Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-12-07
"REMONETIZE SILVER"

Congres~mau NcCreary Presents the Amer
lean Position to the Monetary Confer
ence.
The international monetary conference re-
sumed Its sitting yesterday at Brussels and con-
tinued Its discussion OF the report Of the COM
mittee which examined into the Rothschill rro-
posals. After speech by Sir {. Il. Wilson. n
member of the British delegation, Mr.. Ro:hs-
child announced that he withdrew his scheme
from the further consideration Of the confer
euce.
The position Of the American delegates was
stated by Congressman James b. McCruary.
who proceeded to point out the difficulties ani
perils of the situation. lie said that whatever
was the cause, the fact remained that a romedy
was imperatively needed. He appreciated the
attention which MIR. Rothschild had gwen 20
the important business of the conference, but
he could not support the Eothschiid plan.
The American delegates, he said. were ready
to cooperate with the other delegates ia =
candid and earnest effort to maintain the mone-
:ary functions of both metals. Therefore after
submitting the general plan Of bimetallisIa say-
ored by America, they also submitted the llan
favored by Themselves. Ii was plain business
proposal, and If IL were adopted the necessary
details could In easily arranged.
In order that the situation In the Cnitod
States should be fully known Mr.. Nc, reary
explained the position Of the different political
parties. and added that he believed that In,
people in general, without regard TO political
utilization, Endorsed the American plan. Re
ferring to the silver bullion law. he said that
the law wac not entirely satisfactory TO ci her
party. and in support OF his statement hc
quoted from the platforms adopted by the Min
neapolis and Chicago conventions For HIM
self, he believed that the silver act Of 1880
would be repealed. if not a; the present session
of Congress. certniniy at the next
In concluding Mr.. McCreary said: II be
lieve the best aim of the conference to be the
general reconciliation Of silver and the unre-
stricted coinage of gold ard silver into money
of debt-payinS power; with permanent inter
national ratio of 10 or l6 TO 1. and l prefer
the latter. This, in my opipion. il q system
that would give unity and stability 10 the value
of money, and would furnish the best remedy
for the existing evils from which all civilized
nations are su fering.
Mr.. de Rotbschild followed Mr. McCrearv
He said that as America would not support his
proposals he considered that il would be most
In accordance with the respect due the confer
euce TO withdraw them. He thanked the cou-
ference and the committee for the sympathetic
reception they had accorded his proposals.
BRITISH DELEGATES PLAN.
Sir VIM. Houldsworth. one of the British
delegates, then presented his plan. He said
that this plan was not a new one. as it had been
suggested 20 earlier monetary conferences. He
assumed that France. the Latin Union and
America would support such q plan. ana II
only remained to be seen 10 what extent the
Gold-standard countries would support it, lie
proposed that bimetallic union should be
formed by nations willing to enter into such an
agreement. and that nations preferring to re-
tain single gold standard should undertake to
establish the following or a similar arrange
ment. viz:
That their mints should receive silver bullion
in not less quantity than n fixed minimum
against receipts, noting the quantity and value
at specified rate per ounce, 10 be determined
by international agreement, the quantity 70
specified 10 be delivered by weight 20 bearer
whenever demanded. and IN no other manner
or on any other account whatsoever. the re-
ceipts 20 circulate money. He said tia. he
believed that the receipts would circulate at
par and be used as bank reserves. and that 20
long as the minis of the bimetalic union were
open TO the free coinage of silver the ratio
would be maintained between gold and silver
coin III the union and between geld and silver
receipts in other countries.
The conference adjourned until tomorrow