The morning call., 1892-12-07
COMING TO NAUGHT
Failure Almost Certain at
Brussels.
SILVER HAS BUT FEW FRIENDS
Rothschild Withdraws His Plan, and
England Declares UnaIterably for
the Single Gold Standard.
Special to TIE MORNING CALL.


was the withdrawal by Alfred de Roths-
settlement of the silver question.
just prior to this withdrawal Sir C.
RIVERS Wilson, who said that his views
were shared by Sir Charles Fremantle, the
other British delegate. said he believed that
all Governments who had sent delegates
here recognized the presence of a great
danger. "a note of warning" he said.
has reached us from America, and to say
tho least 1t is doubtful whether the Ameri-
can Government can continue:indefnitely
the gigantic efforts 1t has fruitlassly made
LOT so many years to maintain and raise the
price OF silver. We need not inquire
whether the policy which has governed the
currency legislation of the great republic
was wise In conception. but it cannot be
denied that 1t has not realized expectations,
ana Is greatly the cause of our present
position. In any case the suspension of
American silver purchases has become
the practical question of the day. and
IL IL occurred it might lead to the
suspension of silver coinage In In-
ala. Certain high authorities believe
that The sudden cessation Of the purchases
OF silver by America and the closing of
lndia's mints would lead to heavy fall in
the price OF silver and disastrous disturb
ance OF commerce. Others contend that the
fali has already been greatly discounted
and that the removal Of the present uncer-
tuhty would have quieting effect. In
view OF these divergent ideas, what course
should be adopted? Sir Charles Fireman.
tie ana myself, / will state frankly, are pure
uonometaliists, and do not admit that any
other system than the single gold standard
Is applicable in Great Britain. We are
willing to admit that the Rothschild aud
Lew Plans would not be incompatible with
our principles. but it is not enough that
these schemes are defensible in principle
would either plan have the least chance of
meeting with prepondsrance of support
that would justify US In recommending the
British Government ITO consider IL? We
think not. Another plan may, however, be
formulated and approved by the conference,
and II IL does not conflict with our princi-
ples, 1t will receive serious consideration
from the British Government"
Mir. MeCreary Of the American delegation
proceeded to point out the difficulties ana
perils In the existing situation, and said
that Whatever was the cause the fact re-
mained that a remedy was imperatiyely
necessary. He appreciated the attention
Rothschild had given the conference bur
he could not support his plan. He could
not admit that it is the proper remedy for
America to continue to purchase 81, ,000, 600
ounces OF silver annually at price not to
exceed 100 cents on the dollar on condition
thai the European powers make purchases
yearly to the amount of IS. 600. coo for five
yeers at price not to exceed 43 pence per
ounce. and if silver should rise above that
price the purchases should be immediately
sizpepded. lt seems an unequal distrib.-
fIon that the United States should be ex-
pected TO purchase twice as much silver as
Europe. The object of the conference
should DO not to fix the price
at which to keep silver below
par. but to enlarge its. use and
restore it to parity with the value 1t
had with gold prior to 1873 Mr.. McCreary
referred to the complaints of the British
Chambers of Commerce, quoted the recent
declarations of Archbishop Walsh aud Mr..
Balfour, and contended that the situation
demanded broader recognition and bet-
ter remedy than that suggested by Roths-
child. The American delegates were ready
TO cooperate with the other delegates in a
candid aud determined effort to maintain
the monetary functions in both metals.
plan of bimetallsm favored by America,
they had also submitted the plan favored
by themselves. II was plain business
proposal. and if adopted the necessary de-
tails could be easily arranged. 1t announces
no new theory and proposes 10 untried
system. 1t only opened the way to a return
to the time-tried and time-honored system
under which gold and silver were for many
years at par and equal instruments in ex-
change. The acts of Parliament, the laws
OF Congress, and the ediets of mon arehs had
changed the real value of the metals.
In order that the situation in the United
States might be fully understood, McCreary
explained the position of the different polit-
lea! parties, and added that he believed the
people In general, without regard to politi-
cal affiiiatiOn, indorSed the American plan
Referring 10 the silver bullion law, he said
the law was not entirely satisfactory 10
either party. and. In support of his state
ment, quoted from the platforms adopted
by the Minneapolis and Chicago conyen-
tions. The shrinkage in the volume of
money would decrease prices and tend to
concentrate wealth. TO enrich the few and
impoverish the many. The volumes of gold
and silver in the world were nearly equal
when silver was stricken down and the
amount of coin red uced, resulting in a di-
minished amount of money and constant
shrinkage of values.
In concluding McCreary said: 81 believe
the best aim of the conference to be the
general reconciliation of silver and the
unrestricted coinage Of gold and silver into
money OF debtpaying power, with q per-
manent International ratio of 15l5 or 16 to i,
and l prefer the latter. This, in my opin-
ion. would give unity and stability to the
value OF money and furnish the best remedy
for existing evils from which all civilized
nations are suffering"
Sir G. S. MOlesworth, one of the delegates
Tor India, combatted the theory that Great
Britain owed her commercial superiority to
the gold standard. Great Britain was saved
from serious danger only by the bimetallism
oil France. The whole question required to
be examined from the view of Industrial as
well as monetary and financial interests.
Sir u. +. Hou!dsworth,a a British delegate,
then presented his plan. He proposed that
a bimetallic union Should be formed by the
nations willing to enter into such an agree
ment, and the nations that preferred to
retain the single gold standard should
undertake that their mints should re-
ceive and receipt for silver bullion in not
lees quantities than hxed minimum against
the receipts. noting the quantity and value
at specified rate per ounce to be deter
mined by agreement. the quantity so speci-
fed to be delivered by weight to the bearer
whenever demanded, and the receipts 10
circulate as money.
The conference then ad djourned until next
Thursday.