Panic VIII Gcsnii,
the Encots of which may be
Disastrous.

BRUSSELS, Nov. 2s.--rhe interna
ti0ual monetary conference met agalr
today. Rothschild's proposals wcr,
submitted to the conference this alter
noon. They cover eleven octave
pages. Rothschild argues ut great
length that blmclallism Ia Great Brit
ain is absolutely impossible. Ho sug
geais that the question arises whether
II 10 not possible 10 extend silver gen
orally, and by this means assist IN
checking the further fall Ia values.
Rothschild said he did not claim thu,
his proposals would prove IA final sOiu'
ton OF the question, but they would
prove palliative.
Summed up, his proposals. are that
A meTicsn countries continue the pur'
chase OF silver, anu European powers
buy an amount equal TO f5, 0OO,0U0 ster-
ling every year for five yeara nj 49,.
| silver should rise above that price,
purchases are to he moderately sus.
pended. The Portuguese delegates
havo been instructed ny their govern
ment 10 act Ia harmony with the
Bnush representatives. IL Ia stated
that Rothschild proposes 10 raise the
legal tender OF silver Ia England from
two pounds TO five. Great Importance
attaches to the proposal, as Il means
that Engiish IS notes will be payable
In silver.
Jtolhschild said, In part, that he folt
that q gold standard 10 England WAS
the only possible one, anu that II they
considered that hor whole commerce
snd large part Of that OF other coun.
tries was carried on by bills OF exchange
on London, which were naturally pay
able In gold, II must DO admitted that
the world generally tfansacts business
on gold basis mud that q double
standard, with this exception OF a very
modified form, does not exist even In
those countries protesting to pay In
either metal. Whatever International
agreement may be made, or whatever
ratio Is chosen, gold alone will always
be- the favorable medium OF settling
large debts or making remittances.
Germany's action In 1879 aud the nc.
tion OF Italy, Austr n and Russia In
amassing COLA is conclusive proof OF
tho appreciation OF great European
countries Of the advantage OF u gold
standard. Apart from other consider.
ations II seemed to him that q univor.
sal arrangement Of the currency ques.
ton was impossible, M the wealth and
sources OF expenditures OF no two
countries are alike. IL would be impos.
sibie 10 carry Oh tho tfade OF the world
on sound basis II tho debtor was al.
lowed the option Of paying in what
ever currency suited him.
Rothschild thought some such ar.
rangement as he proposed would give
general satisfaction. The gold market
would also be relieved, as only Eu.
ropean appeals will DO made thereto for
n long time, and as South Africa Is in.
cruas!ng her output Of gold the ar.
suggested would enable
Russia and Austria to complete their
purchases without unduly interfering
with the money market. II tho con
adiourns without having &c.
any definite result iI will
cause fall In silver frightiul TO con.
template. 1t will cause a monetary
panic, added Rothschild, OF which il
is impossible TO tel, the far.spreadinv
effects. After discussing the proposals. |
were referred to u committee to con.
slider. The committee includes Sir q. !
Freemantlo { British), Guii,ori Moies. |
worth (lndia), IL. w. Cannon United
5tates), NJ. Fovilie lFrancel Sig.
3imonolli Italy and NJ. Rafiaelovitch
Russia, with Alfred DeRothschild
aud M. Levi (Bolgium) as ex -oiiicio
The conference Adjourned
iDtil Friday. The American delegates
authorized the Associated Press repre-
sentative to state they are thoroughly
satisfied with the turn OF events and |
consider Rothschild's plan and today's
'ction OF tho conference as amply Jusli.
ying the convoking OF the conference.