Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-02
SILVER HOPES GONE.
Again 1t Is Feared the Monetary Con.
ference Will Be a Fizzle.
DE ReTHsCHILB's PLAN DOOMED.
Majority and Minority Reports Will Prob
ably Re Submitted.
A NEW YORK BANKERS PROPOSITION
rBY CABLE TO THE DISPATCH |

DhUSSELS, Lee. Ii C0pyrtgnL l-Int
American delegates have almost unani
mously reached the conclusion that the
Monetary Conference will prove abortive.
Most Of them were hopeful of important
practical results growing out of the delib-
erations, until the Rothschild plan was pre-
sented last Monday. Much had been ex
pected of the suggestions of the grea,
fnancier. It was known that, although 9
monometallist. he was prepared to make
important concessions to bi-metallic claims,
and that most of the English deleg ates
were Of the same mind.
The plan itself was q great disappoint-
ment Nearly all regarded 1t as impracti.
cable in the form In which 1t was presented,
and the verdict of nearly all countries ha:
been to the same effect That Of America
has been the most emphatic of all. The
delegates have been bombarded with dis.
patches from home urging them not to give
countenance to the scheme. Nevertheless,
an American delegate said to-day:
eve were glad to have the plan referred
TO a subcommittee, hoping that some
amendment would be added Of q nature to
make it practical and useful to Q country
owning as much silver as the United States,
believing that any action that Europe takes
to increase the value OF silver would be
beneficial"
A Report Without Recommendation.
The result, or rather lack of result, of the
committees deliberations will be reported
to the conference tomorrow, when the plan,
somewhat modified and amended, will
simply be reported back without any recon-
mendstion except that it be discussed in
committee of the whole. The American
members of the committee will probably
urge that the discussion take wide range
and bring out clearly the different views of
the delegates on the whole subject Of the
monetary use of silver That is all that it is
now expected to accomplish. Delegates
from the United States and others, also, ex-
press their conviction that Europe will
not do anything looking to International
bi-metallism that will be satisfactory.
On the other hand London special corre-
spondent reports to-day that the committee
voted last night against the scheme formu-
lated by Mr. de Rothschild. This, how
ever, the correspondent adds, is not taken
as q bi-metallist defeat The committee,
he continues, will now proceed to decide
upon the combined de Rothschild and Soet-
beer plans with the notifications presented
on behalf of the Latin Union. 1t is ex-
pected that, besides the majority report
Of the COMMITTEES, minority report signed
by the dissenting members will be pre-
sented to the conference tomorrow.
A Repeal of the Silver Purchase Act.
1t Is generally understood among the
United States delegates that one of their
who Is banker, will state publicly
to the conference tomorrow that he believes
'that the best interests of the United States
demand the repeal of the present silver
purchase act In that country, and that
America should wait until England and
other European nations can come to some
agreement The attitude of the American
delegates will, of course, force an imnedi-
ate crisis Concessions must be made or
an immediate adjournment may be looked
for Inasmuch as no concessions can be ex-
pected, the indications are that there
will be some further talk, and then the
delegates will go home with nothing &C
The committee to-day continued to con-
slider the report. The American delegate
reserve as to their attitude on the
de Rothschild plsn. They believe that
whatever the result of the conference may
be the discussion will have and is having
great effect in educating the European
delegates on the currency question.
An Indian Monetary Conference.
The India Currency Commission will re-
sumo its sittings early In January whether
the monetary conference has or has not by
that time been brought to close. The
of the commission are certain to
have by January some definite idea of what
The icsuaa of tha RYuesa1a aafino IN he
and how they may affect currency in India
There is no doubt that certain strong ad-
herents of the single standard tried to
snatch vote from the commission in favor
Of gold standard for India
A dispatch from New York says:
Hon. b. W. Cannon, President of
The Case National Bank, of this city, is the
American member of the subcommittee ap-
pointed to consider and amend the plan pro-
posed BY De Rothschild. It is understood
hat Mr.. Cannon will probably vote that
he conference consider the proposed plan
N amended form. It is generally admitted
hat the plan was referred to the sub-com-
nittee only as basis for something better.
Mr.. Cannon's views are as follows;
If no monetary agreement is reached
through the efforts Of this body and ii the
United States hnds no responsive voice in
liver, it would then appear that our best
'ourse would be to repeal the law OF July,
$50, and go out of the market as purchasers
" silver for currency purposes until suoh
lime as an international agreement can be
made as to the relative value Of gold and
liver.
America Not Financial Dictator,
In my opinion (which I believe is shared
y large majority of our people), it is not
ossible for the United States of America
lone co fix and maintain the ratio between
old and silver for all the world; and from
resent indications the mints of the United
tates will not only not be opened for free
liver coinage, but q lesser rather than a
reater use of the white metal as money
vill occur in our country unless some rea-
enable international agreement can be
1ade in the near future.
If gold monometallism is to prevail
mong the principal commercial nations.
he United States with its enormous and
foreign commerce, with its high |
redit, with its large stock OF gold and Its |
ioh mines OF the same metal will be com |
elled, not only to cease purchasing silver |
Or currency purposes, but to take such |
teps as may be necessary to maintains its |
took Of gold.
An Anti-Parnellite Loses His Seat.