New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-22
EUROPEAN FINANCE.
-rxrRAL TREND TOWARD A SINGLE
srANDARD-REvIvAL OF THE LATIN
UNION HoPELESS-GOLD RE-
SUMPTION IN AUSTRIA
HUNGARY AND RUSSIA.
7.

London. September o.
r,e Reputation party In America have
.-on6ed gold monomctalllsm as a British policy.
', view Of the monetary measures adopted 10y
.,e Continental Governments during the last
,,ventv-ffve years. when a fall Of 30 per cent In
the value OF silver has been witnessed. II may
10 more accurately described a European
rol,cv During that period every Continental
nation has suspended silver coinage and. either
nv law or by practice. has established single
cold standard fer the regulation Of exchanges;
c,6 those Governments which have nor yet sue
.ceeieG IN CARRYING out measures Of currency re-
corn. are accommodating gold reserves on large
scale The United States. in adopting the Dem
atic-Populist policy Of establishing free anc
unlimited coinage Of silver ct the ratio Of lG to
I when the market relation IS 81 10 |. will have
rrrone arTayed against It. and It's gold will be
drained out to enable Germany Austria-Iun-
gary. Russia and other Continental nations to
increase their reserves Of that metal and 10
complete their measures Of monetary reform
The conversion Of Germany from a silver into
cold country l described in detail in recent
letter from Leipsic. Under the Imperial acts o,
1871 and 1879 gold coinage was authorized and
tho Imperial Bank empowered to purchase gold
u,,hout restriction and 10 issue paper against IT
l., accordance with the procedure Of the Bank OF
England. and provision was made for the grad
vol purchase and withdrawal Of the Old silver
,ssras aggregating 800 100000 marks.
-,Ae hull; of this silver was disposed Of at good
.o.s before the suspension Of Government
so,es IN 1870: hut about 100000 thalers have
,ser saved from the melting pot Of which one
49,, remain in circulation with their legal-ten-
ss- cualitv unirnpared. while the remainder IL
s,o-ed IN the Imperial Bank Meanwhile, the
single standard has been practically established.
great reserve Of gold accumulated and the
currency system Of the Empire founded on
coi6 basis The 40OO0o0G0 marks remaining
from, the old legal-tender silver issues 90 not
e~sc, the stability Of the currency system. be-
cause the gold reserves are adequate TOT re-
derption purposes. II silver were 10 rise IN
value temporarily. in consequence OF the adop-
,io, ~ free coinage IN America. the German
stock Of legal-tender thalers would be disposed
% raDidlv and the measures Of monetary reform
introduced in lS71-73 would be completely car
red ont. That would be the only result so laI
&C Germany is concerned. of the Democratic
no,icv Of coming silver at the ratio OF 10 10 l.
without waiting for the aid or consent OF any
other nation
FRANCE AND HER ALLIES.
In 1873 Denmark. Norway and sweden
sdopted the gold standard and Holland ana
Belgium suspended silver coinage. France anu
her monetary allies. Italy, Belgium Greece anu
Switzerland. being menaced with the aialh Oh
gold and the flooding of their markets win Sill
v.- limit = the silver coinage OF the Aaui''
49,, ~ 49,. and SUSPENDED 1t altogether In
ISIS Belgium had been the first to close 'he
ro,r.e N the coinage OF silver on private ac-
,o,,.. Switzerland followed her example py
Ao,do,,,g her share of coinage under the
ot,, Union agreement and Italy and France
formally adopted the same policy In ''"'
,ro,n ~ nations the single standard no"
orevaus Where il has not been adop'ea os
law. as in Germany. Norway, sweden anu len
-oart which were not in the Latin Union Il
has been accepted In practice as in France Hol-
land Belgium and Switzerland
While all these countries have been repre-
sented In three International Monetary confer
ences they have been unprepared 70 JOIN uhe
United States in any measures IN the olfeC1loH
=. h,,ne,allisr,. and their business is conducted
and their exchanges are regulated by the slil0e
,o,d standard. II the United States, under Pop
,list Democratic auspices. should undertake 10
7efy the experience OF Continental Europe and
- ~ 10 ! all these countries would sell their
silver e.ocks and increase their gold reserves
The bveone Latin Union could not be restored
~ the basis Of 1G to when the market radio
9 u IN | Bimetallism would be at an end, be-
..vsa the United States would he on the debased
evel ~ silver recommendation and all Europe
IN the higher table-land Of gold monometa!lisin.
There is indeed nothing In the Popuiist-De
,cratic silver proposals that appeals to the
s,,nona: hies Of the former members OK the b.
metallic League The Latin Union. as organ
zed in 1868 between France. italy, Switzerland
and Belgium Greece entering II three years
,fterward). was not based on Mr.. Bryans prlh-
,iple Of free and unlimited coinage OF gold and
silver ratio was fixed, that OF ID 10 l. Dut
coinage was restricted in each country. Inc
coinage Of the five countries was arranged ny
agreement and each had its own quota assigned
n g.. o.d all The coins were alike in weight and
snerass and we're Interchangeable. Inc rauo
o,~r.s,o,ded n the market value. and coinage
Yas limited throughout the Latin Union Ahis
s come. hing essentially different from the un-
limited coinage Of both metals at a ratio wnich
Goes not represent their true market re'd'ioh'
Moreover nine years experience conNihc'u "ie
States Of the Latin Union that they couio not
maintain their coinage agreement "i'hou' u'N
Ing gold out Of their borders. silver uhuei Gun
srions NJ largely increased production was
rapidly becoming redundant and was 'ehuins
IN disnlace gold: and consequently they sus-
pended the coinage Of silver except Tor suDsid-
iary coins The Poquis; Democratic argument
that single country can coin deprecated
metal without restriction az faise rauo ana
yet succeed In retaining It's reserves OF soid ana
IN maintaining parity Of value between 'he TWO
uetals is refuted by their own experience
SUPPLIES FOR GOLD RESUMPTION
Austria Hungary. Ike German prior 70 10
had q currency based entirely upon silver Inc
depreciation of the metal and its constant nuc'-
uations rendered this standard too unstable 70
BE- malu,ained. and consequently free coinage
WAC e,-rocded In 1879 and the paper gulden