The times. [volume] (Richmond, Va.) 1890-1903, 1892-11-24
INTERNATIONAL MONETARY CON-
FERENCE.

| MEASURE for the mere extensive Use "
suver as money. AS most OF the nationi
renresented at this conference hold 10 th'
,o,,cv Of mont metalllsni, and insist upor
cold as the standard OF monetary value
the most that can be expected to result
from the discussion OF the subject Is ioi
. moro extended coinage of silver at
given ratio with gold.
What that ratio will be is what the
friends OF silver coinage are chieny IN
terested in. The American delegates Will
offer a proposition that the ratio De
IN but IL is very doubtful il that pro-
posal will meet with much favor. as the
majority Of the conference do not
| believe that any practical method OF
permanently keeping the two metals side
by side in intrinsic value can be devised.
| Senator Sherman himself does not be-
lieve that any ratio which may be fixed
will permanently prevent the separation
| Of the two metals, owing to the steadily
increasing supply of silver. His views,
as expressed in an interview published in
that silver has always been, and will
always be more or less a measure OF
value. and an absolute necessity with
gold. but he thinks that the only way
in which these metals can work In har-
mony together is to put upon both
ratio fixed by market value and II we
can secure the consent of many nations
upon that point we may be able TO fix
a ratio that will be permanent at least
for time, although the separation be-
tween these two metals has now gone on
steadily for more than two thousand
years, especially since the discovery of
America. He expresses the opinion that
1T probably will not be that any ratio
which may be fixed or any arrangement
which may be made will prevent the
separation Of the value Of these two
metals from time to time; but we can
only legisate for our own time and do
the best we can"
This is Senator Sherman's opinion,
and he is recognized as a friend OF sill
yer. The plan of cooperation or harmony
between the metals which has attracted
more general attention than any other
is that of Professor Soetbeer. of Ber-
lin. a distinguished authority on this
subject. In order to make room for
more extensive use Of silver as money
he proposes that
Of a
than a pound sterling, five dollars,
twenty marks and twenty francs be with
drawn gradually from circulation, as
well as all silver coinage of higher de-
nomination than ten per cent. Of the
smallest gold coinage All paper currency
Of small denominations, he proposes
shall also be withdrawn from circulation.
Silver shall be coined at a ratio OF 70
or - to 1 on account OF the governments
consenting TO the arrangement. For pri-
vate debts the highest silver coins shall
be legal tender in three times the
amount Of the lowest gold coinage. I'm
der the plan this would make silver
a legal tender to the amount OF SIS in
private business I'm the United states;
but it is to be a legal tender in unlimited
amount for all obligations Of the govern
ments issuing the coinage. Silver GER
tificates of deposit may be issued, but
of no denomination less than the half Of
the smallest gold coinage; and notes pay
able solely in silver are not admissible
in this plan. Gold certificates to the
denomination of 800 grains Of fine gold
may be issued"
The proposition of Professor Soetbeer
differs very materially from that of Sena-
tor Sherman, and it is hardly possible
that it will meet with any favor from
silver men anywhere, and it certainly will
not from those of the United States.
Yet 1t is not likely that any greater con-
cession than this will be accorded by
the Brussels Conference. and unless
some agreement is reached. the German
fnancier above quoted thinks that silver
will depreciate to so for l. which would
cause that metal TO be practically
valueless for monetary purposes. He
bases this opinion upon the facts that
it has been shown that the three greatest
bonanzas of Colorado afford an enormous
profit TO their owners by producing silver
at the average cost of % cents an ounce.
and that in Tasmania and other regions
new silver mines of great producuveness
have recently been opened.
1t will be seen. then. that the problem
OF deciding upon safe ratio between
gold and silver will be an exceedingly
difficult one for the Berlin Conference
to solve, but unless something is done
silver will receive very black eye. in
deed. The suggestion. therefore, which
has been made TO the American delegation
not TO insist upon a ratio OF 10 to I, is
very sensible. The most they can hope
to do is to secure a greater use of silver
as money upon basis corresponding
with the existing market value of the
two metals, but as subsidiary 10 gold.
and as limited legal tender Even n
they can do this it will only be a tenn
porary arrangement. to be subject ~ ihc I
laws Of supply and demand Of The TN /
metals in the future This seems ~ b. I
the only practicable nay out ~ The I
trouble, and II our American deleyafea |
refuse this the chances are fhat they |
will soon find themselves IN worse condl-
ton than ever.