Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-30
Better Than No Bread, So
American Monetary Dele
gates Will Perhaps
AGREE WITH ROTHSCHILD.
Why Eonometallists Find 1t Advis-
able 10 Make Concessions.
GERMANY AND FRANCE IN LINE,
And 1t Now Looks as if an Agreement Will
Really Be Reached.
HENRY CLEWS LIKES THE PROSPECTS

BRUSSELS, Nov 29-The American
delegates to the Monetary Conference have
strong reasons to be satisfied with the
recognition BY the advocates of mono
metallism of the seriousness OF the dangers
arising from further fall in silver. They
are disposed to support Mr.. de Rothschild's e
proposals, on the principle that half Loaf
is better than no bread The Indian dele
gates are also pleased with the proposals,
as they will assist the conclusions OF the
Indian Currency Committee. Their 60
ceptance will free India from the fear OF q
large tall in silver.
The American delegates believe that the
continuous absorption of 100000 ounces
of silver by the European powers would
bring about artifcially condition of the
silver market which international bi-metal-
lism could establish permanently.
The committee appointed yesterday to
consider the proposals of Mr.. de Roths-
child includes, with others, Henry W..
Cannon, of the United States; Alfred de
Rothschild, of Great Britain, and nj.
Montefore Levi, President OF the Confer
ence The committee will consider the
plans suggested by NJ. Levi and Prof
Adolph Soetbeer.
What Prof. Soetbeer's Plan Is.
Prof Soetbeer's plan Is to establish one
gramme OF fine gold as the international
unit of value, and to stop the minting OF
coins containing less than 57065 grammes
OF pure gold. The circulation of coins of
foreign countries of less than the new
ho itodh hr he
tries signing the agreement, and gold coin
of inferior value will be withdrawn within
five years. Private individuals will be al
lowed to coin gold upon the payment of
an agreed seignorage. Gold certificates
may be issued against gold held in reserve.
Prof Soetbeer's plan also includes the coin
age of silver in the proportion of 20 value
units of that metal to of gold, but private
individuals will not be allowed free coinage
of silver.
1t is the general expectation that NJ. de
Rothschild's proposals will be accepted by
the committee and then referred for adop-
tion or rejection to the conference and the
Governments represented, with modifca-
rions suggested by the schemes of M. Levi
and Prof. Soetbeer. One of the modifca-
tions will undoubtedly be that all gold
coins below the value of 20 francs be with
drawn from circulation and replaced BY
silver notes.
France and Germany Fall in Line.
The adhesion of the German delegates is
now considered certain, as Herr Decbend,
formerly President of the Reichshank, ap-
proved the main lines of Prof Soetbeer's
proposal The French representatives will,
also, support the plan of Prof. Soetbeer,
which was communicated by NJ. Trard,
French e1-Minister of Finance The plan
L Al. L.
delegates before it was submitted to the
conference.
With the prospect of an agreement being
achieved, nobody talks of the failure of the
conference, which at first was the only pre-
diction made. So rapidly has the optimistic
feeling grown, that it is reported that the
conference is likely to conclude its labors
next week.
A dispatch from New York saws: Alfred
de Rothchild's proposals are received with
both approval and condemnation by New
York fnanciers. President j. Edward
Simmonds, of the Fourth National Bank,
said to-day:
Looking at it as it is now published, am
led to believe that the scheme is not good
one for the United States. While all the
European powers combined would buy 5.000.-
900 pounds of silver. or about $4,000 900
ounces, we, a single nation. would d be bound
be throwing too heavy a burden upon u.s.
and the advantage would all be on the other
side.
Henry C1ews Is Pleased With the Plan.
On the other hand Henry Clews said:
The step proposed by Mr.. de Rothschtld is
one in the right direction, think. Its i'm
mediate effect upon money itself would not
be SO great, but the moral effect would be
most important. Should the governments
of Europe agree to buy 5000 0c0 pounds of
silver yearly for five years, it would indi-
cate that they understand Americas situa-
tion and are anxious to help her as much as
is in their power Therefore, after they had
they would be obliged to stick to it, and,
when the necessity came, to go even fur
ther than they propose now. 1t would be an
Endorsement OF only an actual relief for the
present. The European powers most cer-
tainly should come to the relief of the sill
yer market at the present time. They have
taken tremendous quantities of gold for use
and we have not objected. They have sent
back all the silver they could to our already
overcrowded market, and we have taken no
decisive steps to prevent their accommodating
the yellow metal.
We have enough gold left, but if Europe
continues to drain the lie blood and refuse
to meet us hall way now, or assist US, it will
be time for us to show what we can do. We
have the power to get our gold back. We
can force her to disgOrge and send back 50
in gold for every 81 she takes out We
have our high credit and uneQualed re-
sources and can ruin any of the great
powers-England, Germany, France or Aus
trie-if they continue this greedy game Of
getting and boarding all the gold in sight.