New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-11-29
GREAT BRITAINS PROPOSALS.
SILVER PURCHASES TO BE MADE GENERAL
PLAN UNDER WHICH EUROPEAN GOVERN
MENTS WOULD BUY An AMOUNT
FoI-AY TO c5 600 900 ANNUALLY.


Brussels, Nov 2s.-Alfred de Rothschild's pro-
posals on behalf of the English delegates, were
submitted to the International Monetary Confer
ence this afternoon They cover eleven printed
octave pages Mr.. de Rothschild argues at great
length that bimetallism in Great Britain Is ab9o-
lutry impossible and suggests that the question
arises whether il is not possible to extend the use
of silver generally, and by this means assist IN
checking a further fall in value. Mr.. dc Roths-
child said he did not claim that his proposals
would prove final solution Of the question, hut
he did claim that they would prove paiilatiVe.
Summed up his proposals are that America should
continue her present purchases OF silver, ana the
European powers should combine TO buy an
amount equal to E5,000,00O yearly for hve
Years at ADD. II silver should rise above that
price the purchases ore to be imInediateiJ sus-
pended.
The document submitted by Alfred de Roths-
child recalls the fact that the Bank OF England
in 1885 obtained the opinions OF the directors
on tho snhiect OF bimctallism. and he himself
then gave an opinion which was published In the
report of the Royal Commission. " / refer there
to- he saws, in order 10 remind You that the
question was seriously discussed not many years
ago and I felt strongly the subject then and
/ have no reason 10 regret modify my views.
T have since felt that gold standard in England
is the only possible one, and II we consider 'hat
her whole commerce and great part OF that OF
other countries is carried OIL hy bills OF eAchan0e
on London, which are naturally payaoie IN gori'
il must be admitted that tho world generally
transacts business on a gold OASIS ana 'na'
double Standard with the exception OF very
modified FORM does not exist, even In those coun-
tries protesting 70 pay in either metal
Now it is proposed to revert 70 the situauon
#
existing prior TO 1873 and open all or part oi
,he pints o: ..-rope the free ooilaGc OF silver
and to discuss the ratio 70 be fixed. The result
Of the adoption of such course wo1d be that the
ponk Of England notes would cca,o 10 represent
! sovercigns. and would be payable II deprecated
currency because the bank could mt pay gold il
NJ the same time purchasing an unlimited amount
OF silver The banks stock OF C-5,0OOOO OF
gold would soon disappear and II would be rc-
nlaced by silver Whatever international agree
mcnt should be made. and whatever alto should
lc established gold alone will alway he chosen
nc the fayorite medium of settling larIe debts or
making large remittances 1t would hcimpossbe
70 remit large sums Of silver abroad, owing TO the
hulk Gold would bc sent even If it lad 10 be
| bought at a premium"
referring to the depreciation OF silver, he 9ald
| in addition: "Germany's action in S73, and the
action Of Italv, Russia and Of Austria in anassng
|
Europcan countries of the advantage of tie gold
stondard England owes a great part her
vreal a. 70 thp confidence felt in her monetar sys-
tem which has inspired at hone and abrod
confidence based on the knowledge that bill
drawn on ENGLAND from anywhere wous1 be pya-
b1e i, cold England has ample bullion and ndca
/ to carry on her enormous transactions; her bak-
ing system is as perfect as possible. EhgiaH
commerce has fiOurished under these conhiuoi''
ard il would bc dangerous, possibly snlcidn
FRY 70 introduce an innovation In h"r curre"
system Even if the bimctallists' contention J.
rroct that fall in silver has reduced the prices
of cortain commodities, | am unprepared TO say
that !. 10 q misfortune for England or the world
cannot dcplorc the ability OF indian exporters
to send wheat 10 ENGLAND simply because IL III
| tcrfcrcs with tie British farmer hoIu INA"
yhnat ot 3os instead Of 4js. is a blessing rather
than o.hcrwise However, l think that 'he ldi-
in tLe orice Of certain commodities s due u over
| dc,;on chiefly oving TO the development OF
,.,, rooons and 10 the increased facilities Of com
rnuricotion enabling products TO be placed at low
prices in European markets
Apart from other considerations, 1t seems 10
J me that n universal Arrangement al the currency
nurction is impossible As IN" wealth. resources
and expenditures Of no two countries ar" ahh''
| il would be impossible 10 carry on III" trace oil
the world on a sound, stable basis II 'hc "c"'"r
was allowed the option Of paying IN whichever
currency suited him
81 see no objection to silver being nod" legal
! tender in England up to 81. l b"ii'Ve tHa' 'he
nronn,al will be well received i'll lndia. Inc p"iN
Of the population will Iccognn" that 20 m''eiii
alteration is suggested, while the merchants an"
lonkcrs will know that the exchange" are gwen
! stability which will remain Gndisturb'd during "
| ncriod of five years. Unstable exchange m'e
tIan depreciation OF the rupee is the chlcl iac,"
of complaint in India. The gold market VIII "'r
10 relieved az only European appeals VIII be ma"
thereto for a long time, and AS South A'fica
increasing her output Of gold the arrangement SUI
pcstrd will enable Russia and Austria 70 cohp'e"
nrrch,scs without unduly interfering with the
money market. ..o .o
ar the conference adjourns without having ac-
,,,rI;shod any definite result. it will cause fall
IN .;Ivcr frightful TO contemplate. II Will cause
a monetary panic OF which II Is lmpoosi'e W io''
| toll the far-sprea ling effects.
! rho Russian delegate, NJ. Rafalovtc. mover
,ho, ,bc proposul Lc referred to small committee
| - consider. together with SOetbccrs ana Lewis
| ohcmos The committee, he said, ought 20 con-
sist chiefly Of business men and noh-uip"hi,S
Tho nlan of MIR. Rothschild, he said, was ho' WIN
ont objection in principle and detail. Inc D"'on
dolocote Herr Ber<, seconded the rsoiu'ioh' an"
:, ,,os unanimously adopted. coihhi''e VI
,,vovc WAS appointed including SIR T. fr'',i'.r "a
,p.;,isl,l Gulford l.. Molcsworth llndial' H. y"
C.npor limited States, NJ Foville trance o'E
nor SimoncUi italy and NJ. RahaioVltch' WIN
| ,I,.ad do Ro;hschild and NJ. Lew tfclglum) en-
ofcio members. 80, r,;d.,,. ,rbon
rho conference adjourned till Friday WHICH