The morning call., 1892-11-29
ROTHSCHILDPLANS
Double Standard Declared
Impossible.
EUROPE TO BUY SILVER
She Will Invest Five rlillion Pounds
in the White enetal-American Rep
resentatives Satisfied.
Special to THE MoRSINe CALI

BRUSSELS, Nov. 2S.-Rothschild's prop
osition for the solution of the silver ques-
tions were submitted TO the monetary con-
ference this afternoon. They cover eleven
printed octave pages. Rothschild argues at
great length that bimetalIism in Great Brit
ain is absolutely impossible. He suggests
the question whether it Is now possible TO
extend the circulation Of silver generally
and by this means check further fall in
values.
Rothschild said he did not claim that his
proposals would prove a final solution of
the question. but that they would prove
palliative. His proposals are that America
continue the purchase Of silver and that the
European Powers buy an amodnt equal TO
e5,C00,O00 year for Eve years at 43d. If
silver should rise above that price the pur-
chases 10 be Immediately suspended.
Rothschild said. IN part. that he felt that
a gold standard in England was the only
possible one. and IL it were considered that
her whole commerce, and a large part of
that Of other countries, is carried on by bills
of exchange on London, which naturally
are payable in gold. IL must be admitted
that the world generally transacts its busi-
ness on gold basis, and that a double
standard. with the exception of very mod
flied form. does not exist even In those
countries protesting TO pay In either metal.
Whatever international agreement may
be made, or whatever ratio chosen. gold
alone will always be the most favorable
medium Of 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 by the great
European countries Of the advantage of q
gold standard.
Apart from sther considerations IL seemed
TO him that universal arrangement of the
currency question is impossible. as the
wealth, resources and expenditures Of no
two countries are alike. 1t would be i'm
possible 10 carry on The trade of the world
on a sound, stable basis if the debtor was
allowed the option Of paying in whichever
currency suited him.
RothsehHd thought some such arrange
ment as he proposed would give general
satisfaction. The gold market would also
De relieved, as only European appeals
would be made thereto for a long time, and
as South Africa is increasing her output OF
gold.
Such an arrangement as that suggested
would enable Russia and Austria 10 CON-
fering with the money market. If the con-
ference adjourns without having accom-
pished any definite result. 1t will cause a
fall in silver frightful to contemplate. 1t
will cause a monetary panic. added Rolhs-
child, OF which it is impossible 10 tell the
far-spreading effects.
After tile discussion the proposal was re-
ferred 20 a committee for consideration.
The committee includes: Sir G. Fireman.
lie tBritish). Guilford L. MoIesworth Qndia),
ii. W. Cannon united Siates), NJ. Fovile
France). Signor SimOnolli (taiy) and NJ.
Raffolovitch Russis). with Alfred de Roths-
child aud NJ. Levi (Belgium) ex. x.oficlo MEN,
bers.
The conference has adjourned till Friday.
The American delegates authorize the As
socisted Press representative to state that
they are thoroughly satisfied with the turn
Of events. and consider Rothschild's plan
and tO-day's action OF the conference amply
justify the conyokiug OF the conference.