Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-07
SILVER VERY SICK.
The Opposition to the De
ROthSchild Plan by
American Delegates
LEADS TO WITHDRAWAL.
All Parties Seem to Agree That Some
thing Ought to Be Done
TO SAVE WHITE METAL PANIC,
Though the English EnvOys Still AvoW
Their MOnometallism.
LEADS TO WITHDRAWAL.
TO SAVE A WHITE METAL PANIC,
Though the English EnvOys Still Avow
Their Monometallism.
NEWS FROM THE EUROPEAN CAPITALS


to-day withdrew his silver purchase propo-
sition, when the Monetary Conference met.
Sir Q, Rivers Wilson, who said that his
views were entirely shared by Sir c. Free
mantle, Deputy Master of the British Mint,
said:
No, we believe that all the Governments
who have sent delegates here recognize the
presence of a great danger. A note of warn
ing has reached us from America, and, 20 say
the least, it is doubtful whether the Ameri-
can Government can continue indefinitely
the gigantic efforts it has fruitlessly made so
many years to maintain and raise the price
ofsilver. We need not inquire whether the
policy which governed the currency legisla-
ton of the Great Republic WAS wise in con-
ception; 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 become practical question of the day,
and, if it occurs, might lead to the suspen-
sion Of coinage in India.
Dubious Outlook for Silver.
Certain high authorities believe that the
sudden cessation OF purchases of silver by
America and the closing of India's mints
would lead to heavy falls OF silverand
disastrous disturbance of commerce. Others
contend that the fall is already greatly dis
counted ana that the removal Oh Ine uu-
certainty at present weighing on the market
wculd have n quieting effect and bring sta
bilirv. In view of these divergent ideas,
what course should be adopted? plan
rni@bt doubtless. be worked out which
would he more or less a continuation OF the
American experiment, in the hope of sue
ceeding where America failed, leaving the
ratio between gold and silver to sttle ITSELF
Another plan may, however, be fornu-
lated and approved by the conference, and If
IL does not conflict with the principles we
ha z Ia i'd down. If will receive serious con-
sideration from the British Government.
James B. McCreary, of the United States
delegation, proceeded to point out the diff
culties and perils of the existing situation
r said that whatever is the cause, the fact
remains that a remedy is imperatively
needed. He appreciated the attention
which NJ. de Rothschild had given to the
important business OF the conference, but
be could not support the Rothschild plan.
An End to the Purchase Policy.
cannot admit that it would be just the
proper remedy for America to continue to
purchase "a OOO, eco ounces of silver annually
at the price not to exceed 100 cents on the
dollar on condition that the European
powers make yearly purchases to the
amount of 5000 600 pounds FOR five years at a
price not to exceed 4S pence per ounce, and
that If silver should rise above that price,
puI Ichases be Immediately suspended /
cannot see why we in America should be
required 20 nav IOO cents on the dollar if
necessary, while the European powers pay
only % cents on the dollar. 1t seems an un-
equal distribution that we should be eK-
pected to purchase twice as much silver as
Europe.
not to fix price which would Feep silver
below par. but TO enlarge the use and restore
it to parity with the value it had with
1oiG nIio1 to ls7S when it was first out
iawed. Mr. de Rothschild's statement that
If the conference should dissolve without a
definite result, silver would depreciate to
a fiightful extent, perhaps leading TO a
monetary panic is very significant; but his
plan seems to be insufficient to meet tho
grave situation he predicts, and inadequate
as a remedy for decreasing prices ana u.s.
tress in agriculture.
Mr. McCrearv then referred to the COM
plants of the British Chambers of Com
nerce, quoted the recent declarations of
Archbishop Walsh and A. j. Balfour, and
coutended that the situation demanded a
broader recognition and better remedy
than that suggested by Mr.. de Rothschild.
A Plain Business Proposal.
The American delegates, he said, were
ready to cooperate with the other dele
gates in q candid and earnest effort to main
tain the monetary functions OF both metals.
Therefore, after submitting the general
plan of bi-metallism favored by America,
thew also submitted the plan favored by
themselves. 1t was plain business pro-
posal, and il it were adopted the necessary
details could be easily arranged. 1t an
nounced no new theory and proposes no un-
tried system. 1t only opened way to re-
turn to the time-tued and time-honored
system under which gold and silver were
for many years par and were equal instru-
ments in exchange. Acts of Parliament,
laws of Congress and edicts of monarchs
had changed the relative value of the
metals. Ii an international agreement re-
stored silver to all its former privileges
and powers as money on a fair and Just
ratio, parity of value of the metals would
soon be established.
In order that the situation in the United
States be fully known, Mr.. McCreary ex-
planned the position of the political parties,
and added he believes that people in gen.
eral, without regard TO political affiIation,
iudorse the American plan.
Not Satisfactory TO Either Party.
Referring to the silver bullion law, he
said the law is not entirely satisfactory tc
either partv and in support of his argument
he quoted from the platforms adopted by
the Minneapolis and Chicago conventions
shrinking Of the volume of money
Uould decrease prices and tend to conccn
trate wealth, enrich few and impoveriSl
MANY. The volume of gold and silver il
the world was nearly equal when silver wa
stricken down and the amount OF coin re
duced. resulting in diminished amount o
money and constant shrinkage of values
In concluding Mr.. McCreary said:
I believe tine best aim OF the conference tt
be the general remonetization OF silver ant
the unrestricted coinage of gold and silve
into money of debt-paying power, with
permanent international ratio of l515 or I6 Il
land 1 prefer the latter. This in my opinion
is a system that would give unity and sta
biIitv to the value OF money and would fur
Dish the best remedy for the existing evils
from Which all civilized nations are sui
fering.
Mr.. de RothschiId followed Mr. Nc
Crearv. he said that, as America woulC
not support his proposals, he considered il
.would be most in accordance with the re
.pect due the conference to withdraw them.
The conference adjourned until Thursday.
Silver Drops Heavily in New York.
A dispatch from New York SAYS: AL
though nothing was announced in this cit
today from the silver conference except
the withdrawal of the de Rothschild plan
nrivate London cables to bankers reflected
little belief in any agreement
There was q sudden rush to sell silver bul
linn certificates on the Stock Exchange
and hut 200 600 and 300, 600 ounces were solC
at decline of cents an ounce, the heavies
break since last spring. The low price o
silver to-day was only 4 cent per ,ounc
above the lowest price on record.
Fire in Somerset House.