The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-12-07
ROTHSCHILD'S PLAN.
1t is Withdrawn From the Brus-
sells Conference.
AN AMERICAN DELEGATE TALKS.
The Conference VIII Most Likely End in
Eailure-The British Idea as tx
planned by a Delegate.


Monetary conference resumed its discus
sion of the RothschiId plans today.
Sir @. Rivers Wilson, who said his views
were shared by Sir Charles Freemantle,
the other British delegate, said he be-
lieved all governments which sent delegates
there 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 govern
ment can continue indefinitely the gigantic
efforts fruitessly made for so many years
to main tain and raise the price of silver.
We need not inquire whether she policy
which governed the currency legislation of
this great republic was wise in it's concep-
ton, but it cannot be denied it has not
realized expectations and is greatly the
cause of our present position. In any case
the suspension of American silver pur-
chaseS has become the practical question
OF the day, and If it occurred might lead to
the suspension OF coinage in India. Ger
tain high authorities believe thss sudden
cessation of the purchases of silver by
America aud the closing of India's minis
would lead TO heavy fall in silver and a
disastrous disturbance to commerce.
Others contend that the fall is already
greatly discounted and the removal of the
present uncertainty has mad its effect.
In view of these divergent IDEAS what
course should DO adoptedl Sir Charles and
myself, viii state frankly, are pure mono
metallists and do not admit that any other
system than single gold standard is sp-
plicable in Great Britain. We will admit
that the Rothschild AID Levy plan will not
be incompatible with our principles, but it
ia not enough that these schemes are de-
feasible in principle. Would either plan
hare at least chance Of meeting with a
preponderanos of support that would JUS
tify US in recommending the British gov
eminent to consider iss We think not.
Another plan may, however. be formn-
lated and approved by the conference, and
if it does not conflict with our principles it
will receive serious consideration from the
British government.
Mr.. McCreary of the American delega-
ton proceeded TO point out the difficulties
and perils of ths existing situation and
said that whatever the cause the fact re-
manned that a remedy was imperitively
necessary. He appreciated the attention
Rothschid had given the conference but
could not support his plan. He could not
admit that it was proper remedy for
America to continue the purchase of
price not to exceed 100 cents on thu dollar
on condition that European powers make
purchases yearly to an amount OF 5000, geo
pounds for i've years, at price not 30 ex-
coed 80 pence per ounce aud If silver
should rise above that price purchases TO
be Immediately suspended It seems from
the unequal distribution that we would be
expected TO purchase twice as mach silver
as Europe The object of the conference
Oh ~ <ho
keep silver below par, but to enlarge its
use and restore it TO parity with the
value it had with gold prior to 1873
MIR. McCreary referred to the complaints
of the British chamber of commerce aud
quoted the recent declarations of Irish
Bishop Walsh and Mr.. Balfour, and con-
tended that the situation demanded recoG-
milton and better remedy than that sug-
gested oy Rothschiid. The American dele
gates were ready TO 90 operate with other
delegates in candid and determined effort
to maintain the monetary functions of both
metals. Therefore, after submitting the
general plan OF bi-metalism favored by
America, they also submitted plan favored
by themselves. 1t wss plain business
proposal, and if adopted the necessary de-
tails could be easily arranged.
This, in his opinion, would give unity
and stability to the value Of money and
furnish the best remedy for existing evils
from which all civilized nations were SUI
fering. After the speeches Rothschild
withdrew his plan. The conference then
adjourned uHtil Thursday.
Sir G. S. Molssworth, one of the dele
gates for India coEbatted the theory that
Great Britain owed her commercial superb
GRITTY to gcId standard. Great Britain
was saved from serious danger only by the
bi-metallism of France. The whole ques-
ton required TO be examined from an in
dustrial view as well as monetary and
financial interests.
Sir G. E. Houlsworth, British delegats,
then presented his plan. He proposed
that bi-metallic union should bs formed
by nations willing to enter int
such agreement and nations praferring to
retain a angle gold standard should IN
dertaks that their mints should roeeivs
silver bullion in not less quantities fixed at
a minimum against receipts, noting guam
tity and value at specified rate per ounce,
to be determined by agreement. The
quantity so specified to be delivered by
weight to bearer Whenever demanded and
the receipA to circulate the money.