The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-08-09
THE CALI. CALENDAR,
AUGUST 1892.
THE MONETARY CONFERENCE.

So far as the opinions of the delegates 20
monetary conference are known the sill
yer invn sa the best CT T. There are &c
stronger adyocafes az himetalism in this
country s8aA Senators Jones ard Allison.
anG these gentlemen eouN net look fer mere
etilc.snt allies than srs found II Sir usn-v
bouldsworth and BeTtrsm Cure. two Of
sue Eussa delegates. TIE third, Sir c.
". r. Jantle, owes his appointment to
ms oiflela. position rs director of the mint
oiice England has been regarded as the
mnst formidable OF the opponents OF bimet-
aiiism lie appointment of two advocates OF
olmetallism IS certainly a point gained.
Ibis may be said to be the first time silver
conference has been held with a Govern
ment behind it. Tie Republican platform
demands the use Of gold and silver as
money, and the administration sends TO the
conference men who are identified with that
view of the question. This is probably the
last attempt that VIII be made by the
United States to induce the leading CONNER
cal nations of Europe to join in the estab-
lishment Of ratio between the two metals
upon which commercial equality may be
maintained. France is believed TO be will
ing to come to an understanding il England
and Germany can be won over. But If
England and Germany, which Will undoubt-
edly act together, n0ld alOof, they must take
the consequence. There is d vast amount
Of silver now boarded in the hope that some
international agreement Will be reached by
which the white metal will be restored TO its
old status as money. Il is not so important
that the ratio should be either that of the
Latin Union or Of the United States as that
a ratio shall be agreed upon. 1t may be
deemed better that silver should circulate at
the ratio of Is to than not at all or merely
as token money. To the world at large the
main point is TO unite silver with gold as the
basis of currency. To holders of silver it
may be considered better TO issue the silver
at IS to / than TO take the chances of its
depreciation in case the conference should
adjourn sine die without coming TO an
agreement 1t would be embarrassing for
England, with her large silver-using de-
tendency, if the United States and France
should become sellers of silver. 1t is hardly
within the range Of conjecture what the de-
probation would be if the 81. 900, OO0, 600 the
two nations own should be thrown upon the
market. So far the United States has been
the sole support Of the silver market and
has lost S25,000.000 by its policy. The silver
in the treasury, bought at its current
value. is worth at present rates somewhat
lunIt lhah SL0.Vou,Ot0 less tnaD at the sew
eral dates when the purchases were made.
Of course 10 one can predict with much pre-
tension 10 accuracy what the silver policy of
the United States will be if the conference
fails TO CO anything. 1t is reasonably eer-
tain that the present policy OF buying aud
storing silver Will not be long continued.
The fact that we are buying our own silver
products leaves no other way to accoant for
the continued depreciation of silver than
that Europe is taking advantage of our
pelley to get rid Of some of Its silver. Were
40 foreign silver thrown upon the mark ct
the price would advance. 1t is some months
since the American surplus was reported as
exhausted, but silver continues to drop.
There is reason to fear that if the confer
enee fails the alternative will be preseE ted
of the silver or gold standard. The two
metals are getting too far apart for the
cheaper TO be sustained On level with the
dearer. Free coinage means the silver
standard. No gold will be offered for COIN
age after the limit to the amount of silver
that may be coined and circulated as legal
tender is removed. No gold will circulate
except for special purposes, for which pur
poses debtors will be compelled to buy gold
at a premium.