The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-10-29
THE srIrrn FAMINE IN 1rxLx..4


AND the Trouble and Distress nt ocossse.s.
ROME. Oct 10.-whether any relief to the
worldwide disturbance OF the currency Of
commerce. originally provoked by the fnoon-.
| sidcrate action OF Germany twenty years aGo
against silver. 10 to be expected from the new
| Monetary Conference in Paris, remains to be
seen. Thanks to the obstinacy and indiher-,
| ence OF the English Government, and to the
| amazing muddle into which the silver dues-
ton has been broughtjn the United States By
| pundits and by politicians. the disease from
which India and South America are suffering.
as we'll as Europe and the United States, has
got too much Roadway to be easily dealt with
by regiment OF financial doctors. But one
measure carried through at Paris at this new
conference is already producing an apprecfa-
BILE improvement in the condition OF one ims,
portant European country.
With less difficulty than had been expected.
the States OF tho so-callel Latin Union were
brought to agree to the proposition made by
the Italian delegates. that the fractional silver
currency OF Italy. represented by coins OF less
than five francs. should no longer circulate at
their face value beyond the Italian frontiers
The Italians asked for this concession because
tho silver currency Of Italy has during the
last two years been absorbed into France and +,
Switzerland. and especially into France. By
the suspension OF silver coinage at the French
mints. The currencv In Italy OF ten-lre and
tive-lIre notes has driven out Of circulation. OF
course. the gold coins OF those denominations
and the silver pieces Of FIVE francs. Tho dis
appearance OF the smaller silver coins OF two
lire. one Ira. and fifty confines has Eone on
until small transactions all over Italy have
been seriously obstructed. and In aome regions
practically suspended. An anImic commerce
is as helpless as an anemic man. -".1
Things had come to such pass during the
last six months that even at tho public rail.
way stations and telegraph Offices It was next
to i'm possible to get change even for hvo.
lire note OF the value Of an American dollar.
excepting in copper coin. In some parts OF
Italy, as. for example. in Milan and Como. the
local merchants and shopkeepers found 1t abb
soutely necessary to form ASSOCIATE ons. By
which small notes OF the denomination OF one
Ira. or about twenty cents. have been issued.
In Milan. for example. these notes appear I'M
der the authority. IL 80 1t can be called. OF
the Federazione Generate degli Esercenti."
which, being interpreted. means The general
confederacy OF business men," The notes.
very neatly printed in green. with decora-
tive margin benr on their face that the nom.
Der manning HIM has paid into the general
treasury one Ira" On the back OF the note
the member. whoever no may be. stamps his
business address and name. and signs 1t In his
own handwriting. or course. nobody can be
cOmDelleQ TO accept tn6 note. out Oh inc gem
eral responsibility OF the association. which 10
administered by business men OF well-known
repute. the notes have gradually como into
local circulation. and are even accepted ut the
telegraph offices OF the Government In tho city
in which they are issued. egg
The remedy is n dangerous one and obvi-
ousy liable to abuse. but 1t proves III that
needed to be proved the absurdity OF tho as.
sumption that the commercial transactions Of
the world in our time can be carried on upon
the strength Of single precious metal. the
production OF which has long ceased to keep
pace with the incessant increase and Develop
ment OF those transactions. Thanks to the
measure proposed by Italy at Paris and 90
promptly adopted by the other members OF
the Latin union. these confidence notes. az
they may properly be called. will now probably
go out of circulation as fast as they.
have come In. On the very day eftsR
the first through train from Paris to Turin .
carried with it 100000 lire in italian silver. J.
and the holders OF this silver in France and
Switzerland will now be quick In sending
1t homo as they were in drawing It away. avg
On small scale Italy will now SEQ reproduced {
the phenomenon witnessed on our side Of tho
Atlantic. when the American quarters and tbs
American dimes came tumblinR back ir cat z.
aracts OF small silver from Canada and Cor VI
America after the disappearance Of that VIS-
testable fractional paper which made the won.
derful signature OF Spinner household horror
in the United States.