The morning news., 1894-05-04
The Conference of the Bimetallists.

The Conference of the Bimetallists.
At the international conference of hi
metallists now being held in London Mr.
Balfour stated on Wednesday that lit is
a mere dream TO suppose that each na-
tion is able to regulate its own currency
independently 1t was absurd, he said,
to talk of taking an isolated view of the
| British currency when the action of the
/ United States, which had not been taken
| in concert with or from any friendly feel
/ ing toward Great Britain. had forced
| upon India and England the adoption of
the astounding system which now pre-
vailed in India He declared that Eng
lands present isolation was selfish and
stupid.
Mr.. Balfour, who is one of the fore
most statesmen of England. stated what
every well informed financier knows TO be
true, when he said that lit is a mere
dream to suppose that each nation is able
to regulate its own currency independ-
emily" and yet the silverites in this coun-
try are continually insisting to the contra
ry. The great nations are so closely bound
together by their commercial relations
that if any one of them should alone open
its mints to the free coinage of silver it
would be overwhelmed by financial dis
aster.
The only hope for silver is an interna-
tional agreement By which all the great
nations would open their mints to silver
coinage at a ratio satisfactory to each.
There would be no opposition worth no.
ticing to the free coinage of silver in this
country, provided It's parity with gold
could be maintained, and the only way it
could be maintained is by an International
agreement.
Those silverites who are entirely frank
will hardly deny that this country alone
could not keep silver on a parity
with gold if our mints were
open to the free coinage of
silver. They know that the effect of
free silver coinage without an interna-
tional agreement would be to make all
our silver currency a debased currency.
A silver dollar would not have half the
purchasing power that a gold dollar
would. And yet there are democrats who
are demanding the free coinage of silver
on the ground that the national democratic
platform promises it. They know that that
platform does not promise it, except on
the condition that some method is adopted
TO maintain the equal power of gold and
silver dollars at all times in the markets
and in payments of debts.
Those who condemn the financial pol
icy Of the administration condemn the
financial plank in the national democratic
platform. What do they propose shall
be done to maintain the parity of the two
metals in the event of the adoption of the
free coinage of silver2 Do they propose
anythingl They do not. What does the
administration proposel Following the
text of the national democratic platform
it proposes an international agreement.
And there must be such an agreement
before our mints, or the mints of any
other great commercial nation, will be
opened to the free coinage of silver
1t is sincerely to be hoped that the in
ternational conference of bimetalIists in
London that is now considering this sub
ject will reach a conclusion that will open
the way for an international agreement
relative to silver. 1t is a matter that
profoundly interests the whole world,
and Great Britain as much as any other
nation, if not more. A marked change
has taken place in public sentiment in
England on this subject since the closing
of the mints of India. England's COM
mercial interests are suffering great harm
and she may conclude to change her sill
yer policy. If she does consent a settle
ment of the silver question will be
quickly reached.