The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-11-30

the WOflu CannOC Do 1Shorcu'-Aiho
American Delegates Satisfied at the
Turn Affairs Have Taken.
BRUSSELS. November 29.-In pre-
senting his proposals to the monetary
conference, yesterday, Baron de Roths-
child said:
ssGermany's action in 1878, and the
action of Italy, Russia and of Austria IN
amassing gold, is conclusive proof OF the
appreciation of great European coun-
tries of the advantages of a gold stand
ard. England owes great part of her
wealth to the confidence felt in her mon
etary system, which has inspired at
home and abroad a confidence based on
the knowledge that a bill drawn on Eng
land from anywhere would be payable
in gold. England has ample bullion and
notes to CAIRO on her enormous transac-
tions; her banking system is as perfect
as possible. England's commerce has
f1ourished under these conditions, and it
would be dangerous, possibly suicidal
to try to introduce an innovation in her
currency system, even if the bi-metal-
lists contention is correct, that fall In
silver has reduced the prices of certain
commodities.
II am unprepared to say that it is a
misfortune for England or the world.
cannot deplore the ability of Indian ex-
porters to send wheat to England, sim
ply because it interferes with the Brit
ish farmer. / hold that wheat at 80
shillings instead of As shillings is bless
ing rather than otherwise. How
ever, I think that the fall in the
price of certain commodities is
Due to Over-Production,
chiefly owing to the development of new
regions and to the increased facilities of
communication, enabling products to be
placed at low prices in European
markets. Apart from other considera-
tions, it seems to me that universal ar
rangement of the currency question is
impossible As the wealth, resources
and expenditures of no two countries
are alike, it would be impossible to carry
on the trade of the world on a sound,
stable basis if the debtor was allowed
the option of paying in whichever cur
rency suited him.
.sAlthough I hope that have shown
that bi-metalism is impossible in Eng
land, the question arises whether or not
it is possible to extend the use of silver.
thereby stopping further fall. the
disastrous consequences whereof 1T is
impossible to foresee. 1 therefore sub
NIT the proposal, not as an absolute,
lasting remedy, but as q palliation.
s'If the conference adjourns without
having accomplished any definite result,
it will cause fall in silver frightful to
contemplate. 1t will cause monetary
panic, of which it is impossible to fore
tell the far-spreading effects
The committee appointed yesterday
will consider the plans suggested by NJ.
Levi and Prof. Adoph Soetbeer.
Prof. Soetbeer's Plan.
is to establish one gramine of fine gold
as the international unit of value and to
stop the minting of coins containing less
than 5.SO65 grammes of pure gold. The
circulation of coin of foreign countries
of less than the new standard will be
prohibited by the countries signing the
agreement, and gold coin of inferior
value will be withdrawn within five
years. Private individuals will be al
lowed to coin gold upon the paymen of
an agreed seigniorage. Gold certificates
may be issued against gold held in re-
serve. Prof. Soetbeer's plan also in
cludes the coinage of silver in the pro
portion of twenty value units of that
metal to one of gold, but private individ-
uals will not be allowed free coinage of
silver.
The American delegates have strong rea-
sons to be satisfied with the recognition of
the advocates of monometallism of the
seriousness of the dangers of a
further fall in silver. They are inclined
to support Rothschild's proposals.