The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-03
ENGLAND'S PLAN REJECTED
Moritz Lewis Silver Scheme Preferred
by Monetary Conference Delegates.
Little Probability. However, that It VIII Be
Accepted When a Vote Is Taken-Failure
of N. Brisson to Form q Cabinet.


The Monetary Conference ommitte Re-
jeots De Rothsohild's Silver Proposals.
BRUSSELS. Dec. 2-The scheme for the
solution of the monetary problem that was
submitted to the international monetary
conference By Mr.. Alfred de Rothschild,
one of the British delegates. was rejected
by the committee to which 1t was re-
ferred on the votes of the delegates
from France, Italy, Belgium, Norway and
Sweden, and Russia. The first objection
made to the plan was from the delegates of
the nations belonging TO the Latin Union.
They ~disapproved the proposals. that 43
pence be fixed as the maximum purchase
price of silver. This figure was oOnse-
quently withdrawn In favor of q higher
one, but this concession failed to reconcile
the opposition.
The report of the committee on the pro-
posals submitted was submitted this after
noon. 1t commenced by explaining that
the opinions expressed are given on the in
divldual responsibility of the members of
the committee, and continues by
setting forth that Q necessary pre-
liminary for Q proper examination OF
any of the proposals was q precise under
standing. first, as TO the legislative
measures likely to be taken by the coun-
tries producing silver; second. existing
probabilities of the future production of
silver in the United States and Mexico;
third, the policy of the United States a. to
tho purchase of silver; fourth, the policy
of India regarding the mintage of silver.
States delegate Henry w. ann stated
that the question of limiting silver had
been considered in the United States. and
1t was recognized that under existing legls-
that object. and that tho modification of
the present law In that direction was i'm
probable. The federal government bad no
direct or indirect interest in the work
ing OF the silver mines. European
interested in the American mines,
making the problem more complicated. 1t
would be very difficult to tax . production
ion along the frontiers of the United States.
adjoining Mexico q the British possess
ions, in order to prevent the smuggling of
the ore metal, but in the United States the
interference with private rights would
silver extracted from the American mines
was insignificant compared with
the annual total of the general
production. The extension of the
railroads in the Rocky mountains had led
to the opening of o number of mines. An
inventory of this mineral wealth has been
made. and he could readily believe that
they had nearly reached, II they had cot
passed.. the maximum production. Regard.
ing the third question. Mr.: Cannon said
that the American Democrats and Repub-
leans, besides the great bankers, advised
@ repeal of the silver-purchase act OF 1890.
Should the conference foil to make some
disposition of the question at issue 1t was
moro than probable that America would
not be willing TO continue the purchase OF
$4,000, 600 ounces of silver annually.
The committee, by q large majority. ap.
proved the Moritz Levi scheme. which
c~ontemplates o gradual withdrawal of all
gold coins under the value of 20 francs and
all bank notes under 90 francs, except In
case of silver certificates. Tho committee
rejected Mr. De Rothschild' s3soheme by q
vote of z 20 6. Sir &. FremRntle, deputy
master Of the English mint, declined to
unless concurrently adopted with that of
MI. De Rothschild. or q similar plan.
After the vote WAS taken q Dutch dele
gate opened q general discussion, with o
view to inducing the American delegates to
submit definite proposals for internatiOnal
bimetallism. Senator Allison moved to
adjourn until Tuesday. NJ. R~affalovitch
courtesy to the American delegates. sup
ported the motion. although he did not I'm.
derstand the method Of their procedure.
After some discussion Senator Allison's
motion was adopted.
During the discussion, to-day, the Dutch
delegate Boissevain and the Belgian dele
gate expressed strongly bimetallistic
met with q show of favor to-day, will prob
ably come to q very small end. as the Latin
Union is understood to oppose ik. Italy is
especially hostile TO it. This evening the
delegates are 1t the Park Theater. at the
invItation Of Senator Levy.