The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-05-04
Great Interest Taken in the
London Conference.
The Administration Views 1t With
satisfaction
Cleveland. sherman ana Ctasr Mono
metailists, Seeing the WHITING
on the Wall. Try to Stand
Erom Under.

for it is regarded as strong confirmation
of the correctness OF tho principle to
which President Cleveland has so siren
ously adhered through thick and thin,
and sometimes at the rick of HE own
popularity with his party. The presi-
dent has c1ntended that true aud
stable equality OF gold and silver could
be brought about and maintained only
by an agreement between the great
financial nations OF the world. With
this conviction he has been obliged to
resolutely oppose any individual action
by the United Statea. When the ex.
treme silver men have declared that
there could be no hope OF the consum-
nation OF the desired international
agreement, the president has replied
that firm aud Bteadfast adhesion to
the line of policy intimsted by the re-
peal of the silver purchasing 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, unsided by any
of the great financial powere, the in
tegrity as a money metal of vast silver
circulation.
Europe had prospersd under the old
conditions, and was well satafed to
allow the United States to bear tbs bur-
den. The presidents theory WAC that
by suspendng further efforts in that
direction, the United States would cause
the European nations to feel the need OF
larger circulating medium and to
| share at least with Va the hardships OF
the monetary atringency.
Therefore, the movement now in
progress in England, Germany and
France is regarded by the administrs
ton people as evidence of the successful
work of the presidents policy.
Great Importance is not attached to
the attempt initiated by Mexico to S.
cure another conference. though it is
not true that the president has refused
to join in the movement, for as a matter
of fact tie Mexican government has not
made any tangible proposition and has
confined its efforts to sounding other
governments to learn how q formal in
vitation would be received; and, not
knowing the necessary promise hello out
by European countries, our government
Is not yet satisfied that an international
monetary conference can be reached
in the near future. The pressure has
not yet become SO severe as to warrant
this belief on our part that such nations
as Great Britain and Germany are ready
to abandon their long cherished convic'
tions and take up the double standard.
Probably some kind of an agreement
might be reached now, out according TO
the views taken in financial quarters
. otnab lp
desire to put silver on q perfect equality
with gold, and it is thought this would
postpone indefinitely that restoration.
Therefore it is probable that our govern
ment will pursue q conservative course,
declining to take the initiative again,
in view OF the fruitless conference al
ready held, and bide its time until the
united powers and Great Britain are
prepared to invite the United States to
ioin in a conference which shall have
before it some dstinct proposition look
ing to the rehabilitation OF silver and with
sufficient power placed in the members
to insure practical outcome.
Senator Sherman, III speaking OF the
London bimetallic convention and the
telegram sent by himself and others sd-
dressed to the lord mayor OF London,
expressing sympathy with the move.
ment, expressed the hope that the con-
vention would lead to the calling OF
another international monetary confer
ence, and ssid:
There is no division OF sentiment
among conservative people as to the
necessity OF retaining silver as one OF the
moneys of The country. The only quss.
ton we have discussed in congress is
whether we can have free coinage with
out demoralizing gold. The general
opinion is this would be the result OF an
attempt BIZ the United States alone to
maintain 16 ounces of silver with one
ounce OF gold, when in the open market
we can buy 81 ounces Of silver
with an ounce of gold. While
l have always opposed free coin
age Of silver, have nevertheleas
deaired that silver should be used
to the utmost extent possible as q money
metal, providing only that it would not
place as on single standard and drive
gold from the country, gold being a
recognized standard in monetary tranrs
aetiona with all the commercial nations.
/ therefore Joined heartily in expressing
the hope that the Dimetallic congress in
London would recommend some plan by
which all the commercial nations would
arrange q mode OF coming both metals
as money. My own opinion is that it is
better to recognize at once IS q fact that
ia apparent, that on account of the vast
increase in the production of silver, the
ratio should be based upon the present
relative market value OF silver and
gold"
Senator Teller said: 'As to the eI-
feet Of the telegram sent to the bimet-
allie meeting by Senator Sherman and
other senators who have not been known
silver men, | think the telegram will
encourage bimetalliem by showing that
even those who oppose free coinage OF
silver have come to recognize the mecca
sity Of O double standard. and that it
will be seen from this, that while diff
fsrences OF opinion may exist among
Americans as to how we Ehall secure the
iull uae OF silver as standard money,
none exists ca to the necessity OF the use
Of both gold and silver on terms Of
equality in the mint"
LONDON, May 3. At the opening of
the bimetallic conference today ex-Lord
Mayor Evans. who presided, read q
cabeeram from Washington aigned by q
number of United States senators ex-
pressing sympathy with the movement
TO promote the restoration OF silver by
IN international agreement. The mes-
cage was received with prolonged cheer
ing.
Sir Edward 3srbsur, ex-secretary to
the Indian council, dwelt upon the in
jury which India had sustained in con-