Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-12-16
arTHE MONETARY CONFERENCE
who Are Tho Enemies Of Silver and
Every Currency Reform?
WHAT MONEY REALLY IN.
rp,thsr Proceedings at scstcr
days session Of the
Conference.

BRUssELs, Dec. lo.-Senntor Jones
of,he United states delegation made
asirong speech at the monetary con.
ference today 10 favor OF bi.metaliam.
He said lheenemles OF silver and every
cuncucy reform were the very men
who directed attention to the appreci-
alton OF gold. In nature, money was
function rather than u material. That
function created by law was vastly OF
more importance than the material
upon which tho money function was
conferred. Facts disprovcd tho con.
tentlon that the fall In prices was due
IN the scientific development OF reduc.
cling the cost OF production. The con.
,tnic,Ion OF the Sucz canal brought
10 European markets the effective
demands Of hundreds OF millions OF
Asla,ics, which tendency to rails
rrlces more than oiIset the tendency Of
science TO lower prices. American
bimetalista did not claim that the
making OF the two metals legal tender
wouil secure stability In prices, but
they Inserted that Tree coinage over
wide area would result In fluctuations
Of thu value OF gold and silver.
They fully admitted that ihe de
mands Of myriads Of people esst might,
IN case Of tho harvest OF abundance,
increase the demand for silver bills No
q, TO bring silver to n slight premium
over gold, but the fact that competition
for whichever metal became fraction
ally tho cheaper would sustain the
values OF metals that had been ques.
TONED at the conference.
The monometallisis OF Lombard street
when confronted with this argument
spoke Of the mountains OF silver they
were told were about to be DISCOVERIES
which would swamp the market for
silver with bills sufficient not only u
oyerwheIm the monetary demand fol
Europe, but also TO initiate tue silver
currency Of six hundred millions OF
0hentals. Evidence taken before the
British Royal commission In regard to
India showed that the rupee OF today
purchased as much IN India rs 1t ever
did. The Indian farmer gets more
rupees for 20 shilllngs In gold which
his wheat realized In London today
than he did for 40 shillinps ten years
ago. How could Europe and America
market their crops In the face OF
such competition? While the col.
lapse OF silver would stimulate
Indian exports ut the expense OF
the British farmer, It was similarly
cfta Ing nm enormous competition.
Bombay IL sending cotton to China
the expense OF Lancashire. What
India gained by the fall OF exchanges
the more than lost by the hesitation o I
British capitalists TO invest In India.
lndia's Indebtedness TO Great Britain
compelled her TO sell annually at Lon.
don at least 80, 900, 900 ounces OF silver,
more than was produced by all the
mines In America. Could II be said
that England had no interest In the
hllver question:
lie would not coGlplain OF the atti.
tude OF France which was already
amply provided with silver currency
which stationary population, steady
bank rate anu small eastern trade.
French interest In silver could not for
moment compare with English. The
TALL OF prices in England was driving
farms out OF civilization and putting
the landed interest into the hands
Of mortgage companies. History
was full OF warnings. Finan.
elal struggles had led to social
struggles and sometimes 10 revOlu.
lions. Governments alone could undo
the mischief the governments hal
done. Whatever might be the result
OF the conference, II some measure Of
relief was not Willingly ado pied In the
near future they might re,t assured
that ultimately in spite OF the craft
and cunning and wiles OF the wicked,
The great producing masses OF the civil.
lied world would crystelize into law
their imperial will. Senator Jones
spoke for two hours. Allard Of the
Belgian delegation, then spoke In
support OF his own plan, which pro-
poses an international agreement for
purchase under common account OF
Stocks OF silver, against which treasury
notes he Issued by the contractiu 4 states,
none OF which shall be- obliged 10 coin
existing CURRENCY Legislation, the
treasury notes 10 have an international
circulation.
In the course OF his speech Al.
iari complained OF the obstructive
tactics OF the British delegates.
henor Osma OF the Spanish delegation
AMI M. Railalovltoh Of the Russian
delegation, urged the American
delegates not to press n vote on the
main question at the present. Senator
Allison spoke with some warmth. He
taid ho and his colleagues did not ask for
hvolo ON the main question. They fully
appreciated the cordially with when
lht question had been approached by
all tections OF the conference. The
proposals already presented to the con-
ference were Of such "a character that
,ley would, II adopted, impose a heavy
burden upon America. Tho American
uelegates could not make CONCESSIONS
without c0mpensating amend ments.
ne believed the truest ratio between
golu aud silver was 10 to |, aud he
wished to repeat that II there was any
ihtehtl0n TO resume tho conference
ia'er, the United States would be Will.
ing rs fur us possible, with due rega ru
10 its own Just iuterests TO satisfy the
expectations OF Europe. He promised
mat the United States would accept
Wy Scheme that met with geueral mn.