St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-07
Lack Of American Supper
Kills De Rotllschild's Sill
yer Proposals.
Sir Rivers Wilson Explains
the Attitude of the British
Government.
Mr.. McCreary Says De Roth
schild's Plan Is Not Fair
to America.
Herr ALL Wardt Elected to the
Reiehstag by a Large
Majority. g5i

monetary conference resumed its Sit
tings today.aD continued its discussion
of the report of the committee which
examined into De RothSchild'S pro-
posals. Sir g., Rivers Wilson, who said
his views were entirely shared by Sir
G. Freemantle, deputy master of the
British mint, said: I'VE believe that all
the governments who have sent dele
gates here recognize the presence OF
great danger. A note or warning has
reached us from America, and, to say the
least, it is doubtful whether the Amer
lean government can continue indef-
initely the gigantic efforts which it has
fruitleSsly taken so many years to main
tain and raise the price OF silver. we
need not inquire whether the p0lley
which governed the currency leglsla-
ton of the great republic was wise IN
conceptions; but it cannot be denied
that it has not realized expectations
and is greatly the cause of our present
position. In any case, the suspension
of American silver purchases has De-
come
A Practical Question
of the day. and if it occurred, might
lead to suspension of coinage in India.
Certain high authorities believe the
by America and the closing of midas
minis would lead to heavy falls Of sill
yer and a disastrous disturbance OF
commerce. Others contend that the fall
is already discounted, and that
the removal of the uncertainty at pres
ent weighing on the market would
have quieting effect and bring stabI-
ity In view of these diyerging ideas,
what course should be adopted? A plan
might doubtless be worked out, which
would be more or less continuance or
the American experiment, in the hope
of succeeding where America failed, or
we may do nothing, leaving the ratio
between gold and silver to settle itself.
'Naturally, our instructions require
us, before concluding that matters must
be left'as they are, to examine with the
greatest care any plan submitted Tor
the purpose of extending the monetary
use of silver. In order to avoid mis-
understanding | desire to state that Sir
Charles Freemantle and myself are
Pure MOnomefaIists.
and do not admit that any other system
than a single gold standard is applica-
BILE in Great Britain. We have thus far
studied only the Rothschild and Levy
plans, and are willing to admit that the
adoption of either or both would not be
Incompatible with our principles. But
it is not enough that these schemes are
defensible in principle. We ask our
selves whether either would have the
least chance of meeting with a pre-
ponderance of support that would justi-
fly us in recommending the British gov
eminent to consider it. The Roth
schild planshas not received such sup
port, and this is sufficient to decide us
TO abstain from a discussion OF its de-
tails which we know will Oe fruitleSs.
The Levy proposal would Involve
the withdrawal OF the half
sovereign, so it would be equally
fruitleSs to discuss that plan.
since Great Britain is unwilling to sub
init to such inconvenience unless pre-
scented in conjunction with a plan offer
ing advantages which all the powers
recognize. Another plan may, however,
be formulated and approved by the con-
ference, and if it does not conflict with
the principle swe have laid down, it will
receive serious consideration from the
British government"
McCreary Answers.
James B. McCreary, of the United
States delegation, proceeded TO point
out the difficulties and perils of the eX-
listing situation. He said that, what
ever was the cause, the fact remained
that remedy was imperatively needed.
He appreciated the attention which Mr..
de Rothschld had given to the i'm
portant business of the conference, but
he could not support the De Rothschild
plan.
II cannot admit" he said, "that 1t is
just the proper remedy for America to
continue to purchase 54,O00,00U ounces
~, - oil At m
coed 100 cents on the dollar Oh condition
that the European powers make pur-
chaSes yearly to the amount of 95. co., 900
for five years at a price not to exceed
43 pence per ounce, and that if silver
should rise above that price purchases
be Immediately suspended. | cannot
see why we i'll America should be re-
quired to pay 100 cents on the dollar II
necessary, while the European powers
pay only 70 cents on the dollar. 1t
seems an unequal distribution that we
should be expected to purchase twice as
much silver as Europe. The
object Oftgle Conference
should be not to fix price which would
keep silver below par, but to enlarge
the use and restore it to a parity with
the value it had with gold prior to 1878,
when it was first outlaWed. Mr.. de
RothSchiid'S statement that il the con-
ference should dissolve without definite
result silver would deprecate to a
friehtful extent, perhaps leading to
monetary panic. is very Significant; but
his plan seems to be insufficient to meet
the grave situation he predicts. and in.
adequate as a remedy for decreasing
prices and distress i'll agriculture"
Mr.. McCreary then referred to the
complaints of the British chambers OF
commerce, quoted the recent decla-
rations of Archbishop Walsh and A. j,
BafOur. and contended that the situa-
ton demanded a broader recognition
and better remedy than that suggested
| by Mr. de Rothchild. The American
delegates" he said, .were ready to CO.
operate with the other delegates in a
candid and earnest effort to maintain
| the monetary .
Functions Of Both Metals.
Therefore, after submitting the gen.
! eral plan of b-metaIliSm favored by
| America, they also submitted the plan
| favored by themselves. 1t was plain
| business proposal, land if it were adopted
| the necessary details could be
| easily arranged. 1t announced; no
new theory and proposed no un-
| tried system. 1t only opened way
W IGluIll W tilc llijc-tIlcti diiu liIllc-llOir
| 0red system under which gold and silver
were for many years at par and equal
| instruments in exchange. Acts of par
| lament, laws of congress- and edictS OF
Imonarchs had changed the real value of
The metals. Ii an international agree
ment restored silver to all its former
privileges and power as money on fair
and just ratio, parity of value OF
| the metals would soon be established.
! 1t should be understood that the Amer
| lean delegates had no power to lind
their country. They were authorized to
consult the other delegates for the ptir-
pose of Calculating and solving the luz
| p0rtant problem, and if a solution were