The record-union., 1895-03-12
THE MONETARY CONFERENCE.
Some of the Difficulties in Its Way
Considered.
1t May Reopen the fountains of Busi-
ness and Prosperity Through
out the World.

Iee COIuaSe at tn6 Ola TdllO, or II Inc
British representatives shall even take it
into consideration. as they have never
yet done. a serious embarrassment and
perhaps an insuperable obstacle will be
found in the present unequal distribu-
ton of silver reserved among the nations
of the earth.
Apart from the silver in active circula-
ton, the United States has in its treasury
about S564, 900, 900; the Bank of France
holds $3.50, 100000, and the national banks
of Austria, Russia. Spain, Italy, Neither
lands, Portugal and Switzerland $780,
100000, or a total of 81, 900, 100000, while
England and Germany have none at all.
Naturally, therefore, one of the first
requirements of the representatives of
the latter countries, If silver is to be re-
on equal terms with gold, would be that
an opportunity be provided for their Gov
ernmeuts to acquire proper supply of
the white metal, and to acquire it on
even terms with other holderS-a re-
quirement which under present condi-
tlons Is an obvious impossibility. They
Will be confronted, moreover, by the
fact that their consent to bimetallism
will advance the market value of the
boarded silver of other countries more
than 10 per cent, or S55O, 900, 900 in all,
and that their Governments will have no
share in this enormous profit; and this
fact, which will stand out so plainly in
the fog surrounding the subject as 10 have
undue weight in the public mind, will be
used with great effect by the enemies of
bimetallism.
II all the siverhOlding nations stood
on like footing in the matter, this en-
barraSsment might be easily removed by
OF I'm
ton OF silver at the market price, as an
incident OF the coinage agreement. But
II happens that none of these nations are
equally concerned with ourselves IN es-
taDlisling bimetallism, and none have
bought largely OF silver on q declining
market as we have done; an endless dis
CussiOn would therefore be- necessary be-
fore any basis for combined action could
be reached, even if such basis were at
taiuaDle at all.
such redistribution would, moreover,
give 10 Germany, which apparently
needs no lnducement to bImetaliism, a
large share OF the profit that ought IN
fairness to 60 to England as one OF the
compensatlons for her sacrifice as the
great creditor nation of the world.
While n general pooling agreement
would seem therefore to be eimpracticable,
an understanding might possibly be had
with France for an equitable cooperation
with the United states in this direction,
ana an agreement reached by which
Germany could acquire sulliciency of
silver at satisfactory price, while Great
britain would still have the "Iion'a
share" OF the profit. II this could not be
brought about no nation could then OBJ
Ject TO any arrangement between the
nIted States and Great Britain which
would promote the result desired by all
As matters stand our boarded silver is
white elephant which we cannot use
lIs 1,
price down to d point which would finish
the ruin OF our silver miners and utterly
dlscredlt our silver paper. on the other
hand, Great Britain could not go into the
market and buy an ounce of silver as a
preliminary to assured bimetallism with
out putting the price up to full coinage
value.
The position of the two nations there
fore Is that of two individuals, one own
Ing the entire marketable stock of a cer-
tain commodity and the other controlling
the only marke for 1t; and the natural
break for this deadlock between nations,
as between individuals, Is through COM
binaiiOn and profit sharing.
Indeed, decent regard for the good
opinion OF mankind requires that, when
we ask all nations TO join us in so radical
change IN monetary systems, we should
not be carrying on private speculation
OF our own IN the result.
The benefits OF bimetallism to us would
be so vast that the gain of $500, 900, 900 by
the advance Of our silver reserve from
present value TO par would be the small
est Item IN the long list, and we could
well afford to share it by selling one-ha!f
Of our-silVer TO England for gold at the
market price.
This would add SI27, 100000 to the gold
reserve, and, with our remaining $751;
100000 Of silver made equal 10 gold
would provide total available metallic
reserve Of $500, 100000, which would put
an end to all distrust of our paper money.
and, with improved business and conse-
quenuy increased revenues, do away
with any need of selling bonds.
lhe lost value OF the last two years. es-
timated by the New York Tribune at
$1,000, 100000, would be speedily and COM
pletely restored, and q portion of the
normal gains OF those years might even
yet be realized.
Such a sale would require OF course the
setting free OF some OF the silver now
pledged for paper issues, but that would
De easily accomplished, as part of gen
erai blmetallc scheme, through the sub
sututIon Of other paper. The fact that a
portion OF the silver is already coined
would be no hlndrance to its sale, and the
only draw back in the matter would be
thtt IN case OF an early meetiag OF the
conference special session of Congress
would be needed to give the requisite
n
10 .reeS 10 act in the premises.
IL Is not TO be supposed, OF course, that
any consideration of temporary advant-
az Will weigh heavily with the British
government on so serious question,
and Oh the whole The indications are not
now favorable to obtaining British assent
10 Olmetallism through any means:
nevertheless an active party there is
hghIng our battle in fighting its own
and we shall do we'll to give them every
nelp IN our power and put no weapons in
enemies hands.
The meeting of the Monetary Confer
ence viii Intensity the agitation, and if
the British representatives should defeat
b!metaillsm in the first instance, the
question might go to the country at q gem
eral election. In that case the full assur-
ance OF iair dealing on our part, together
with the substantial immediate advantage
oAeTed, might very possibly be the
leather that would turn the popular scale
IN any case we should lose nothing
but would stand better with the world by
making the offer. The proposition, how
ever, IS so novel that it needs a thorough
discussion and an expression of public
opinion to warrant any action upon it
even by Congress itself, but should il be
Suopte9' simple as 1t IS, 1t may prove to
DC the Key 10 the situation, and may re-
open the fountains OF business and pros
perlty throughout the world.
oYERPRoDUCTIoN OF SILVER.
Supposlng the present accumulation of
silver out OF the way, the danger of
Iuture oVerproduction of the metal. as a
result oil It's restoration to full yalue is
considered the most serious obstacle to
plheIaInsn' mat danger, however, ap-
pears to nave been magnified. and il can
be guarded against in AN international
coinage agreement.
in the first place the danger of over-