New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-16
THE MONETARY CONFERENCE.
no FLAN SUBMITTED BY THE COMMITTEE.
SENATOR JoNEs's FoRCIBLE PLEA FOR b.
NEUTRALITY-SUSPICIOUS. ALLISON SAYS
THE UNITED STATES WILL ACCEPT
ANY SCHEME MEETING WITH
GFNrRAI, APPROVAL.
GENERAL APPROVAL.

Brussels Dec l5.-The committee appointed by
the international Monetary Conference to con-
slider the various projects submitted to the Con-
ference have adopted report in winch they
say that. in considering the various proposals
submitted TO them, they confined themselves to
the study of general principles and did not dis
cuss the details necessary TO give the several
proposals effect. After reviewing the reasons
for and against the different plans. the report
concludes:
Having regard for the fact that the Confer
ence has not yet pronounced on the general
question: the committee do not feel justified in
taking vote upon the projects referred to
them, in attempting TO formulate compro-
mise between tho varying monetary doctrines
advanced"
Senator Jones, Of tic United States delegation,
made a strong speech at the Conference to-day in
favor of bimetallisn. He said that the enemics
of silver and of every measure of currency reform
were the very men who directed attention to the
appreciation Of gold. In nature, money was a
function rather than material. That function,
created by law, was vastly more important than
the material upon which the money function was
conferred The fact that during the period
when science was busiest, railways and other
works were constructed, and wages and prices adj
vanccd disprOvcd the contention that fall in
prices was due TO scientific development reducing
the cost of production. The construction OF the
Suez Canal brought to European markets the Of
fective demands of hundreds Of millions OF Asat-
les the tendency OF which TO raise prices more
than offset the tendency Of science TO lower prices
American bimetaists did not alcsc that max
ing the two metals legal tender would secure
stability in prices, but they asserted that free
coinage over a wide area would result in nuctua-
tions in the values of gold and silver being in
considerable. They fully admitted that the de-
mands Of the myriad-pccpled East might, in case
of a harvest abundance so increase the demand
for silver bills as to bring silver to slight
premium over gold. Bat the fact that competi-
ton for whichever metal became even fractionaly
cheaper than the other would sustain the values
of the metals inter had not been questioned
at the Conference. The monometalists Of Lom-
bard Street when confronted with this argument
spoke Of mountains of silver they were told were
about to be discovered, which would swamp the
market for silver with bills sufficient not only to
overwhelm the monetary demand of Europe, but
also 10 initiate the silver currencies Of COO 00OOO
Orientals.
Evidence taken before British royal commissions
in regard to India showed that the rupee to-day
purchased as much in India as it ever did. The
Indian farmer gets more rupees for the thirty
shiings gold which his wheat realizes in London
to-day than he got for forty shillings ten years
ago. How could Europe and America market
their crops in the face of such competition? While
the collapse of silver stimulated Indian exports
at the expense of the British farmer, il was sirni-
larly creating enormous competition, Bombay
sending cottons to China at the expense of Lanca-
shire. What India gained by falling exchange
she more than lost by the hesitation of British
II. ....1
TO Great Britain mpc ell her t. sell annually
in London at least 10000, 900 ounces Of silver
more than wac produced by all the mines in
America. Could it be- said, then, that England
had interest in the silver question?
The speaker would not complain Of the atti-
tude of France, which already amply pro-
vided with silver currency With a stationary
population, q steady bank rate ana 4 small Eastern
trade, the French interest in silver could not for
a moment compare with the English interest. The
fall Of prices in England was driving farms out
Of cultivation and putting the landed interest into
the hands OF mortgage companies History was
full of warnings Financial struggles had led 10
social STRUGGLES, ard sometimes TO revolution.
Governments alone could undo the mischief Gov
crnments had done Whatever might be the result
Of the Conference if some measure Of relief were
not willingly adopted in the near future the
delegates might rest assured that ultimately, in
spite of the craft and cunning and wiles of the
wicked the great producing masses Of the civil
lied world would crystalze into law their I'M
reral will. Senator Jones spoke for two hours.
NJ Allard. of the Belgan DELEGATION, then
spoke in support Of his own plan, which proposes
an international agreement for the purchase un-
der a common account of stocks Of silver, against
which treasury notes shall be issued by tie con-
nf NCli tW9I
coin the silver thus purchased or 10 modify its
existing currency legislation, the treasury notes
to have international circulation. In the course
of his speech W. Allard complained of the OBJ
sructive tactics of the British delegates
Senor Csma, of the Spanish deecation and VI.
RalIalovitch Of the Russian delegation, urged the
American delegates not to press a vote on the
main question at the present stage.
Short speeches were made by DIR. Andrews
and Senator Allison, of the United States dele
CATION Senator Allison spoke with some warmth.
He said that he and his colleagues did not ask
for a vote on the main question They fully ap-
prcciatcd the cordiaity with which the question
had been approached by all sections of the
Conference. The proposals already presented to
the Conference were or such n claractcc that
they would, il adopted, impose Il heavy burden
upon America The American delegates could
net MAKE concessions without cOmpensatlng
amendments. He believed that the truest ratio
between gold and silver > to and he
wished 10 repcat that if there was any intcn-
tion to resume the Conference later. the United
States would bc willing 10 go as far as possi-
bic. with due regard to its own just inter
csts, 10 satisfy the expectations of Europe. He
promised that tie United States would accept
anv scheme that met with general aDnroval.
The next scs-irn and probably the last for
tho present. will he held on Tuesday. proposal
will then be made that the. Conference adjourn
to June 6, without di>~olvinp
London. Dee. ia displtch 70 "Thc 1imc''
from Calcutta says taat Mr. Mackay. president
OF the India Currency Association. has returned
10 Calcutta after giving evidence in LONDON
before the IIcrSchcll Currency Committee. Mr.
liaclqv says that if th" commIttc" reports agrinst
a gold standard the commercial men Of India
must accept the situation. India. he aids, VIII
90 on with silver as brst she can for few years