Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1893-01-31
THE LATIN UNION.
All Parties 10 1t Heavily Indebted Ia
France, and REQUIRED IL Pay In Gold.

France, and REQUIRED IL Pay In Gold.
N. 7. Engineering and Mining JourDal.l
The monetary treaty entered into
in 1885 by France, Italy, Switzerland,
B~lsium and Greece, thereby COM
shutting what is known as the Latin
Union, expires by Limitation on the
last da. OF January.
There has been a great deal Ct
speculation as to the future action Of
the parties to this agreement, and it
has been asserted that the COM
pact would not be renewed, each
nation ir the future looking out for
'tself and disposing of its silver as il,
should see fit. 1t should be remem M
bered, however, that the years notice
required By Article Is has not been
given by any Of the contracting
parties, and the agree ment is, in con-
sequence, tacity prolonged until Jan.
u.ry 1st. 1894, Article IA Of the
original agreement, dated Novem>
Der 9th, 1885, says; '.In case Of
termination OF the present convention,
each of the contracting states shall be
bound to take back the fve-franc
silver pieces which it shall have issued
aud which shall be found in circula-
sion or IN the public Golfers Of the
other states, and is charged with the
payment TO those States of q sum
equal to the nominal value of the
pieces called in in accordance to the
conditions det-rG ined il y special
arrangement which shall remain an.
nexed to the present convention"
Article 4 of the spr cial arrangement
mentioned provides that compensation
for the balanc-s held by the creditor
States At the expiration Of the agrees
ment "shall he made in gold. or in
6ve.fr silver pieces stamped with
the impress OF the creditor State, or in
drafts pay at,le in said State either IN
the same coin or in bank bills which
are legal tender there"
In these two articles lies the diff
Guilty. France has become the cred,-
TOR of all the other nations and has
large stock, estimated At $50 million
francs. of Belgian, Swiss, Greek and
Italian coin.
According to 3 late report Of the
Bank of France there ia in its vsuits,
packed aud ready far shipment. 264.>
100000 francs in Belgian. 1872 Coo.
600 in Italian, 1000 900 in Swiss an j,
100000 in Greek five franc pieces,
besides 10000, 900 francs in fractional
foreign silver. Ii the Union he dis.
solved this sum must he redeemed in
gold, French ive.frano pieces and
partly in good bills of exchange, but
~ the debtor countries hold but small
amounts of French coin, and MS ex.
change is greatly in favor Of Paris.
payment must be made in gold. That
mono Of the shove countries can get
gold without enormous sacrifice is
apparent. II Belgium. for example.
should undertake to dispose Of any
jssge amount of silver to huv gold,
there 10 but little doubt that its silver.
which has been coined and accepted
1t the ratio OF 15t to l, would sell as
low ~ SO cents per OF. All Of this
mskss it clear that the Union must be
continued with the hope that ulti-
maeely soms international agreement
touching silver will be made.
Isis becoming clearer every day
that II Congress will pass . hill re-
pesling the Sherman act. there is
hope that the ATTN Union will he
forced to Join Us IN advocating some
equitable international agreement
providing for moro extended use OF
the vhits metal.
Qla M P.o0fa ~ Tehop o.,