The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-16
NOT A THING DONE.
And the Brussels Conference Is
Nearly Ready to Adjourn.
SPEECH BY SENATOR JONES.
On the Scarcity OF Money and the Ger.
tainty Of the Restoration OF
Silver by tho People.

LONDON, Dec. 1.-THE Times, referring to the
international monetary conference, says: The
American delegates must be held largely re-
sponsible for the ignominious failure
OF the conference. America called the
practical scheme. aud then offered only vague
platitudes and exuberant rhetoric. Senator
Jones remarks would have been more to the
purpose if the Americans themfelves had not
grown tired OF protecting silver.
BRUSSELS. Dec. Ex-senator Jones, OF the
United states delegation, made Q strong speech
at the monetery conference today in favor OF BIZ
mettaism. He said the enemies of silver and
every silver reform were the very men who de
rected attention to the appreciation of gold. In
nature money was a function rather than
material That function, created by law, was
vastly more important than the material upon
which the money function was conferred. The
facts disproved the contention that the fall in
prices was due to scientific developments reduc-
ing the cost of production. The construction OF
the Suez canal brought to European markets
the demands of hundreds of millions Of Asiat-
les. which had tendency to raise prices, more
than Offset the tendency of science to lower
prices. The American bi. metailists did not claim
that making the TWO metals legal tender would
secure stability in prices, but they asserted that
free coinage over a wide area would result in
the fluctuations of the value OF gold and silver
the demands of the myriads OF people OF
the East might, in case of harvest abundance,
increase the demand for silver bills as to
bring silver to slight premium over gold, but
the fact that competition for whichever metal
became fractionaliy cheaper would sustain
the values OF the metals inter Sc had not been
questioned at the conference. The mono-metal-
lists of Lombard street, when confronted with
this argument, spoke of the mountains OF silver
they We're told were about to be discovered,
which would swamp the market for silver
with bills sufficient not only to over
whelm the monetary demand of Europe,
but also to initiate the silver curren-
cies of 0,Oo0,o00 OF Orientals. The evidence
taken before the British royal commission in
regard to India showed that the rupee today
purchased as much in India as i: ever did. The
Indian farmer gets more rupees for the 50 shii-
lings of gold which his wheat realized in Lon
don today than he did for the 40 shillin2s ten
years ago. How could Europe and America
market their crops in the face of such competi-
ton? While the collapse of silver stimulated
Indian exports at the expense OF the British
farmer, il was similarly creating an enormous
competition. Bombay was sending cottons to
China at the expense of Lincolnshire. What
India gained by falling exchange she more
than lost by the hesitation of British capitalists
to invest in India midas indebtedness to
Great Britain compelled her to sell annually in
London at least 100000 ounces of silver,
more than was produced by all the mines in
America
Could it be said that England had no interest
in the silver question? He would not complain
Of the attitude OF France, which was already
amply provided with silver currency. With a
stationary population, steady bank rate and q
small Eastern trade, French interest in silver
could not for moment compare with the En-.
glish The fall OF prices In England was driv-
ing farms out OF cultivation and putting the
landed interests into the hands of mortage com.
panies.
History was fun of warnings Financial
struggles led to social struggles. and some times
to revolution. Governments alone could undo
the mischief governments had done. Whatever
might be the result of the conference, II some
measure OF relief was not willingly adopted In
the near future, they might rest assured that
ultimately, In spite OF the cunning and wilss OF
the wicked, the great producing masses of the
civilized world would crystalline into law their
imperial will. Senator Jones spoke for two
hours.
NJ. Allard, of the Belgian delegation, then
spoke in fsgor of his own plan, which proposes
an International agreement for the purchase
under common accounts of stocks of silver,
upon which treasury notes shall be issued by
contracting states. none Of which shall be
obliged to coin the silver thus purchased or
modify its existing currency legislation, the
treasury notes to have international circulation.
In the course OF his speech Allard complained
OF the obstructive tactics of the British dole
gates.
Senior osma, of the Spanish delegation. and
Mr.. Rafalovitch, of the Russian delegation,
urged the American delegation not to press a
vote on the main question at the present stage
Senator Allison spoke with some warmth. He
said he and his colleagues did not ask for a vote
on the main question:: they fully appreciate the
co'diality with which the question had been
approached by all sections OF the conference
The proposals already presented to the
Fnrao 80
would, if adopted, impose a heavy duty
upon America The American delegates could
not make concessions without compen satiug
amendments. He believed the truest ratio be-
tween gold and silver was ID TO ], and he wished
TO repeat that II there was any intention 70 re-
sumo the conference later, the United States
would be willing to go AZ lar possible, with
due regard to its own Just interests, to satisfy
the expectations OF Europe. He promised that
the United States would accept any scheme that
met with general approval.
The next and probably the last session for the
present VIII be held on Tuesday. Proposals
Will then be made that the conferences adjourn
to June without dissolvIag
1 he committee appointed to consider the
various projects submitted to the conference
have adopted a report. IN which they state that
In considering the various proposals suhmit.ed
TO them they confined themselves to a study of
general principles, and did not discuss the de-
tails necessary to give the several proposals
elect. After reviewing the reasons for and
against the different plans, the repor, CON
Guides:
Having regard for the fact that the confer
ence has not yet pronounced on the general
question. the committee do not feel satisfied i'm
taxing vote upon the projects referred I,
them. or attempting TO formulate eonpromise
between the varying monetary doctrines nd
Yanced.
LoHDoS. Dec. l5-A special from Calcutta
states that Mckay, president OF the India Cur
rci'cy Association. has returned to Calcu.ta
after giving evidence in London before the
HeIscheI currency committee Mckay saws If
the committee reports against the gold standard
the commercial men OF India must accent
the situation. India. he added would 90
on with silver best she could
for & few years longer. when further experiences
with that metal would lead to Il change. In
Inc meantime business was at a low ehb and
fhe io;ts were blocked with unemployed shin
ping. Ia reply IL q question of the BANKS as 10
what notice would he given If tie minis were
closed, the government states that j, can saw
nothing ~ present.
Cause of Money Stringency.
NEW loRK- Dec. i5-It ,rauspires that one Of
the causes for the stringency IN money today