The record-union., 1892-11-29
Special to the RECoRD-UNIoN.

Special to the RECoRD-UNToN.
BRUSSELS, Nov. 2S.-In the Monetary
Conference to-day Rothschild's proposals
were submitted. They cover eleven
printed octave pages. Rothschild argues
at great length that bimetallism in Great
Britain is absolutely impossible, and sug-
gests the question whether it is now pos
sible TO extend silver generally, and by
this means assist the checking of a fur
ther fall in its values. Rothschild said he
did not claim that his proposals would
prove final solution of the question, but
they would prove a palliative. Summed
up, his proposals are that America con-
tinue its purchases of silver, and the Eu-
ropean powers buy an amount equal to
95,OOO,OO0 sterling year for five years, at
43d. If silver should rise above that price
the purchases be Immediately suspended.
Rothschild said that he felt that gold
standard in England was the only pos
Slble one, and if they consider that her
whole commerce, and large part of that
of other countries, is carried on by bills
Of exchange on London, which are nat
urally payable in gold, it must be adj
mitted that the world generally transacts
-
standard, with the exception of a very
modified form, does not exist even in
those countries protesting to pay in either
metal. Whatever international agree
ment may be made, or whatever ratio is
chosen, gold alone will always be the
favorable medium for settling large debts
or making large remittances. Germany's
action in 1873 and the action Of Italy.
Russia and Austria in amassing gold is
conclusive proof of the appreciation the
great European countries have Of the adj
vantage of the gold standard. Apart from
other considerations, it seemed to him
that universal arrangement of the cur
rency question is impossible. AS to
wealth and sources of expenditures no
two countries are alike. 1t would be i'm
possible to carry on the trade of the world
on sound, stable basis, if a debtor was
allowed the opuion Of paying in whatever
currency suited him.
Rothschild thought some such ARRANGE
ment as he proposed would give general
satisfaction. The gold market of the
world would also be relieved, as only
European appeals will be made thereto
for long time, and as South Africa is
increasing her output of gold, the ar
rangemenI suggested last would enable
Russia and Austria to complete their
purchases without unduly interfering
with the money market. Ii the confer
CIlCt dtliOuIHS WlLAOuI IdRlll0 accom-
plished any definite result, it will cause
a fall in silver frightful to contemplate.
1t will cause a monetary panic, added
Rothschild, of which it is impossible to
tell its far-spreading effects.
After discussion the proposal was re-
ferred to a committee to consider. The
committee includes Sir @, FreemantIe
(British), Guilford L. Molesworth Gndia).
Ii. w. Cannon United States), NJ. Foville
(French), Signor Slmonilli Qtaly), and NJ.
Raffolovitch (Russia), with Alfred De
Rothschild and NJ. Levi (Belgium) ex-
otficio members.
The conference adjourned till Friday.
The American delegates authorize the
Associated Press representative to state
that they are thoroughly satisfied with
the turn Of events, and consider Roths-
cnild's plans and to-day's action of the
conference amply to justify the convok-
ing of the conference.
A DANISH DELEGATES PROPOSAL.
BRUSSELS, Nov. 2S.-A Danish delegate.
who is mOnometallist, Will propose the
coinage ofsilver five francs, four shillinUs
or dollar pieces, rated to gold according
to the price Of silver IN the year previous
to the adoption OF the international agree
ment, with the seignOrage Of ten per cent.
He will also propose the appointment of
a permanent International Commission
to fix the initial prices. Should the price
of silver fall to five per cent below the
coinage ratio, the commission will have
authority to fix a new ratio and order the
recoinage of pieces. These are to be legal
tender internationally, and the banks to
keep them as reserve against notes, and
have the right to demand gold in ex-
change for them at any time from the
Government issuing the particular coin
held. This scheme will be subject to
lively communications between the dele
gates, but it will not be formally pro-
posed until the RoehschiId proposal is
debated.
The Portuguese delegates have been in
structed by their Government to act in
harmony with the British representatives.
1t is stated that Rothschild proposes to
raise the legal tender of silver in Eng
land from two pounds to five. Great il7-
portanee attaches to the proposal. as it
means the English So would be payable
in silver.
A FRIEND OF BIMETALLIsNI.
LONDON, Nov. 2S.-Bimetallism has
found an advocate in Archbishop Walsh
OF Dublin. In the course of an interview
the Archbishop declared the adoption of
bimetallism was matter Of imperative
necessity to save Irish tenants from in
evitable ruin. ut was diSbearteninp -
the Archbishop added, "to find no inter
est taken III the question by the leaders
of the Irish Parliamentary party. If
things go on as they are, even the excel
lent land-purchase scheme may become.
before many years, source of widespread
disaster to purchasers under it." Ac-
cording to the Archbishop's views for
eign competition is not at all 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. What a prospect it is"
he added, ''for Irish tenants, whose Judi
cial rents are fixed for fifteen years, or
for tenants with annual purchase pay
ments extending over forty-line years,
that gold has risen 35 per cent. in value
within the last fifteen years and must
continue to appreciate if the present sys-
tenn is maintained" The Archbishop
concluded by expressing the hope the
conference at Brussels would succeed in
solving the monetary problem.
CABINET CRISIS IN FRANCE.