The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-11-29
BRITISH PROPOSALS.
Bi-metalism in Great Britain an
Absolute InpoSsibility
WHICH is ARGUED AT LENGHT.
Portuguese Delegates Rave Been Instructed to
Act in Harmony With British
Representatives.

BRUSSELS, Nov. 2S.-Gh6 international
monetary conference willmeet again today.
The latest report regarding the conference
is the delay of the issuing 80 the delegates
the proposals of Alfred De. Rothsehild,
one OF the representatives. of Great Britain,
due to his asserting last night that the pro-
posals be modified in accordance with the
the suggestions by Montefore Levi, presi-
dent of the conference and ether members.
1t is reported that under she scheme TO
be formulated by Rothschil6 each govern
ment represented in the conference will be
associated in the purchase Of silver to the
minimum amount of e5,0O00O0, and is to
take a fixed proportion OF this amount at
the limit of 48 pence per ounce, the pur-
chase 10 be made direct by the treasures Of
the various countries through the agency
of financial agents Of the nations. 1t IL ex-
pected that British delegates will support
this plan in the interest of Indian cur
rency.
The Danish delegate, who is q mono met
allist, VIII propose the coinage OF silver
five francs, four shilling or dollar pieces,
rated to gold according to the price of sill
yer in the year previous to the adoption of
the international agreement with seig-
norsge of 10 per cent lie will also pro-
pose the appointment OF permanent inter
national commission TO Tx the initial
prices. Should the price of silver fall TO
per cent. below coinage ratio, the commits
sion will nave authority to fix the new
ratio and order recoinage Of the pieces.
These coins shall be legal tender interna-
tlonaily, the banks to keep them as reserve
against notes and nave tbs right to de-
mand gold in exchange for them at any
time from the government issuing the
particular coin held. This scheme will be
the delegates, but viii not be formally pro-
posed until Rothschilds proposals are de-
bated.
Rothschlld's proposals were submitted to
the conference this afternoon. They cover
eleven printed octave pages. Rothschild
argues at great length that bimetalism ia
Great Britain Is absolutely au impossible
ity, and suggests that the question arises
whether or not it is possible to extend sill
yer generally and by this means assist in
checking further fall in values RothschIld
said he did not claim that his proposals
would prove final solution of the ques-
lion, but they would prove palliauve.
Summed up his proposals are that Amer
lea shall continue her purchase of silver,
and the European powers buy an amount
equal to G5,0O0O00 year for five years at
43d., and if silver should rise above that
price the purchases to be Immediately sus-
pended. 1t is expected the proposals will
be referred 10 q committee.
The Portuguese delegates have been in
structed by their government TO act in
harmony with British representatives. 1t
is stated that Rothschild PROPOSES TO raise
the legal tender Of silver in England from
60 to 60. Great Importance attaches to the
proposal as it means that English five
pound notes would be payable in silver.
Rothschlld said, in part that he felt that
the gold standard in England was the only
possible one. and il they consider that her
whole commerce and large part Of that of
other countries is carried on by bills of ex-
change on London, which are naturally
payable n gold, it must be admitted that the
world generally trausacts its business or
gold basis and that double standard, with
the exception OF very modified form does
not exist even in those countries profess
ing to pay in either metal WHAT
ever international agreement may be
made, or whatever ratio chosen, old
alone will always be the favorable medium
of settling large debts or making large re-
mittances. Germany's action in 1873 and
the action of Italy, Austria, and Russia in
amassing gold is conclusive proof of the
appreciation of the great European coun-
tries of the advantage of gold standard.
Apart from other considerations it seemed
to him that a universal arrangement of the
currency question was impossible, as the
wealth and sources of expenditures of no
two countries are alike and It would be i'm
possible to carry on the trade of the world
on sound stable basis if the debtor was
allowed the option in paying in whichever
currency suits him.
Rothschild thought some such arrange
ment IS he proposed would give general
satisfaction. The gold market would also
be relieved, as only European appeals wilt
be made thereto for LONG time, ard as South
Africa 10 increasing her output of gold the
suggested would enable
Russia and Austria to complete purchases
without unduly interfering with the money
market If the conference adiourns with
out having accomplished any definite re-
sulJ, il will cause mon etary panic added
of which it is impossible TO tell
how far it will spread in its effects.
After the discussion the proposal was
referred to committee to consider The
committee Includes Sir G. Freemantle
British; Guilford Molesworth, India H.
w. Cannon, United States; M Foiviile,
France; Sig. Smonolli, Italy, and NJ Raj
faoloviteh, Russia, with Alfred de Roth
schild and M. Levy, Belgium, ex-officlo
members. The conference adjourned until
Friday. The American delegates author
ize the Associate Press representative to
state that they are thoroughly satisfied
with the turn of events and consider
plan and today's action of the
conference amply justifying the convoking
of the conference.
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