The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-11-29

have authority to ix rev ratio and to
nX the coinage at a new ratlO aud order
recoinage of the pieces. These coins will
be legal tender International bank stock,
| except as they are reserved against notes.
/ and the right to demand gold in exchange
| for them at any time of the government
issuing the particular coin held. This
scheme was the subject of lively commun.
ications between the delegates. but it will
| not be formally proposed until the Roths-
child proposals are debated
Mr.. de Rothschild's proposals were SUBJ
mitted to the conference this afternoon.
They cover eleven printed octave pages.
| Mr.. de Rothschild argues at great length
| that bimetallism in Great Britain is abso-
lutely impossible, and suggests that the
question arises whether il is not possible
to extend the use o: silver generally, and
by this means assist in checking a further
| fall in values. Mr.. de aothschild said
that he did not claim that his proposals
would prove final solution OF the QueS-
tion, but he did Claim that they would
prove palliative. Summed up. his pro-
| posals are that America should continue
her present purchases of silver and that
| the European powers should continue 10
buy All amount equal to 45,O00, 000 sterling
| year for five years at 43 pence per ounce.
If silver should rise above that price, the
purchases are to be Immediately sus-
pended.
1t is expected that the proposals will be
referred to committee. The Portuguese
delegates have been instructed by their
government to act in harmony with the
British representatives. 1t is stated that
Mr.. de Rothschild proposes to raise the
legal tender of silver in England from e2
to 10. Great Importance attaches TO this
proposal, as it means that the English G5
notes will be payable i'll silver.
"lf YOU approve the plan" said Mr. de
Rothschild, you can make a supplement-
to it in any way you think proper before
submitting it to your government. l
think such an arrangement will give gen.
eral satisfaction. l believe that our
American friends will find it accepts able
legal tender in England. l believe the
proposal will be well received in 1ndia.
The bulk Of the population will recog-
niZe that no material alteration
Is suggested, while the merchants and
bankers will know that exchanges are
given stability which will remain un-
diminished during period of five years.
If the conference adjourn without ac-
complishing any detiuite result, it will
cause a fall in silver frightful to contem-
plate. 1t will cause monetary panic of
which it is impossible to foretell the far
reaching effects"
The American delegates authorize the
Associated Press representative to state
that they are thoroughly satisfied with the
turn of events, and consider the Roths-
child plan and today's action Of the cou
ference to amply justify the convoking of
the conference.
LONDON, Nov. 2S-Bimetallsm has
found an advocate in Archbishop Walsh
of Dublin. In the course of an interview
regarding the distress prevailing in Ire
land the archbishop declared that the
adoption of bimetallsm was a matter of
imperative necessity to save the irish ten
ants from inevitable ruin. 1t was dis
heartening, the arch bishop added, to find
that nc interest WAS taken in the question
by the leaders Of the Irish parliamentary
party. If things go on as they are. even
the excellent land purchase scheme may
become. before many years are over, a
source of widespread disaster to the pur-
chasers under it. According to Archbishop
Walsh, foreign competition is not the sole
cause of the ruinous fall in the prices of
agricultural products. The main cause,
he believes, is the continuous rise in the
value of gold. The archbishop concluded
by expressing the hope that the conference
at Brussels would succeed in solving the
monetary problem.