The state herald., 1892-12-09
OPINIONS OF BANKERS
VIEWS OF Ro14scH,LD.s PLAN.


Alfred dc Rothschild's otherwise Great
Britain's) proposals TO the International
Monetary conference are received with both
approval and condemnation by New York
financiers.
President J. Edward Simmons of the Fourth
National Bank says.
~ would not like to express final opinion
on the proposition until acquainted with all
the details involved In the plan proposed by
Mr.. De Rothschild. When these are known
It may be that the proposition will be adriss-
ut 1t as now published, the mere suggssted
purchases, am led 10 believe that the scheme
IL not good one for the United States.
For the first reason that while all the
European powers combined would only buy
Il, OK, 900 OF silver, or about 5000 00O ounces
Of silver, we, rs a single nation would be
bound to buy twice as much each wear. That
would be throwing too heavy burden upon
us and the advantages would all DO on the
other side. As 1t appears now 1 do not SEQ
where our relief would come In"
The other side may he taken from the re-
marks of Henry Clews, who said:
1.-THE step proposed by Mr.. Rothschild 70 In
the right direction, I think. Its Immediate
effect upon money itself would not be SO
great, but the effect would bc most important.
Should the governments Of Europe agree to
buy e., 00O, 600 Of silver yearly for i've years,
II would Indicate that they understood the
American situation and were anxious TO help
her as much as Is In their power. Therefore,
after they have committed themselves to such
| n theory, they would be obliged 10 stick to II,
and, when the, necessity came, to do even
| further than they propose TO now.
~ indorsc II II only for the uctual slight
| relief for the present. The European powers
most certainly should come TO the relief OF
| the silver market at the present time. They
l hay tai tha tref nd
| from the United States and we have not OBJ
| jected. They have sent back all the silver
| they could to our already oyercrowded market
and we have taken no decisive steps to pre-
vent their accommodating the yellow metal"
| ave have enough gold left, but II Europe
continues to draw It's life blood and refuses to
meet us half way now or assist us, 1t VIII be
time for us to show her what we can do. We
have the power to get our gold back. We oan
force her to do so and send back e. In
gold for every 81 she takes out.
ave have our high credit and unequnled
resources and eau ruin any one Of the great
powers, England, Germany, France or Aus.
| tria, II they continue this greedy game OF
getting and boarding all the gold in sight"
President John A. Stewart Of the United
States Trust Company, said:
II have not looked into the plan very deep.
ly, but should say that my Impressions OF II
are that 1t Is n ridiculous measure. IL can
| accomplish nothing more tnan auuihg 10 at
already fictitious demand for silver. Tht
only way out Of the situation Is TO let silver
reach Its natural level and then let the ma
tons get together and agree on ratio to con
tinue, say ten years"
Senator J. N. Dolph Of Oregon, who standi
with the free-coinagc party In congress. says
THE scheme Is entirely impracticable," snit
he. at would accomplish nothing but tn
decentralization Of the silver market Tn
silver interests Of the world would be NOR
than ever at the mercy Of their enemies. Tn
silver men In this country would never con
sent to such a plan, and II the internttiona
conference indorses It the question wiz bc a
far from a solution rs ever. The only way q
adjust the present monetary troublr Is 10
the conference To decide upon ratio OF valu
for gold and silver which can be adopte'
throughout the world"
Mr.. Bland says that to establish the valu
OF silver at 43d. per ounce, as Rothhchild pre-
poses would demonetixe about one-third o
the silver currency Of the world. or &l30,OO0
900, and be direct contraction Of the cuI
rcncy to that amount. He does not see HOY
the commissioners can agree to the propose
ton, but even u they did, he believes con
gress would not ratify the agreement