The Providence news. (Providence [R.I.]) 1891-1906, 1892-12-01

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perative upon every one TO keep daily
informed upon the details of every
proposition and discussion that takes
place.
Our government has called the con-
ference because we are the producers of
more than 40 per cent of the worlds
annual product of silver. Our record
has shown that despite adverse expe-
riences we have not yet learned to estab-
lish monetary system which has stood
the test of long practice. We have for
the past forty years been adopting one
plan after another with the sole aim of
trying to maintain silver at par with
gold as money metal, and each time
we have signally failed. We are now
trying an experiment in this line which
has proved so futile that even its proiec-
tors are almost unanimous against it. II
has driven gold from us, made us the
vault into which the world has already
thrown part of its surplus silver until
we are face to face with the fact that
something must be done at once.
With this record and under these con-
ditions we have summoned conference
OF the powers of the civilized world to
consider methods for an international
monetary system which, while it will be
of great value to the world at large, will
be of twice the value to us. The other
nations will naturally look upon our
plans as species of special pleading,
and it is not only not surprising but per-
fectly natural that our propositions
should be at least temporarily laid aside
and measures Of extremely conservative
nature take precedence. II must be ex-
pected that we shall be asked to do all
that our position compels us to do,
while others will only do what their
own safety forces them to do
This is about what the proposition of
Alfred de Rothschild means. and in view
of the canditions and its source it NAV
be accepted as in many ways Just pro-
posal. This proposition is that we con-
tinue to buy $4,000, 900 ounces each year
and Europe will buy about 10000. 900
ounces, so long as the price keeps at
Add, or below, per ounce.
To estimate the results Of this plan IL
is necessary to consider how it would
effect the worlds production of silver.
The total worlds product is now about
1876, 900, 900 ounces. OF this the United
States produces about 40 per cent. Un-
der the Rothschild plan we should pur-
chase 54,000,000 ounces and Europe
would purchase 3O,0O0,O 900. At present
India and the East absorbs an average
of 30, 900, 900 ounces, and there is used |
in the arts between 10000, 900 and 49,
000, 900 ounces. The total of nj. these
is about equal to the worlds present
product.
1t will be seen that Rothschild pro-
poses to utilize all of each years pro-
duct To us he says: Take care of
your own product; we in Europe will
take care of our surplus, and, together.
with India, will see that while the pres
ent production and price are maintained
you shall not become the dumping
ground for our silver.
This plan, if carried into effect. could
but be helpful to us. If his further
TO make e5 notes redeem
able in silver, and Adolph Soetbeer's
to coin no gold pieces less
than 20f were adopted, most desira.
BILE result would be attained, viz: sill.
yer would have legal tender value FOR
small transactions. 1t would form n
fuge portion of the reserves held against 7
notes of small dimensions
and again take its place as a recognized
money medium to a Ger.
tain extent.
This would be by no means a com.
plete solution of the present difficulties.
IL could have but little effect upon the
price of silver. and could not be so per-
as international free coinage of
silver at fixed ratio with gold. But
{ is great gain over the present sys-
,em. III IL is adopted by the nations at
he conference it viii pave the way in {
! few years almost certainly TO the aim
which we are SO earnestly seeking, {
namely, international bimetallism. {
We are led to this view not only by {
he plan itself, but by the very self-evi. {
lent reason that forces the English rep !
esentatives TO make even so conserva. {
i've concessions TO us Baron Rothschild {
$ himself the intimate monetary adviser j
II the English government. His broth. {
rs and uncles stand in the same relation {
o the other influential nations of I
Europe, so that his view may be said to q
epresent the opinions of the strongest /
'olitical and financial elements in
europe, and they carry with them ex. b
raordinary weight. He, as well as the I