The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1892-12-02
HICKMAN, FULTON COUNTY. KY. /
FRIDAY. DECEMBER 2, 1892.
..-M ETALllSM.
'roposal submitted by NJ. Rothschnd TO
the Monetary Conference.-The Argues
that Bi-Metaiiism In England Is Abso-
'uisly Impossible.

'roposal submitted by VI. Rothschiid to |
\ 'he Monetary Conference.-The Argues
that m-Metaiiism In England Is Abso- |
iuisly Impossible.
| BRussEfs, Nov. 90 M. De Roths-
cbid's proposals were submitted 10 the
Monetary conference Monday after.
noon They cover eleven printed oc-
tivo pages NJ. DE Rothschild argues
at great length that bi-metnllism In
oreat Britain Is absolutely impossible,
md suggests that the question arises
wAether II is not possible to extend the
Us Of silver generally, and by this
mans assist in checking a further fall
invalue.
N. De Rothschild said he did not
Gam that his proposals would prove
fnl solution Of the question, but he
"a claim that they would prove pal
liaive. Summed up, his proposals are
TIA America should continue her
prsent purchase Of silver, and the
Euopcali powers should combine to
By d an amount equal to e.. 900. 600
slDhx yssrly Cor Ave yearo at ssd II
"a. strrusfxsssa 5>aeexe thai prize tho.
|pAchascs are TO be Immediately stls-
kndcd
vi is expected that the proposals will
be referred 10 committee. The Port
uguese delegates have been instructed
BY their government to act in harmony
with the British representatives.
The document submitted by Alfred
de Rothschild said in part:
II feel that gold standard in Eng
land is the only possible one, and IL we
consider that her whole commerce and
great part of that of other coun-
tres, Is carried on by bills of
exchange on London, which are nat
ur,lly payable in gold, it must be adj
lnnted that the world generally trans
acts business on gold basis, and that
double standard, with tine exception
a q very modified form, does not exist
even in those countries protesting to
pay In either metal. Whatever ma
tonal agreement should be made. and
whatever ratio should be established,
fold alone will always be chosen as the
Ievoritc medium of settling large debts,
q. making large remittances. II would
10 impossible to remit large sums of
silver abroad, owing TO the bulk. Gold
would be sent even il 1T had to be bought
vt premium
Referring to the depreciation OF sill
yer. he said in addition: 'Germany's
action in 1873, and the action of Italy,
Russia and of Austria in amassing gold,
Is conclusive proof of the appreciation
Of great European countries of the ad-
vantage of a gold standard. can not
deplore the ability of Indian exporters
to send wheat to England simply be-
cause it interferes with the British
farmer. / hold that wheat Mt 30s in
stead of ASS is blessing rather than
otherwise. However, ] think that the
fall in the price of certain commodities
is due to overproduction, chiefly owing
70 the development of new regions, and
80 the increased facilities OF commune
cation, enabling products to be placed
ct low prices in European markets.
Apart from other considerations IL
seems to me that a universal arrange
ment OF the currency question is impos-
.sihle As the wealth. resources and ex.
scudfsurcs of no two countries are
alike. 1t will be impossible 10 carry on
the trade of the world on a sound,
stable basis II the debtor was allowed
the option of paying in whichever cur
rency suited him. Although | hope !
have shown that bi-metallism is impos.
sible in England, the question arises
whether or not it is possible to extend the
,fat1 l,xsG tA fYr lar
fall and its disastrous consequences,
whereof it is impossible TO foresee,
therefore submit the proposal, not as an
absolute, lasting remedy, but as pal
liation."
IF you approve the plan said Mr..
Rothschild, you can make a supple
ment to it in any way you think proper
before submitting it to your govern.
mentS | think that such an arrange
ment will give general satisfaction.
believe that our American friends will
find it acceptable sec no objection 10
silver being made legal-tender in
England up to five pounds. | believe
that the proposal will be well received
10 India The bulk of the population
will recognize that no material alter
alton is suggested, while the merchants
and bankers will know that the eN-
changes are given q stability which will
remain undisturbed during a period
Of five years. Unstable exchange,
more than depreciation of the rupee,
is the chief factor of complaint in
India The gold market will also be
relieved, as only European appeals will
be made thereto for long time, and as
south Africa is increasing her output of
gold, the arrangement suggested will
enable Russia and Austria to complete
purchases without unduly interfering
with the money market. II the confe1
ence adjourns without having ac-
complished any definite result it will
cause a fall in silver frightful 10 con-
template. IL will cause n monetary
panic. OF which it is impossible to fore
tell the far-spreading effects.
II allude to India because the cessa-
ton of the India demand for silver or q
material decline in the rupee, owing to
specific legislation, would materially
affect not only the savings of hundreds
of millions of people, but the value of
silver generally. ] therefore hope for
your ultimate approval, as, although
II may be urged that countries not SO
interested as England and India are
expected to make sacrifices, 1 yet be-
lieve that what is best for the world
generally must prove best for individual
interests"
The Carolina Ia lk Tax Case.
COLUMBIA, s C.. Nov. Ex-senator
Evans, leader of the administration