Mexico weekly ledger., 1894-05-10
CLEVELAND AND SILVER.
The President Looking on the Lon.
don Conference With Satisfaeii Ion.

W AsHISGToS, ID. u, May d
The agitation in Europe, and no.
tably in England, in favor of the
rehabilitation of silver as money
metal is being observed with the
greatest satisfaction by the admin
istration for it is regarded as strong
confirmation of the correctness OF
the principle to which President
Cleveland las so steadtastly adher-
ed throughout thick and thin, and
sometimes at the risk of his own
popularity with his party.
The President has contended that
true and stable equality of gold and
silver could be brought about and
maintained only by agreement be-
tween the great financial nations of
the world. With this conviction he
bas been obliged to resolutely op-
pose all attempts at individual ac-
ton by the United States. When
the extreme silver men have declar-
ed that there was and could be no
hope of consummating the desired
international agreement, the Presi-
dent has replied that firm and
steadfast adherence to the line of
policy initiated by the repeal of the
silver purchase sections of the Sher-
man act mustinevitably bring about
the desired result.
One of the purposes in view then
was to relieve the United States
from the loss and danger to which it
was subjected by the efforts to
maintain, unaided by any of the
great financial powers, the integrity
as money metal of a vast silver
circulation. Europe has prospered
under the old conditions and was
we'll satisfied to allow the United
States to bear the burden. The
Presidents theory was that by sus-
pending further efforts in that direc-
ton the United States would cause
the European nations to feel the
need of a larger circulating medium
and to share at least with us the
hardships of monetary stringency.
Therefore, the movements now in
progress in England and Germany
and France are regarded by the ad-
ministration people as evidences Of
the successful workings OF the Presi-
dents policy.
Great Importance is not attached
to the attempt initiated by Mexico
to secure another conference, though
it is not true that the President has
refused to join in the movement, for,
as a matter of fact, the Mexican
Government has not yet made any
tangible proposition, and has con-
fined its efforts to sounding other
Governments to learn how a formal
invitation would be received. And,
notwithstanding the rosy promise
held out by European agitation, our
Government is not yet satisfied that
a satisfactory international agree
ment can be reached at present, or
even in the near future.
The press ure has not yet become
so severe as to warrant the belief
on our part that such nations as
Great Britain and Germany are
ready to abandon their long-cher-
ished convictions and take up the
double standard. Probably some
kind OF an agreement might be
reached now, but according to the
view taken in financial quarters
here, it probably would not realize
our desire to put silver on a perfect
equality with gold, and it is thought
would postpone indefinitely that
restoration.
Therefore, it is probable that our
Government will pursue conserva-
tive course, declining to take the
initiative again in view of the fruit
less conferences already held, and
bide its time until the European
Powers, and particularly Great
Britain, are prepared to invite the
United States to join in a conference
which shall have before it some dis
tinct proposition looking to the re-
habilitatlon of silver, and with suf-
| ticient power lodged in the members
Ito insure practicable outcome.