Arizona silver belt., 1892-10-29
THE INTERNATIoNAL MONETAKY N.
 FERENCE


 In the International Monetary Con ference of the United States and the different countries of Europe called to meet at Brussels, Belgium, November 22d, it is hoped the important snd much discussed silver question will be satisfactorily settled. The principal problem to come before the conference will be an agreeement upon perma- nent international ratio between gold and silver, as monetary metals, What shall be this ratio? At present, there exist different legal ratios between gold and silver, as monetary metals which ratios refer to full legal tender silver coin-in the different bimetallic and silver monometallic countries of the globe. Gold monometallic coun- tries have no such ratios, relating to full legal tender silver coin, because they have no such silver coin, but only subsidiary silver pieces being limited legal tender in payment of debts.
 The legal ratios referred to of the several countries concefned are as fol- lows; Mexico, 1 to 165; Japan, l to 16.1S; the United States of America, 1 to 15 9sS; France, Belgium, Switzer- land, Italy, Greece (which five coun- tries form the Latin Monetary Union), Spain; the Netherlands, Russia, the Central American States, the South American Republics, gold monometal- lie Brazil excepted, and Haiti, 1 to 15.5; Austro-Hungary, now engaged in the adoption of gold monometallism, to 15,3; British India, to 15. The international ratio, therefore, to be agreed upon by the proposed confer ence must necessarily differ at least from some of the legal ratios stated. Yet, this is a matter of great impor- tance, on account of the recoinage of the present full legal tender silver coin of the respective countries into full legal tender silver coin under the new international ratio, Such recoinage in the countries named, whose present legal ratios will differ from the new, international ratio, will become neces- sary, to render all silver coin there, being full legal lender n'oneyj homo geneous, after the adoption of the new international ratio. It is plain that the governments of the several bimetallic and silver monometallic countries, join ing in the proposed conference, will only then readily consent to such re- coinage if it causes them no pecuIiiGfy loss.
 For this reason, it seems to be the most natural and practical thing for the proposed conference to adopt as permanent, international ratio between gold and silver, as monetary metals, the (as to silver highest legal ratio now existing, that of British India, es- tablished for her by England, namely Che ratio of to 15, one ounce of pure gold equal in value to fifteen ounces of pure silver. British India, whose present stock of full legal tender silver coin is estimated at S9OO, 900, 900 aid Is larger than that of any other country of the globe, would of course lose noth- ing by such an agreement. On the contrary she would he benefited there by, the bullion value of her full tender silver coin becoming equal to that of gold coin of the same nominal value. But all other bimetallic and silver mo nometallic countries would financially gain by recoinage under the ratio of to 15, because their present full legal tender silver coin struck under their present lower ratios stated contains more pure silver than their silver coin of the kind described would contain under the new international ratio. This latter ratio therefore, for the coinage of all new and for the neces- sary recoinage of the present full legal tender silver coin of the several coun- tries concerned should become to 15. The recoinage referred to would, of course, have to be regulated by law. in the several countries concerned. The United States, by the international ra- tio suggested, would simply return to her own old ratio between gold and silver as monetary metals, to 15, that existed in this country from 179S, when the first mint at Philadelphia was organized, to 1884. Yet as in 1884 the pure gold of the gold pieces to be coined in this country was reduced, so now the weight of the pure silver of the silver dollars to be coined in this country under the new international