Los Angeles herald., 1892-12-02
.ROTHSCH|LD'S PLAN REJECTED,
Poor Prospects for an Agree
ment Upon 1t.
The Special Committee Will Not
Recommend 1t.
Individual Views of the Members Will
Be Reported to the Monetary Con
ference-An American Dele
gates Opinion.
BY the Associated Press.

tary conference Will explain tomorrow
that the committee has not come to
formal decision and that the views of
the individual members will be given.
These are especially unfavorable to
Rothschild's plan, the chief difficulties
being the price at which silver shall be
purchased, the duration OF the proposed
agreement and the attitude of the Latin
American union.
Nobody now thinks that Rotshchild's
I plan will lead to a working scheme.
The committee today continued to
consider the report. The American del
egates maintain reserve as to their atti
tude on the Rothschild plan. They be-
lieve, whatever is the result of the con-
ference, the general discussion has had
and is having great effect in educating
the European delegates on the currency
question. One of the American dele
gates, who is a banker, is doing all he
can to promote various proposals, under
the belief that it will be necessary for
the United States to rescind the silver
purchase act, and wait until Europe
shall have reached an agreement in re-
gard to silver. Whatever proposals are
mooted, there is small danger that the
American delegates will get entangled
in any OF them.
DELEGATE CANNoN's VIEWS.
New YORK, Dec. 1.-Hon. H. w. Can
non, president of the Chase National
bank of this city, is the American MEM
ber of the subcommittee appointed to
consider and amend the plan proposed
nxyR Ratb 20
ence. 1t is understood that Cannon
will probably vote that the conference
consider the proposed plan in All amend
ed form. Cannon's views are that if no
monetary agreement ia reached through
the efforts of the conference, and if the
United States finds no responding voice
in Europe to its appeal for the restoration
OF silver, our best course will be to re-
peal the law of July, 1890, and go out of
the market as purchasers of silver for
currency purposes until such time as an
international agreement is made. Ii
gold mono-metallism is TO prevail among
the principal commercial nations, the
United States, with it's high credit, its
large stock of gold and rich mines OF the
same metal, will be compelled not only
to cease purchasing silver for currency
purposes, but to take such steps as will
be necessary to maintain its stock of
gold.
POOR PROSPECTS FOR AN AGREEMENT.
LONDON, Dec. IA special CORE
spondent reports that the committee OF
the Brussels international monetary
conference decided last night against
Rothschild's scheme. This, however,
the correspondent says, is not taken as a
bi metallist defeat. The committee will
now decide upon the combined Roths-
child and Soetbeer plans with modifica-
tions proposed on behalf of the Latin
Union. 1t is expected that majority and
minority reports will be presented to-
morrow. The prospect of an early
agreement by the conference is consid-
cred remote.
RoTHsCHILD's SCHEME IIPRACTICABLE.
The Standards Vienna correspondent
says the whole Austrian press, without
exception, regards Rothschild's silver
scheme impracticable, believing it
would increase the over-production OF
silver, retard the creation OF fixed ratio
and leave the situation at the end of five
years far worse than now. Austrian
papers prefer the scheme of julius Wolf
of Zurich to appropriate mines, prohibit
the opening of new ones and declare the
production of silver state monopoly.
This plan has the merit of throwing the
burden of rehabili tation on the silver
producing countries, and the defect of
supposing countries like Bolivia and
Mexico able to appropriate mines or
stop illicit mining.
THE INDIA CURRENCY COMMISSION.
The India currency commission will
resume sittings early in January,
whether the monetary conference has
or has not by that time been brought to
a close. The members of the commits
sion are certain to have by January
some definite idea OF what the issues of
the Brussels meeting will be and how
they may srfect currency in India. The
Associated Press has already reported
that the Indian commission has had un-
der consideration proposal to declare
a gold standard for India.
There is no doubt as to the fact that
certain strong adherents of single
standard tried to snatch vote from the
commission in favor of gold standard
for India. Some members who were
fully cognizant of the momentous conse-
quences of such decision, adhered toit,
desiring that the English delegates
should be armed with it when going to
Brussels. as weapon of defense and
offense against the bi-metallists. These
tactics of "bluff" and "bounce" were
not approved by majority of the COM
mission, who justly thought the Brus-
sells delegation would accurately gauge
the sham decision or the reported rec
ommendation OF the Indian commission.
Ultimately the commission will smash
the gold standard proposal, and if it
makes any important recommendation
whatever to the government it will sug-
gest temporary suspension Of silver
coinage, if the viceroy's council should
decide that to be advisable. The COM
mission has been taking evidence from
Anglo.Indian bankers, manufacturers
and tea planters. Most of them favor
doing nothing, thus allowing business
and currency values to find their level
under the existing laws, and of those
who speak of the evil arising from un-
limited coinage of silver in India, the
principal ones simply advocate that the
government of India shall have the
power to suspend at discretion the coin
age of silver.
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Of the invalid. Nothing can be more
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