The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-05-03
Watch Saturday S News
Voting Contest.
BIMETALLIO CONFERENCE.
,eeedings of Today's Sessio nth
Addresses.
Ri C1b1s TO the United Press.

By Cable to tue United Press
LONDON, May 8, 1894.-Mr H II. Gibbs,
President of the British Bimetallic League,
presided over the second days session of the
International Bimetallic Congress In the
Mansion House today. Sir William Houlds-
worth, M p. read paper on ''The Effects
Upon Agriculturists, Manufacturers, Wage
Farmers, Merchants, Bankers and Investors
of the Fall in the General Level of Prices. y
This fall in prices, he contended, was caused
by q contracted currency and must lead to
commercial and industrial depression and
the consequent injury of all classes.
Mr.. Houldsworth contended that falling
prices discourage capitalistic enterprises,
and the increasing burden of obligations de-
priyed them of the power of extending pro-
duction. He quoted from the letter of Gen
eral Francis A. Walker in support of his
argument that declining prices retard in
dustry and diminish the demand for labor.
A low rate of interest, he said, is evidence OF
an abundance of capital and co-existing
depression of trade
Mr.. Robert Lacy Everett, M. p, and
Mr.. Edmund F. Knox, M. p, in discussing
Mr.. Houldsworth's paper, maintained that
mono-metallism would press powerfully and
unfairly upon the tillers of the soil, as its
tendency was to lower the value Of agricul-
tural products.
Mr.. Henry H. Gibbs read paper on .sThe
Principle on which an International Ratio
Ought to be Basedn Mr. Gibbs stated that
this proportion of gold to silver at the end Of
the year 1892, was 15115 to 1. At the present
time the proportion was IS to !. All pro-
posals for bridging the chasm, he asserted,
converge toward the restoration of silver to
its former status of full debtpaying power.
The Pail Mall Gazette, commenting on the
proceedings of yesterdays session of the BIZ
metallic Conference, says the discussion has
assisted not a whit in the solution of the
silver problem. Not single argument, the
paper says has been adduced in favor OF a
change.
sympathy From Washington.
WASHINGTON, May 5, 1s94.-The subjoined
is the text of the cable message sent to the
English meeting held yesterday at the
-ansion House, London, to discuss financial
questions
The Lord Mayor, of London, the Mansion
House, London.
We desire to express our cordial sympathy
with the movement to promote the restora-
tion of silver by international agreement IN
aid of which we understand meeting is held
today under Your Lordship's presidency.
We believe that the coinage of both gold
and silver by International agreement at q
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 fluctuations.
(Signed), John Sherman, w. B. Allison
D. w. VOORHEES,, George F. Hoar, Nelson W.
| Aldrich, David B. Hill, Edward Murphy, A.
F. Forman. o. Fl. Platb, Calvin Brice jos.
| M. Carey William Frye, G. K. Davis, s. NJ.
Cullom and Henry Cabot Lodge"
1t will be seen that this message is signed
| by the representative men of both parties
but by none of the Western silver Repub-
| licans