The morning call., 1892-05-16
FRIENDS OF SILVER.

AT the International Monetary Confer
ence which will convene about the hrst OF
July the United States will have i've dele
gates Every European power vii be rep
resented. with the possible exception OF
Turkey. The appointment of the American
delegates is a matter of no small importance.
They should be friends of silver and also
men who combine the faculty OF thinking
and talking AS the originator of the con-
ference it becomes the duty of the United
States to state its case. II should explain
tie reason for the call. a gold man who
should say in effect that the International
Conference was a device 10 head off the
fTee-c0inage men in The American Congress
would make the conference ridiculous. The
purpose Of the conference is TO consider
the advisabiity of the general remonetZa-
ton OF silver. Ii the conference decides
that bimetalism is preferable 10 mono
metalism. the question OF method viii come
up for consideration. Perhaps the first
cCnd lton would be an agreement on a COM
mon ratio for all the countries subscribing
to tie agreement. There are as many ratios
now as countries. Tie ratio Of the United
! States of almost IS to l is about midway,
! but Of course We cannot expect our ratio 10
/ De adopted. The main thing is TO agree
upon a ratio so nearly in accord with The
/ law of demand and supply that it may be
maintained with the least aid from artificial
! law.
An agreement upon a ratio will involve
/ the recoinage Of almost all the silver coin
1 in the United States and il Europe Even
/ the silver nations of South America and
| a STA may find it necessary to put their sill
yer coin into the common silver standard
that il may possess equality with geld. 1t
does not appear that there is any particular
occasion for the presence of American gold
men at the conference. The United States
! is a silver nation to the extent that it
steadily fayors bimetallsm If we do not get
/ bimetalism through an international con-
ference there is an imminent probability
! that we shall reach that condition through
a plunge 10 the single silver standard. The
gold clique is insignificant il point of num-
bers II does not even hold ali the bankers
and money-lenderS. 1t has been estimated
by men who make finances their business that
q demand on the Bank of England for $780,.
! 100000 in gold would cause the suspension
Of specie payments by every bank in Europe.
The temptation TO create a syndicate that
could make such demand is great There
would be depression in bonds that would
give speculat6rS lneT opportunity.
The American delegates should advocate
bnnetaliSm on the broadcast principles.
There are manifest reasons why the worlds
stock OF money should not be reduced by
one-half or by any ether per cent. No ar
gument is needed to show that very large
reduction Of the worlds stock Of money
would result from the decentralization Of
silver-that is from long persistence in the
! present policy Of the leading commercial
nations Of the world. The real question
then is how to restore silver with the least
/ friction TO trade and the least disturbance
! Of present values. When we have a silver
/ dollar that is worth as much the world over
/ as a gold dollar there viii be added 10 the
worlds stock of money many hundreds of
millions Of dollars. The steady shTinkage
/ Of silver which is now regarded with so
mich apprehension will then cease and the
movement will be the other way