The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-05-04
ALL CREDIT HIS.
Grover the Friend of
Two Metals.
HOW HIS IDEAS CHANGE.
It Is Different When England
FavorS Silver.
HE HAS BECOME A BIMETALLIsT
Very Pleased to Observe That the
Event Nay Yet Justify His
Policy.
IE HAS BECOME A BIMETALLIsT

WASHINGTON, May 3-Tbe agitation
In Europe, and notably In England. in
favor of the rehabilitation of silver as
a money metal is being observed with
great satisfaction by the adm nistratiOn, for
it is regarded as strong confirmation of the
correctness of the principle to which Pres
ident Cleveland has so strenunusly ad-
hered througho out thick and thin, and
sometimes at the risk of his own popu-
laTity with his party. The President has
contended that true and stable equality
Of gold aud silver could be brought about
and maintained only by agreement be-
tween the great financial nations of the
world. With this conviction he has been
obliged to resolutely oppose any individual
action by the United States. and when the
extreme silver men have declared that the
Democrats were pledged by their plat
form to the rehabilitation of silver. and
that with England favoring gold there
could be 20 hope of the consummation of
the desired International agreement, the
President has replied that q firm and
steadfast adhesion to the line Of policy in
timated by the repeal Of the silver-pur-
chasing sections of the Sherman act must
inevitably 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 in
tegrity as money metal Of silver.
Europe had prospered under the old con-
di.inns, and was well satisfied TO allow
the United States TO bear the burden. The
Presidents theory was that by suspending
further efforts in that direction, the United
70 feel the need of a larger circulating
medium and to share with US at least the
hardships of monetary stringency.
Therefore, the movements now in prog
rsess in England. Germany and France are
regarded by the administration people as
evidence of the successful working of the
Presidents policy.
Great importance Is not attached to the
attempt initiated by Mexico to secure an
ether conference. though it is not true that
the President nas refused to join in the
movement, for as a matter OF fact the
Mexican Government has not yet made
any tangible proposition. and has confined
its efforts TO sounding other Governments
to learn how formal Invitation would be
received. Not knowing the stand which
will probably be taken by European coun-
tries, our Government is not yet satisfied
that the international monetary confer
ence can be reached in the near future.
The pressure has not yet become so severe
as to warrant the belief on cur part that
such nations as Great Britain and Ger
many are ready to abandon their long
cherished convictions and take up the
double standard. Probably some kind of
an agreement might be reached now. but
according to the views taken in financial
quarters here it would not realize the
American desire TO put silver on perfect
equality with gold. and it is thought
would postpone indefinitely that restora-
tion.
Therefore 1t is probable that this Gov
eminent will pursue conservative course,
decliping to take the initiative again in
view of the fruitless conference already
held, and bide its time until tie Contipen-
tai powers and Great Britain are prepared
to invite the United States to join in a
conference which shall have before il some
distinct proposition looking to the reha-
bilitation of silver and with sufficient
power placed in the members to insure
practical outcome.
The following cablegram was sent to the
Lord Mayor of London to-day apTopos of
the bimetallic conference: 1--WE desire TO
express our cordial sympathy with the
movement to promote the restoration of
silver by an international agreement, in
aid of which we understand the meeting is
held under your Lordshp's presidency,
and we believe the free coinage Of both
gold and silver by an international agree
ment with fixed ratio would secure to
mankind the blessing of sufficient volume
of metallic money, and. what is hardly less
important, secure to the world of trade
immunity from violent exchange 1uetua-
tions."
The document was signed by the follow
ing Senators, who voted for the repeal of
the Sherman law: John Sherman. w. B.
Allison, D. w. Voorhees,, George f. Hoar.
Nelson w. Aldrich. David B. Hill. Edward
Murphy, a. P. German. o. R. Platt. Cal
vim Brice. joseph NJ. Carey, William Frye,
G. (. Davis, a. NJ. Cullom, Henry Cabot
Lodge.
Senator Sherman. in speaking of the
London olmetallic convention and the
NSiOSio Spub ny uimSPII ana OLneTS aQ-
dressed to the Lord Mayor of London,
expressing sympathy with the movement.
expressed the hope that the convention
would lead to the calling of another inter
national monetary conference, and said:
"There is no division of sentiment among
conservative people as to the necessity of
retaining silver as one OF the monevs of
the country. The only question we have
discussed in Congress is whether we can
have free coinage without demoralizing
gold. The general opinion is that this
would be the result of an attempt bv the
United States alone to maintain sixteen
ounces of silver with one ounce of gold
when in the open market we can buy
thirty-one ounces of silver with an ounce
of gold. While l have always opposed the
free coinage of silver, have nevertheless
desired that silver should be used to
the utmost extent possible as a
money metal. providing only that it
would not place Us on single
standard and drive gold from the country,
gold being the recognized standard In
monetary transactions with all CONNER
cial nations. therefore joined heartily
in axnressinp the hope that the bimetallic