The record-union., 1894-05-04
Special to the REcoRp-UNros.

| Special to the REcoRn-UNIoN.
LONDON, May 3.-At the morning ses-
sion of the International Bimetallic Con-
ference at the Mansion House Sir Will
lam II. Houldsworth read paper on
effects upon Agriculturists, Manufact-
urers, Wage-earners. Merchants, Bankers
and Investors of Fall to General Level
Prices"
M. Therey, French delegate, warmly
urged the establishment of an Interna-
tional Bimetallic League. The proposal
was cordially supported.
A pamphlet upon the silver question,
| Just published by Sir JOSEPH h McKenna,
ex-Director of the National Bank OF Ire-
! land, is creating sensation in financial
circles and the Bimetallic Conference. Ii
| is devoted to proving that Lord Liver
| pools legislation in 1916 was simply
| fraud, the object being to cheat the public
out of four shillings in each pound. troy
| weight, of new coin. 1t is added that
Lord Liverpool made paltry gain not tor
himself but for the treasury. Sir Joseph
| McKenna acquits Lord Liverpool OF IN
territorial dishonesty and attributes the
| fraud to stupidity. The silverites claim
| when this is understood 1t VIII strongly
influence public opinion in favor of The
re-establishment of bimetalhsnl.
At the opening of the conference to-day
ex-Lord Mayor Evans, who presided,
read cable message from Washington.
signed by number of United States
| Senators, expressing sympathy with the
i movement to promote the restoration OF
| silver by international agreement. The
message was received with prolonged
| cheering.
Sir David Barbour, ex-Secretary to the
India Council, dweIt upon the injury
| which India had sustained in conSe-
quence of The fall in the price of silver.
The conference adopted the proposal of
H. r. Greenfel that deputation of BIZ
| metallists wait upon every candidate at
/ the general election, in order to ascertain
| the opinions of such candidates on the
| silver question, with the view of support
ing or opposing them.
| SYMPATHY FROM WASHINGTON.
WASHINGTON, May 3.-The following
| cablegram was sent to the Lord Mayor OF
| London apropos of the Metallic Confer
ence: 1--WE desire 10 express our cordial
sympathy with the movement to promote
the restoration Of silver by an lnterna-
| tional agreement. in ala of which we un-
derstand the meeting is held under your
Lordships presidency, and we believe
the free coinage of both gold and silver
i by an International agreement with a
fixed ratio would secure to mankind the
blessing of sufficient volume OF metallic
money, and what is hardly less import
ant, secure to the world OF trade i'm
munty from violent exchange fuctua-
| tons"
The document is 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, Dave B. Hill, Ed
ward Murphy, a. P. German, 0. n. Platt,
Calvin Brice, Joseph NJ. Carey, William
| MI
Cabot Lodge.
Senator sherman, in speaking of tho
] London bimetallic convention and the
| telegram sent by himself and others adj
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 cenfer-
ence, and said: 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
| question 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 by the United States alone to
maintain sixteen ouuces 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 |
have always opposed the free coinage of
silver, have no less desired that silver
should be used to the utmost extent pos
sible as money metal, providing only
that it would not place US ON a single
| standard of silver and drive gold from
the country, gold being the recognized
standard in money transactions with all
the commercial nations. J., therefore,
join heartily in expressing the hope that
the bimetallic congress in London will
| recommend some plan by which all the
aial raf1 nttld
| mode of coming both metals as money.
Ny own opinion is that it is better to recog-
nize at once as fact which is apparent,
that on account OF the vast increase OF the
production of silver the ratio should be
based upon the present relative market
value of silver and gold"
| Senator Teller said: LAS to the effect of
the telegram sent to the Manchester meet
ing by senator Sherman and other Sem
ators, who have not been known as sill
yer men, think the telegram will
encourage bimetallism by showing that
even those who oppose free coinage of
| silver have come to recognize the n3ces-
sity of a double standard and that it will
| be seen from this that while differences
of opinion may exist among Americans
as to how we shall secure the full use of
silver as standard money, none exists as
| to the necessity for the use OF both gold
and silver on terms of mint equality. "
CLEVELAND GRATIFIED.
! WASHINGTON, May 3.-The agitation
in Europe, and notably in England, in
] favor of the rehabilitation Of silver as
money metal, is being observed with
great satisfaction by the Administration,
for it is regarded as strong confirmation
of the correctness of the principle to
| which President Cleveland has so strenu-
ously adhered throughout the thick and
| thin, and sometimes at the risk of his
own popularity with his party. The
President has contended that the true
and stable equality of gold and silver
conld 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 individual action by
the United States. When the extreme
silver men have declared that there was
and could be no hope of the consumnla-
ton of the desired international agree
ment, the President has replied that
firm and steadfast adhesion to the line OF
policy intimated by the repeal of ths
silver purchase sections of the Sherman
Act must inevitably bring about the de-
sired 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 o.
the great financial powers, the Integrity
as money metal of vast silver cireuia-
ton. Europe had been inspired unpe5,
the old conditions, and was well satisheu
to allow the United States TO pear bha
burden.