The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-03-10
Plan for EqunliEinE Reserves of the
White Metal In Case All Nations
Adopt Bimetallism.
THE MONETARY CONFERENCE
ONE OF THE OBSTACLES IN THE WAY
OF A SPEEDY AGREEMENT.
Congressman Martins Attempt to
Make Democracy Appear ms the
Only Friend of the Pensioners.
Special to the Indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, March 9.--In an interview
with the Journal correspondent to-day Gen
eral Roy Stone, of New York, gave express
sion to the following interesting views on
the forthcoming monetary conference:
If the coming monetary conference shall
actually attempt to restore the and value
Of silver through universal free coinage at
the old ratio, or if the British representa-
tives shall even take it into consideration
as they have never yet done. a serious en-
barrasSmert and perhaps an insuperable OBJ
sta staele win be found IN the present UNEQUAL
distribution of silver reserves among the ma
tions of the earth. Apart from the silver in
actual circulation. the United States has In
France holds $256 000, coo, and the national
banks of Austria. Russia, Spain, Italy, Meth
900, a total of one thousand million dol
lars, while England and Germany have none
a ~ ,nererore, one of the hrss rs.
latter countries. if silver is to be restored to
general use money metal on equal terms
with gold would be that an opportunity be
provided for their governments to acquire
proper supply of the white metal, and to ac-
anire II on equal terms with other holders
a requirement which, under present condi-
tons, is an obvious impossibility. They will
their consent to bimetailism win advance ce
the market value of the boarded silver in
other countries more than 120 per cent, or
$3.50, ,O00, 900 in all, and that their governments
will have no share in this enormous profit;
and this fact, which will stand out 50 plain
have undue weight in the public mind. will
be used with great effect by the enemies of
'.If all the silver-hodng nations stood on
like footing in the matter, this embarrass-
nent might be easily removed by an inter-
national pooling and redistribution Of silver
coinage. agreement. But it happens that
with ourselves in establishing bimetallsm,
and none has bought largely of silver on a
declining market, as we have done. An end
less discussion would, therefore, be neces-
sary before any basis for combined action
could be reached, even ii, such a basis were
would. moreover, give TO Germany, which
aps rn needs ara no f ab nr to
in fairness to go TO England one of the
compensations for her sacrifice as the great
eral pooling agreement would seem, there
fore, to be impracticable, an understanding
equitable cooperation with the United States
in this direction, and an agreement reached
by which Ter Germany conid ACQUIRE @ re-, sum,
Great Britain would still have the lions
share of the profit. Ii this could not be brought
agreement between the United states and
Great Britain which would promote the re-
s.As matters stand our boarded silver is a
white elephant which we cannot use and
could not sell without carrying the price
down to a point which would finish the ruin
of our silver miners and utterly discredit
our silver paper. On the other hand, Great
buy an ounce of silver as preliminary
to assured bimetallism without putting the
price UP to full coinage value. The position
of the two nations, therefore is that of
two individuals. one owning the entire
nd fh ssocn onfroin tha opa
kct for it; and the natural break for this
deadlock between nations. as between in
dividuals is through combination and
profit sharing Indeed, a decent regard for
the good opinion of mankind requires that
when we ask all nations to joint us in
radical a change of monetary EyStpmS
should not be carrying on private
speculation of our own in the result, The
benefits of bimetalism to us would be
vast that the gain of $500, 00C00 by the adj
vance of our silver reserve from present
in the long list and we could well afford
to share it by selling one-half of our sill
to s Mond iof ada the e od
reserve and, with remaining $2S2. 100000
Of silver made equal to gold. gold would pro.
500, coo, 900, which would put an end to all
distrust of our paper. money and with
improved business and consequently in
creased revenues, do away with any need
of selling bonds
.'The lost values of the last two years.
5000. O,000 would be speedily and COM
pletely restored, and portion of the
be realized. Such sale would require.
Of course. the setting free of some of
but that would be easily accomplished as a
part of a general bimetallic scheme, through
the OIL O1ner paper. 'Ine TACT that
portion of the silver is already coined
would be no hindrance to it's sale and the
only drawback in the matter would be that
in case of an early meeting of the con-
ference a special session of Congress would
be needed to give the requisite authority
to the executive or to our conferees to act
in the premises.
'It is not to be supposed, of course
that any consideration of temporary ad-
vantage will weigh heavily with the British
government serious a question and
on the whole the indications are not now
favorable to obtaining British assent to
bimetallism through any means: neverthe-
less, active party there is fighting our
do well to give them every help in our
power and put no weapons in their ene-
mics hands.
1.-The meeting of the monetary conference
British representatives should defeat bimet-
aIlism in the first instance the question
might go to the country at a general cleo
ton. In that case the full assurance of
substantial immediate advantage offered,
might very possibly be the feather that
would turn the popular scale. In any case
we should learn nothing, but would stand
better with the world by making the
offer. The proposition, however, is so novel
that 1t needs a thorough discussion and
an expression of public opinion to warrant
any action upon it even by Congress itself
but should 1t be adopted simple as 1t is
it may prove to be the key to the stua-
business and prosperity throughout the
world"
Senators Jones and Teller of the proposed
international commission, preparing to
Capitol to-day and held a brief conference
at which they concluded that there was
no probability of the commission having
occasion to come together until some time
s.>& !, In Hal