New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-31

existed and suggest remedies since the demonet.
zaton OF silver IN Europe In 1873 the situation there
has been unsatisfactory. This country has made
greater of silver that any other and naturally our
desire TO ascertain the feeling abroad as TO the
future OF the metal money. The United states
delegates in the absence OF definite instructions, had
10 begin without any fixed programme. We were
naturally pleased TO note Engands interest In the
matter and TO have one Of her delegates suggest an
additional use OF silver as money. OF course Mr.
Rothschild's suggestion was not acceptable. and at no
tmo did the United states delegates indorse the pro-
posed continuance OF silver purchases at the market
price, while other nations proposed only to buy up
TO a fixed maximum price. and then stop. In my
view. Rothschild proposition only indicated Eng
lands anxiety about the monetary situation, and that
she was willing to do something for the better use
Of silver But all of the pallatves suggested were
entirely insufficient in fact, all the propositions SUD-
mItted were tentative in character. But con-
timed Mr. Cannon. the conference has disclosed the
condition OF affairs TO extent which shonld be OF
great to Furthermore, the position OF the
United States Is, In my judgment, much better UNDER
than before the conference. IT seemed TO nave
been the general belief that we were only anAious
from selfish motives to induce Europe TO take up
silver: in other words the financial heads OF some
OF the European governments believed We simply
desired TO sell our silver and did not realize fully
the extent 10 which It is in use as money among
people
From the information gained,' added Mr.. Cannon,
81 think our better course is 10 repeal the SILVER
Purchase act and make less instead OF greater use
OF Il as money until such time other nations are
willing TO Join us in its with gold at some agreed
ratio II the act Is repealed, and tho United States
will prepare some defnidvc proposition and have IT
presented at the meeting in May, very likely some
basis for monetary treaties be arrived at although
it IS possible the time has not arrived for such an
agreement
hat tbo ctvoce N
occasIoncd by the fall IN the price OF silver as
measured by gold or as some eminent financial writer's
believe the rise in he price OF gold as compared with
silver and commodities. The violent huctlation OF
exchange between England and India is very dis
G,tro to trade and clear that Great Britain
must either adopt Il gold standard for india, at great
sacrifice or make some bimeallic agreement Many
men OF prominence in London, as well as the b.
metallsts OF Lancashire believe the people OF that
nation are being educated to point where silver VIII
BE- used as money, and that thi, will become party
question: and take precedence Of all other questions
at their elections and In Parliament In the near future
until the matter IS settled.
Although the delegate, from Austria and Germany
stated the beginning Of the Conference that their
countries well plcasd with their monetary stu
alton before the close the Conference they admit
ted that they would be pleased to refer any general
proposition 10 their own Governments and ask In
sructIons for their consideration. France. with its
large stock Of gold and silver naturally prefers not
to increase her holdings Of the white metal but would
| undoubtedly ioln I'm any reasonable agreement.
=" The reconciliation Of silver therefore. appears to
rest upon the action Of England II England and
India would join with this country In IN nt"rna lOnai
agreement III some ratio thel" i no oouD puu MI.
1t would be- great benefit 70 trade ana business
throughout the world but rs England siGbborny per
ssts In remaining gold Mono metallic coGntry
would seem that our course is clear. ana thar We
must protect ourselves. With the lesson OF the Lain
! union before lis should make les uNe Of silv0 q
money before reach the point al saiura'2n.
speaking of the causes o! the larg' gold shipments
from tn. United states 20 Europe Nh Cannon adhed:
AS Austria Is just beginning 10 carry oHt nsr
gold resumption policy, she ne'rS'ariv mus voc ad
from our country than other we are shlpPnE II
to them, and they probably paying premium ior
it. Russia too, Is strengthening npr gVl F'sg.sr
with tho Intention of resuming gold payments within
a rca ,onabc time The demand exceeds me supply:
| and II is only natural that she >lonlf procure ~
wherever she can. and 81" l. aDIc 10 prCarc H. ana
80 comes here for IL.
senator Jones Of Nevada. who was also delegate
to the Brusse Confer, nee. SAYS that many mpof;ans
Of to the great satisfaction Of the American doe ea'io
senator Jones returned from abroad yesterday on sne
La iascogne with Mr.. Cannon In speaking furtner
OF tho work done at the conference. he said: . .
There many plans PROPOSED. ana one thnt
received considerable consideration was the scAcr.
! proposed by Professor rOetbeer who recommended
! Tho wItldra val Of small notes and small gold COINS
and the Issuing in their place of silver certificates.
Europe coult easily take i0ooo,ooo ounces Of silver.
rnd IL could cnsily be distributed II tie different M
lion, could decide how much each alton sn"nli
! talk. At tn" next session. from present indica-
/ lions result Will he obtained which viii uncoubt.
cdly prove satisfactory to IL" United states IL may
/ ir That the United states. Germany. England ana
France will reach agreement, ann The other M,
lions will be left follow. do what they choose
| j. Edward simmons will. Gvc dinner In honor
OF Henry ". Cannon N the Manhattan club on zen.
ruary :. All III" bank presidents In the city WHY
banker. who represented the country at the Brussels
/ Monetary Conference