Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-05-23
For the SPECTAToT
Monetar, Conference-RepIyt to U. S.
Propositions.


AT the last session of the Money Conference
at Paris, majority of the European dele
gates made to the propositions of the Ameri-
can delegates the following written reply =
The delegates of the European States repre-
sented in the Conference wish to express their
sincere thanks to the Government of the
United States of America for having procured
an international exchange of opinion on a
subject of so much importance as the money
question. Having matnrely considered the
proposals of the representatives of the United
States, they recognize =
list. That it is necessary to maintain in the
world the monetary functions of silver as well
as those of gold, but that the selection for use
of one or the other of the two metals, or of
both, simultaneously, should be governed by
the special position of each State or group of
States.
End. That the question of the restriction of
the coinage of silver should be left to the dis
erection of each State or group of States, ac-
cording to the particular circumstances in
which they may find themselves placed, and
the more so. in that the disturbance produced
has variously affected the monetary situation
of the several countries.
3rd. That the differences OF opinion which
have appeared and the fact that even some of
the States which have the double standard
find it impossible to enter into mutual en-
gagement with regard to the free coinage of
silver, exclude the discussion of the adoption
of common ratio between the two metals y
Count Ruseoni, of Italy, embodied his per-
sonal opinions in which Mr.. Baralis, his col
league, shared, saying =
1st That by the adoption of the formula
proposed the Conference does not respond to
the question put, and that in systematically
avoiding to pronounce itself upon the posi-
bility or impossibility of a fixed relation to be
established by way of international treaty,
between coins of gold and silver, it leaves its
task unfinished.
End. That since the French law established
such relation between the two metals, the
oscillations of their relative value had been
without importance, whatever had been the
production of the mines
3rd. That consequently, fortiori, if the
law of France had been alone able to ac-
complish the result, the day when France,
England, and the United States by inter-
national legislation, should agree to establish
together the relation OF the value of the two
metals, the relation would be established upon
basis so solid as to become unshakable."
Mr.. Say, President of the Conference, from
France, invited those who had special re-
marks to make on the subject of the reply to
the American propositions to take the floor
Count Won Kuefstein, of Austria said, "In
consequence of the divergences of opinion
which have revealed themselves in the course
of the discussion, this formula can be nothing
but compromise, embodying the best con-
cessions which the partisans of the single gold
standard have been able to make, and at the
same time permitting those who would have
desired to see the American propositions
secured not to recede from this point of view,"
&c.
Mr.. Grosehen, of England qualified his
former, declarations-"W affirmed that
silver ought to be the ally and partner of
gold, by no means intended to say by that,
that the two metals ought both conformity to
be placed on the same footing and become
legal tender in all countries for it
would be impossible for them the English
delegates) to support any declaration in favor
of the double Standard
Mr.. De Thoerner said: Russia was under
the regime of the single standard. Public
opinion there was absolutely opposed to the
double standard, : He thought he could
say without fear Of mistake that the double
standard would never be introduced in Russia,
which, however, he added, would neverthe-
less not exclude the possibility of a monetary
circulation of the two metals"
Count Won Kuefstein, of Austria, said: ''In
his opinion the reply did not preclude the idea
of double standard as impossible"
The discussions Of the Conference showed
that England was the lion in the way to a
double standard, and that the smaller quadru-
peds were obsequious to her lead; that so
long as she continues the money center of
the world and mistress of the SEAS she will
continue great barrier to any international
monetary arrangement. The discussions at
tribute the depression in business, the decline
in prices, and feeling of apprehension of more
serious distress in Europe and the East, to the
pending effort to reduce the use of silver The
special and immediate causes assigned, are
variant. All appear in doubt and 'ex-
pectancy."