Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-31
THE SILVER PROBLEM
Causing Nearly as Much Guessing by
European Financiers as
AMONG AMERICAN POLITICIANS.
England Would BE Only Too Glad to Be
represented at the
PROPOSED INTERNATIONAL CONGRESS
tBY CABLE TO THE pIsPArcH.I

i
LONDON, Jan. 0-[Copyright - The
controversy still RACES in connection with
Mr.. Goschen's 81 note scheme, notwith-
standing that it will not be proceeded with.
Next to the bankers, the class which takes
most interest in the subject are the retired
Anglo-Indian officers, civil and military,
whose incomes have been greatly affected
by the fall in price of silver. Major Cen
eral Saxton, of the Madras staff corps,
speaking for this class, remarks to-day:
at is marvellous that the see-saw now go
ing on receives no attention. The United
States Government every week or so pur-
chases something like quarter of a million
sterling of silver at the current market
price, with the avowed object of raising the
price of silver. Exactly every week the
Secretary OF State for India sells nearly
half million worth of silver as money, not
at the market price, but invariably below
the market quotation. 1t is impossible Gn-
der such conditions that any other result
than that which happens could occur. Co
operation with the United States is the first
start toward solving this difficult problem"
Faith Pinned on Small Notes.
General Saxton, in common with good
W
the issue of % hOrins or e211 notes on a sil-
yer basis, while others still pin their faith
to 81 and 10 shilling notes.
Thanks to the discussions and reports in
the newspapers, and to the propaganda of
the Bl-Metalllc League, thousands of En-
gllshmen now take intelligent interest in
the silver question, where formerly scores
displayed but a languid curiosity. This
being so, and seeing that there are in the
present Cabinet at least three bi-metallists
more or less pronounced, the moment is
singularly propitious for asking the British
Government to take part in an international
currency congress. If, as 1t is stated here,
such an invitation has already been sent, it
VIII almost certainly be accepted and it is
equally sure that Liberal Government,
which may be In power few months hence,
Will have nothing to do with anything
which savors of bi-metallism.
Excitemenr in the Financial Word
Some excitement prevails in the financial
world over the announcement that the
Austro- II ungarlan Government has decided
to proceed forthwith with a scheme of cur
rency reform which will require e2O, O0O, 900
in>gold to effect As most of this will have
to come from London, a special agent has
been sent over to talk over the matter with
Mr.. Goschen, who is not in an amiable
MOOD Just now. But the agent has been in
structed to meet the wishes and con-
veniences of the British Government and
financiers as far as possible, and doubtless
the desired loan will be arranged. The
Daily Neus, however, thinks the agents re-
ception will hardly be a cordial one. 1t
saws:
In the first place, the present condition OF
business is not such as to make it at all de-
sirabie to give foreign country fresh power
to withdraw gold from London. Even if q
loan were concluded on the ointment, Lon
don would be called upon to supply the gold
required. As TO such silver as Austria has
on hand it appears that the Government OF
the dual monarchy has made no definite
offer to the United States Treasury, and the
proposal to sell Austrian silver in New York
seems to have been put forward tentatively.
In other words, it was sporting offer, for
the purpose of eiiciting the views of the
American Treasury in case an opportunity
to carry through the exchange OF Austrian
silver for American gold should arise. The
amount of surplus silver held i'll Austria
Hungary is believed to be between 30.OG0000
and 30 10000 horins- 1t is u pity that the
opportunity is not taken to introduce in
stead silver standard, but in any case the
present proposition is not one which would
favor the sale of even 5000, 900 of silver, and
it is believed that the metal will be retained
for coinage into Maria Theresa dollars by
degrees.