The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-18
SILVER ON IT'S LAST LEGS
THE FREE-COISAGE CRfZE DYING
OUTIy THE VEST AND SOUTH.
The People Want Sound Money-English
Capitalists Looking This Way
for Investments.

WASHINGTON, July, Ex-senator
Blackburn has been in Washington the
past three or four days but he has been
remarkably retlcent regarding the pro-
spects Of his recollection as a Senator from
Kentucky. There Is n possibility that he
will be chosen because OF his personal
popularity. but he evidently realizes as
clearly as any one that silver is los
ing cause and that II is now I'm its death
throes The victory OF The sound -noney
men I'm kentucky was so sweeping ana
90 sudden that a slight reaction viii rot
surprise Kontuckians, but they DO not
believe that The substantial ground won
Will be lost or that the influence OF Ken
tucky's action Will fail 10 be effective m
other southern States. whether the
silver men shall wiz or rot IN certain
state conventions, II Is felt by those
who have observed Southern politics TOT
some time that an immense step mas
been taken In the Willingness or sound
money members Of Congress to declare
their convictions and fight for them rath-
or than meckly vote for free silver az
has been too much their custom In the
past. The sound-money Democrats IN
Kentucky are somewhat bar dlCai pcn IN
the legislative fight by the fact that
they have no strong candidate 10 pit
against blackburn Secretary Carlisle
does not care 70 enter the fight although
his election Is highly probable II the
Legislature shall fail 20 agree among the
The conviction that the use OF silver as
money on equal forms with gold Is
thing Of the past has been strengthened
by the reports Of the feeling IN Europe
which have been brought back mere ny
the Treasury officials who were IN Lon
don on the matter OF delivering the 4
per cent. bonds and by letters from pro-
mincnt European financiers. Ihey con-
cur In the opinion that no international
agreement Is possible which would re-
sa4frs 70 b.. ala d ~
fixed by the legal ratio Of France or the
United States; that such an agreement
would not be kept In good faith by the
great gold-standard countries. II ne
adoption was possible, and that such
an agreement would serve no useini ptt-
pose IN It's effect upon prices or the vol
ume Of tools OF eXhange.
The political situation i'm Germany IS
such that a call for a conference possibly
may be Issued. but there are no immegi-
ate indications OF H. Such call would
b. intended by the German Government.
anC would zoe recognized by inteiisent
students of finance as nothing moro tnan
a political demonstration having about
the same objects and considerably less
sincerity than the declarations OF An,eri-
can political parties for international
bimctallism The other European states
might accept such am invitation ari "a
through the forms Of discussing the wider
use Of silver, but there probably rs not
Illf " ltlill MVul'4 4lNN A sf'il 1T t''i t'.t t
barrassed If the conference should re-
suit IN n tangible programme.
Those familiar with the state OF affairs
I'm Europe declare that IL Is beyond the
range OF human probability that Ausifo-'
Hungary viii throw away the results OF
her long and painful efforts 10 regain
p stable currency upon the gold basis;
that Germany viii undo the great work
Of unloading her surplus silver and es-
tablshing the gold standard. and that
britain "a 20 an ~
fundamental features or the economic
system which has made her mistress OF
the commerce Of the world. What the
countries which are wallOwing i'm the
mire OF deprecated paper choose 10 10
about himetallism is Of no practical con-
sequence. They practically could do
nothing 10 maintain bimetallic agree
ment. because their currency would con-
tinue 10 be rredeC mdbie. and their
agreement 10 use silver on equal terms
with gold would not bring a dollar or
either metal into circulation or open
market for an additional ounce - either
There Is great doubt among careful STU
dents Of the financial tendency Of the
world whether "a bimctallic agreement
would be kept. even. If IL is conceivable
that II could be made Unless IL should
raise silver with a jerk 10 the old party.
without leaving suspicion that II would
fall back again no nation which enter
ell the bimetallic union would observe
with any degree OF cOmpaccnce q drain
or gold. and steps quickly would be >akcn.
agreement or no agreement % Keep with
I'm the country IT'S fair proportion OF gold.
The mere disposition on the part Of a
ment because of its inherent danger
would inspire questioning and distrust
on every hand and tho agreement soon
would be as dead as a treaty for inter-
national peace after half dozen lead
INK powers had sprung at each others
throats.
Tho one hope TO which some Of the
moderate friends Of silver still cling is
that am international conference might
agree u3OI Il somewhat wider use of the
when such q plan as this suggested by
MOritZ Levy at the Brussels conference
in 1892 ana by other eminent flnancicrs
might have done something 20 restore
the value Of silver. III is doubtful II
such q proposition would be OF any avail
at the present time or would Doe accepted
with any enthusiasm by any Of the lead
ing powers. The difficulty would DE in
the fact that ali silver coinage which
was provided for would be nothing more
than token money sustained by an effort
AZ parity with gold.
It Is I'm the power Of any nation al the
present time 10 increase ITS issues Of sii-
-er tokens 10 meet the convenience OF in-
dustry and commerce. An international
agreement either would make no change
I'm this situation or would force upon
some Of the powers larger use of silver
than would bee absorbed readily into the
circulation. Tho supply of silver morey
already is so ample, moreover that tine
marAet Tor the white metal would not DE
enlarged materially by an agreement 10
carry a certain per capita silver clrcula-
ton I'm each country The two horns of
the dilemma would be simply whether
the powers should continue 90 lead them
selves with a burden of token money
which fngw rs-nrfll find % hard IN
or the market for silver should be left
substantially where IL is today
II has been suggested by so eminent
an authority as onward Atkinson. Of
Boston. that under the terms of lhe ic-
solution authorizing the president TO
appoint delegates to a monetary confer
ence. some step might Do taken toward
an international money. This, Of course
was not the purpose Of the trainers of
the resolution, but a conference might
promote the interests Of commerce by
taking the subject under consideration.
An international money. however estab-
ishct by such conference. probably
would have to be limited 10 the use of
common terms and measures.
The attempt 10 float coins Of one coun-
try In another as full legal tender has
resulted in great embarrassment 10
France, under tho agreement Of the Latin
Union, and the Bank Of France is over
loaded with Italian. Belgian. Swiss. and
even Greek coins which are not worth their
face value as silver bullion. but are LEGAL
tender in am the countries OF the union
al their nominal value. France, so often
appealed 10 as the exponent OF the bime-
tallic system probably would be rs se-
luctant as any Of the great powers 20
enter another agreement which might
deprive her OF the control over her me-
tailic circulation and OF her power 70 fix
her own laws Of lc-al tender.
The fact suggested IN the New York
Times OF Tuesday that immense quanti-