The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1894-05-10
Bl-NETALLIC CONFERENCE In LONDON.
England aud Other Foreign Conn.
tries Heing brought TO Terms BY
the Policy OF the UE.ted states.
Views of the Aaministration.

land has so strenuously adhered through
thick and thin and sometimes at the risk
Of his own popularity with his party. The
president has conte aided that the true
and stable equality of gold and silver
could be brought about and maintained
only by agreement between the great
financial nations OF The world With this
conviction he has been obliged TO reso.
lutely oppose any individual action by
the United States. When the extreme
silver men have declared that there could
be no hope OF contamination OF the de-
sired International agreement, the pres
ident has replied that firm and stead
fast adhesion to the line OF policy intimat.
ed by the repeal OF the silver purchasing
sections Of the Sherman act must inevi.
tably 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 1t was subjected by
the efforts TO maintain, unaided by any
OF the great financial powers, the integ-
rity OF silver as II metal OF a vast circula-
ton. Europe had prospered under the
old conditions, and was we'll satisfied to
allow the United States to bear the bur
den. The presidents theory was that by
snspending further efforts in that direc
ton the United States would cause the
Europeans to feel the need OF larger
circulating medium and to share at least
with us the hardships of monetary
stringency. Therefore the movements
now 10 progress in England, Germany
and France are regarded by the admins
tration people as evidence of the success-
fnl work OF the presidents policy.
Notwithstanding the promise held out
by European countries, the government
is not yet satisfied that the international
monetary conference can he reconvened
in the near future. Tie pressure has not
yet become so severe as to warrant the
belief on our part that such nations as
Great Britain and Germany are ready to
abandon their long-cherished convictions
and take up the double standard. Prob.
ably some kind OF an agreement might
be reached now, but according to the
views taken in financial quarters here it
would probably not realize our desire to
put silver on perfect equality with gold,
and, it is thought, would postpone indie
initely that restoration. Therefore, it lie
probable that our government will bide
its time until the united powers and Great
Britain are prepared to invite the United
States to join in a conference which shall
have before it some distinct proposition
looking to the rehabilitation of silver. and
with sufficient power placed in the mem
bers TO insure pra 'tical outcome.
An international bimetalic conference
is now being held in London and cable
gram expressing cordial sympathy and
endorsement OF the object of the confer
ence was sent by senators sherman, ALI
son, Voorhees,, Hill, Murphy, German,
Brice and others. Senator Sherman in
speaking Of the cablegram and the con-
ference 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 ID
whether we can have free coinage without
demoralizing gold. The general opinion
is this would be the reealt OF an attempt
by the United States alone to maintain IL
ounces of silver with one ounce OF gold
when in the open market we can buy sc
ounces of silver with one ounce OF gold
While have always opposed the free coin
age of silver, have, nevertheless, desired
that silver should be used to the utmost
extent possible as money metal, provid-
ing only that it would not place US on a
silver standard and drive gold from the
country. gold being recognized as a stand
ard in monetary transactions with all the
commercial nations. |, therefore, joined
heartily in expressing hope that the BIZ
metallic congress in London would recon-
mend some plan by which all the COM
Nphih dhkt u hiObC VI
coming both metals az money. My own
opinion is that it is better to recognize at
once, as a fact, that is apparent, that, on
account of the vast increase of the pro-
duction OF silver, the ratio should be based
upon the present relative market value Of
silver and gold"
Senator Teller said GAS TO the effect OF
the telegram ser TO the Manchester meet
ing by Senator Sherman and other sena-
tors who have not been known as silver
men, think the telegram will encourage
bimetalism, by showing tina: even those
who oppose free coinage Of silver have
come to recognize the necessity of a
double standard, and thar 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 of the use of both gold and sill
yer on the terms of the mint equality"
! Y0UsG BLOOD IL BUSINESS.