Los Angeles herald., 1892-12-07
ROTHSCH|LD'S PLAN WITHDRAWN
The Silver Problem Far from
Solution.
Interesting Discussion in the None.
tary C0ference.
Sir q. Rivers Wilson Defines England's
POsition-Mr. McCreary Ably
Presents the Case of the
United States.
BY the Associated Press.

DhooohLo, DcC. O.-Iue lnI6TnaJlOuhi
monetary conference today resumed the
discussion OF Baron Rothschild's pro-
posals. After speech by Sir G. r. Viii
son, one of the Britiah commissioners,
Rothschild withdrew his scheme.
Sir @. Rivers Wilson, who said his
views were shared by Sir Charles Free
mantle, the other British delegate, said
he believed all the governments who
sent delegates here recognized the
presence Of great danger. "a note OF
warning has reached us from America,
and to say the least, it is doubtful
whether the American government can
continue Indefinitely the gigantic efforts
it has fruitlessly made so many years to
maintain and raise the price OF silver. We
need notinquire whether the policywhich
has governed the currency legislation
of the great republic was wise in con-
ception, but it cannot be denied that il
has not realized the expectations and
1s greatly the cause of our present posi-
ton. In any case the suspension Of
American silver purchaees has become a
practical question of the day, and if it
occurs, might lead to the suspension of
coinage In India. Certain high author
tiles believe the sudden cessation of the
purchases of silver by America, and the
closing OF India's mints, would lead to
heavy falls of silver and disastrous
disturbance of commerce. Others con-
tend that the fall is already greatly dis
counted, and that the removal of the
present uncertainty will have quieting
effect. In view of these divergent ideas,
what course should be adopted? Sir
Charles Freemantle and myself, I'll etate
frankly, are pure mono-metallists and
do not admit that any other system
than single gold standard is applica-
Bile in Great Britain. We are willing to
admit that the Rothschid and Levi
plans would not be incompatible with
our principles, but it is not enough that
these schemes are defensible in prin-
ciple. Would either plan have the least
chance OF meeting with the preponder-
ance OF support that would justify US in
recommending that the British govern
ment consider it? We think not. An
other plan may, however, be formu-
lated by the conference, and if it does
not conflict with our principles it will
receive serious consideration from the
OIlIlsu government.
Mr.. McCreary of the American dele
CATION proceeded to point out the diff
culties and perils in the existing situa-
tion, and said whatever the cause, the
fact remains that the remedy was i'm
peratively necessary. He appreciated
the attention Rothschild had given the
conference, but could not support his
plan. He could not admit that it is a
aA for %
to purchase 54,000,000 ounces Of
silver annually, at a price not TO
exceed 100 cents on the dollar,
on the condition that the European
powers make purchases yearly to the
amount of 95,000,000 for five years, at a
price not to exceed 43 pence per ounce,
and if silver should rise above that
price, purchases to be Immediately sus.
pended. 1T seems an unequal dstri-
button that we should be expected to
purchase twice as much silver as
Europe. The object of the conference
should be not to fix price which will
keep silver below par, but to enlarge its
nse and restore it to parity with the
value it had with gold prior TO 1878"
McCreary referred to the complaints
of the British chambers of commerce.
quoted the recent declarations of Arch
bishop Walsh and Mr.. Balfour and con-
tended that the situation demanded a
broader recognition and better remedy
than that suggested by Rothschild.
The American delegates were ready to
cooperate with the other delegates in a
candid and determined effort to main.
tain the monetary functions of both
metals. Therefore, after submitting the
general plan of bi-metallism favored bv
America, they also submitted
plan favored by themselves. 1t
was plain business proposal,
and if adopted the necessary details
could be easily arranged. 1t an
nounces no new theory and proposes no
untried system. 1t only opens the way
to return to the time-tried and time
honored system under which gold and
silver were for many years at par and
equal instruments in exchange. The
acts of parliament, laws of congress and
edicts of monarchs had changed the
real value of the metals.
In order that the situation in the
United States may be fully understood,
McCreary explained the position of the
different political parties, and added he
believed the people in general, without
regard to party affiliation, endorsed the
American plan.
Referring to the silver bullion law, he
said the law was not entirely satisfac-
tory to either party, and in support of
his statement,quoted from the platforms
adopted by the Minneapolis and Chicago
conventions. A shrinkage in the vol.
ume of money would decreace prices
and tend to concentrate wealth; enrich
a few and impoverish many. The vol
ume of gold and silver in the world was
nearly equal when silver was stricken
down and the amount of coin reduced.
resulting in diminished amount of
money and the constant shrinkage of
values.
In concluding McCreary said: II be-
lieve the best aim of the conference will
be the general reconciliation of silver
and unrestricted coinage of gold and
silver into money OF debt-paying power,
with permanent international ratio of
151a or 16 to l." and he preferred the
latter. This, in his opinion. would give
unity and stability to the value of
and furnish the best remedy for
the existing evils from which all civil
lied nations we're suffering.
Sir G. s. Molesworth, one of the dele
gates for India, combatted the theory
that Great Britain owed its commercial
Mr.. Charles Carman from Petersburg, Ill.,,
writes: ~ know Salvation Oil to be a very
good remedy for ne uralgia, rheumatism, burns, |
and cuts. We are never without it,"