Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-16
ONE MORE SESSION.
The Monetary Conference Next TneS-
day May Adjourn to June.
MESSRS. JONES ANDALLISON SPEAK
England Ought to Be as Interested in Silver
as This Country.
NEWS FROM THE EUROPEAN CAPITALS

BRUSSELS, Dec. 15.-The committee sp-
pointed by the International Monetary
Conference to consider the various projects
submitted to the conference have adopted
a report in which they state that they con-
fined themselves to the study of general
principles and did not discuss the details
necessary to give the several proposals
effect.
Senator Jones' of the United States dele
cation, made strong speech to-day in favor
of bimetallism. He said that the enemies
of silver and of every measure OF currency
reform are the very men who directed at.
tention to the appreciation of gold. In ma
ture, money is function rather than q
material. That function, created by law,
is vastly more important than the ma
terial upon which the money function is
conferred. The fact that during the period
when science was the busiest, railways and
other works were constructed and wages
and prices advanced, disproved the con-
tention that fall in prices is due TO scien-
tifc development reducing the cost OF pro-
auction.
1t Would Reduce Fluctuations.
American bimetallists do not claim that
making the two metals legal tender would
secure stability in prices, but they assert
| that free coinage over wide area would re-
| suit in fluctuations in the values OF gold
and silver being inconsderable. They
fully admit that the demands OF the myriad
peopled East might, in case OF harvest
! abundance, so increase the demand for sill
yer bills as to bring silver to slight pre-
| MUM over gold, but the fact that competl-
ton for whichever metal becomes even
fractionally cheaper would sustain the
values of the metals inter Sc, had not been
questioned at the conference.
The monometallists OF Lombard 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 de-
mand for Europe, but also to initiate the
silver currencies Of 600, 900, 900 Qrientals.
Evidence taken before the British Royal
Commissions in regard to India, showed
that the rupee to-day purchases as much in
India as it ever did. The Indian farmer
gets more rupees for the 30 shillings gold
which his wheat realizes in London to-day
than he did for 40 shillings ten years ago.
How could our people in America market
their crops in the face of such competition?
A Greater Source of silver Than America
India's Indebtedness to Great Britain
compelled her to sell annually in London
at least 80,000,0 900 ounces OF silver-more
than was produced by all the mines in
America Can it be said, then, that Eng
land has no interest in the silver question?
He would not complain OF the attitude of
France, which is already amply provided
with silver currency. The fall Of prices in
England is driving farms out of cultivation
and putting the landed interest into the
hands of mortgage companies
Whatever might be the result of the con-
ference if some measure of relief Is not
willingly adopted in the near future they
might rest assured that ultimately, in spite
OF the craft and cunning and wiles of the
wicked, the great producing masses of the
civilized world will crystalline into law
their imperial will.
M. Ailard, of the Belgian delegation,
then spoke in support of his own plan,
which proposes an international agreement
fer the purchase on common account OF
stocks of silver, sgainst which treasury
notes shall be issued by the contracting,
States, none of Shich will be obliged to.
coin the silver thus purchased or to modify
its existing currency legisiation; the treas,
ury notes to have international circulation.
NJ. Allard complained of the obstructive
tactics OF the British delegates.
SenalOT AllsOu SptdhS WIN
Senior Osma, of the Spanish delegation,
and NJ Raffalovitch. of the Russian dele
CATION, urged the American delegates not
to press vote on the main question at the
present stage.
Short speeches were made by Prof An
drews and Senator Allison, of the United
States delegation. Senator Allison spoke
with some warmth. He said that he and
his colleagues do not ask for a vote on the
main question. They fully appreciate the
cordiaIity with which the question has been
approached by all sections of the confer
ence. The proposals already presented to
the conference are of such n character that
they would, if adopted, impose heavy
burden upon America The Ameri
can delegates could not make con-
cessions without compensating amendments.
He believes the truest ratio between gold
and silver is 10 to 1, and he wished to re-
peat that if there is any intention to resume
the conference later, the United States will
be willing to go as far as possible, with due
regard to its own just interests, to satisfy
the expectations of Europe. He promised
that the United States would accept any
scheme that met with general approval.
The next, and probably the last session
for the present, will be held Tuesday. A
proposal will then be made that the confer
ence adjourn to June 6, without dissolving.