Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1894-01-25
MONETARY CONFERENCE.
Union Between Great Nations AbsO-
lately Necessary Trade In India
and China ParalyZed.

Washington, Jan. 25. Cable reports in
regard to new monetary conference re-
ceive some credit here. One of the de-
sirable objects attained by the repeal of
the Sherman silver purchase clause was
that it left the United States free to await
the discovery by European countries that
it was no longer carrying tho full silver
burden. This fact seems to have dawned
upon the foreign statesmen and fnanciers.
The proposition that the United States,
France, Great Britain and Germany form
a monetary union is not chimerical. If it
be formed Germany and Great Britain
will have to do their share towards sus.
tanning the white metal. The United
States could buy and use for subsidiary
currency purposes $lO,OO0,OO0 worth of
silver yearly without serious inconve-
,nience, but it would insist that Germany
and Grsat Britain float an equal amount.
At the Brussels conference a plan Of this
sort was suggested by Alfred de Roths-
child. On analysis it was found that the
United States was expected to do more
than all the other countries, and the prop
osition was declined. The suggestion Of
Great Britain and Germany to withdraw all
gold and paper below the denomination
of the sovereign is In line with the plan
of the late DR.. Soethbeer. 1t is doubtful
whether India would care to resume the
unlimited coinage of silver, unless the
withdrawal of all small notes and coins
except silver by European countries
could be made the basis of greatly en-
lo, 90 eit The ooIla nrk
speaks of Germany and Great Britain buy
ing $4,000 pounds annually. That would
be ridiculously small amount-$575,-
900 and is possibly mistake. In order
to secure the cooperation of the United
States, France in behalf of the Latin
Union, would also have to buy more than
$4,OOO,00O worth annually as proposed.
Until fuller details are received it is not
possible to gain much idea of the pros
poets for the success of the plan.
yERe1NG ON A PANIC.
Calcutta. was another heavy
fall in exchange yesterday, the condition
of the money market being almost one of
panic. It is feared Secretary of State
Kimberly may accept any rate which is
offered at the next sale Of the council
bills The state of the balances of the
presidency banks makes practically GER
tain that Sec. Kimberly can command
fair sales if he only holds out for a week
or 81 longer, but the fact that he may
is crippling all business. The
Englishman says the announcement that
Sec. Kimberly does not propose to main
tain the minimum rate for council bills,
produced something like CONSERVATION,
and it is hard to believe anything good
can come from his policy.
THIS WILL HELP SILVER.
London.-A dispatch to the Times from
Hong Kong says the breakdown of the
Indian government in attempting to
maintain fictitious rate of exchange,
while leaving the future rs uncertain as
before, has had the worst possible effect.
Business in Shanghai and Hong Kong is
paralyzed.
The Globe remarks: "The whole finan-
cial situation in India must be now faced,
and the Intervention of sound econo-
mist is wanted with large commission
to ouerhaul the whole subject, and with
power to give effect to his
The St. James Gazette criticises the In
dian policy and says that after demoral-
izing trade the Indian governments un-
fortunate experiment has completely
broken down, and that its tardy retreat
from an untenable position also means
that Mr.. Gladstone's government is at
last alive to the hazardous and desperate
nature of the financial game the Indian
authorities are playing.