Los Angeles herald., 1892-12-16
A PLEA FOR B|METALLISM.
Senator John 2. Jones Makes
a Strong Speech.
The Monetary Question Ably
Discussed.
Senator Allison Also Speaks With
Some Warmth.
An Attempt to Be Made to Adjourn
the Brussels Conference to June
6th-The London Thun-
BY the Associated Press.

ence today in favor of bi-metaliism
| He said the enemies of silver and every
silver currency reform were the very
men who directed attention to the ap-
probation OF gold. In its nature money
was a function rather than material !;
that function was created by law and
was vastly more important than the
material upon which the money func-
tion was conferred. Facts disapproved
the contention that the fall in prices
was due to scientific development re-
ducing the cost of production. The
| construction of the Suez canal
brought to European markets the
effective demands of hundreds
Of millions of Asiatics, of which the
tendency to raise prices was more than
| Offset by the tendency of science to
lower prices. The American bi-metal-
lists did not claim that making the two
metals legal tender would secure sta
biity in prices, but they asserted that
free coinage over q wide area would
result in the fluctuations of the values
of gold and silver being considerable.
They fully admitted that the demands
of the myriad-peopled east might in
CdeO vi bhCii LSdViCob EU III
crease the dem and for silver bills as to
bring silver to slight premium over
gold, but in fact that competition for
whichever metal became fractionally
cheaper would sustain values.
The mono metallists of Lombard
street, when confronted with this argu-
ment, spoke of mountains of silver they
were told were about to be discovered,
which would swamp the market for
silver with bills sufficient not only to-
overwhelm the monetary demand for
Europe, but also to initiate the silver
currencies.of GOO, 900 900 orientas.- The
evidence taken before the British royal
commissions in regard to India showed
that rupee was today purchased as
much in India as it ever was. If the
Indian farmer gets more rupees for 30
shillings gold which his wheat realizes
| in London today than ne did for 40
shllliDg5 lO years ago, how could
Europe and America market their
crops in the face of such competition.
While the collapse of silver stimulated
Indian exports at the expense of the
British farmer. it was similarly creating
an enormous competition. Bombay was
sending cottons to China at the expense
of Lancashire. What India gained by
the falling OF exchange she more than
lost by the hesitation of British capital.
lists to invest in India. India's indebt-
edness to Great Britain compelled her
to sell annually in London at least
80, 100000 ounces of silver, more than
was produced by all the mines in Amer
lea. Gould it be said, then, that Eng
land had no interest in the silver ques.
tion?
He would not complain of the attitude
of France, which was already amply pro-
| vided with silver currency. With sta
tionary population, steady bank rate
| and small eastern trade, the French
interest in silver could not for moment
compare with the English. The fall of
| prices in England was driving farms out
of cultivation and putting the landed
| interest into the hands of mortgage
companies.
| History was full of warnings. Finan-
| cial struggles had led to social struggles,
and sometimes to revolution. Govern
ments alone could undo the mischief
| governments had done. Whatever
might be the result of the conference, if
| some measure of relief was not willingly
| adopted in the near future, they might
rest assured that ultimately in spite of
the craft and cunning and wiles of the
wicked the great producing masses Of
the civilized world would crystalline
into law their imperial will.
| Senator Jones spoke for two hours.
| NJ. Allard OF the Belgian delegation
then spoke in support of his own plan,
| which proposes an international agree
| ment for the purchase. under common
| account of stocks of silver, against
y, ,,at, L..
the contracting states, none OF which
| shall be obliged to coin the silver thus
| purchased or modify it's existing cur
rency legislation; the treasury notes to
| have international circulation. In the
course of his speech Alard complained
| of the obstructive tactics of the British
| delegates.
sefior Osma of the Spanish delegation
and VI. Raffolovitch of the Russian del
egation urged the American delegates
not to press vote on the main question
at the present stage.
Senator Allison spoke with some
warmth. He said he and his colleagues
did not ask for vote on the main
question; they fully appreciated the
cordiality with which the question
had been approached by all sections of
the conference. The proposals already
presented to the conference were OF
such a character that they would, if
adopted, impose heavy burden upon
America. The American delegates could
not make concessions without compen-
| sating amendments. He believed the
truest ratio between gold and silver was
15 to /, and he wished to repeat that if
there was any intention to resume the
conference later, the United States
would be willing to 90 so far as possible,
with due regard to it's own just inter-
ests, to satisfy the expectations of
Europe. He promised that the United
States would accept any scheme that
met with general approval.
TIE next and probably the last ses-
sion Tor the present will be held Tues
day. The proposal will then be made
that the conference adjourn to June 9th,
| without dissolving.
J LONDON, Dec. 15.-The Times, refer