The sun., 1896-07-06
.,aY BELMONT REPORTS.
kRENoH views OF OUR FINANcEs
AND THE ST LOUIS PLATFORM.

FREQ Coinage OF Silver Here In Advance or
u, rational Action seeus Folly 60 the
wise Men OF Franco-They Can't Under-
staud tho Reissue OF Paper Onoo Re-
deemed In toid-Mr. Beimo ont wouId Have
Chicago Demand that That ne Stopped
During an absence OF six weeks from this
country Perry Belmont, who arrived on Satur-
day In the French liner La Tourane. has been
studying financial conditions in London. Paris,
md Berlin with view to discover particularly
tho European sentiment on the silver question
and on international bimetallism. Tho French
bimctnll!sts believe so Mr.. Belmont says, that
the United States should formulate some def
nto plan and present 1t to European Govern
mcnts, and before the presentation of such
plan International conferences on tho subject
would be n mere waste OF time. Our warmest
friends in Europe he reports, think that FREQ
bimetallic coinage before any international ac-
ton would be a grave mistake.
lam glad that took this trip" said Mr. Bel
mont yesterday. for | saw men OF various
opinions regarding political and international
questions and gathered much information.
had heard such contradictory statements about
tho opinions of officials and business men in
Europe on our financial and political affairs
that determined to 20 to London. Paris. and
Berlin to hear and Judge for myself. have
been somewhat surprised Mt the accuracy of tho
information which European experts in finance
have OF the details of our currency difficulties
and OF the composition of parties in the Senate.
Such knowledge was to be expected of mer-
chants and investors in our securities, but
IL is shared by the European scientific
writers on monoy and by the editors
of some OF the leading French journals
There was a striking phase used by Lord
Duffcrin in Paris the other evening. Thanks
TO the telegraph Lord Dufrerin WAS reported to
have said. the globe itself has become mere
bundle OF nerves, and the slightest disturbance
at anv one point of tho system sends por-
tentous trcmor through its morbidly sensitive
surface lie referred to diplomacy. but 1t Is
certainly true OF financial and trade matters, in
whose relations nations are no longer indepen-
dent. International rivalries in manufactures,
production. Transportation. exporting and i'm
porting are quite as acute as those OF political
diplomacy All Europe and Asia arc now our
relentless rivals in the former, and therefore
what Europe says of our power will increase the
s;valry.
{. As to international bime tallism." continued
MIR. Belmont, "the commercial and business
world Of England remains in great part opposed
to 1t. while the scientific experts take a moro
favorable view. Many opponents feared that II
the United States went to free-siiver coinage
America an debts would be scaled down one half.
which would drive the British Government to
consent to bimetallisn. That IS Of course, su-
perticial and fanciful. What nov worries Brit
isL farmers is the Importation of cleap cereals
and meats What vexes British manufacturers
is imleded access to our markets, and what
dstur Is investors is the threatening disorders
in our currency.
"Ot course cannot undertake to conduct
our fore Sn and domestic affni rs only in order
to satisfy London and Europe In general Such
q condition would be NOR" than unpleasant and
offensive. The matter concerns not only our
Government at Washington. but corporate and
individual borrowers as well. who are more or
less affected by our Government currency DIS
order. Our Government would be entirely in
dependent of such considerations IL 1t did not
need To sell bonds. and hut for the necessity of
reaeemlng greenhacks it need not otter any
In Paris met, by nppointmen: made BY our
Ambassador Mr.. Meline the Prime Minister t
terna,ional Ltmetallist. ! met also the editors
of tho powerful journals OF Paris. the Temps
Senator. and is much Interested in American
political questions a long interviw with Mr..
fonower "f Csrmusch and therefore M an ,'ii inter
n1tt"national nimstaii>, by conviction; was
thay cnrousIy enough in France ind"strv neet and
commerce are partisans of bmetal isni. and
sIht.nc eHperts @ aTs more 10 ,nGnea u 10 me snes
the reverse. France continues in measure bl
metallic. because the Bank of France. when It's
notes are presented and coin is demanded, pays
gold or silver at its option. Our Treasury at
Washington permits the creditor presenting
have gold or silver. There is now more silver
coming in France and tner. viii be ITO more
June II. 1896 The Bank Of France held in gold
2,os3oss'ai3 franc. IN silver l:55. lSo @ aao i0
francs in its own notes.
Mr.. Magnin was sure that France would not
consent to an intcruat0HG! ratio Of Ii. which
would compel reco!nuge Of all its silver at II
loss OF 3 per cent. whereas the United states
per cent, lie i|oKed upon our perpetual green. , =
back r1demptun IN gold rs the very weak and
critical spot in our monetary condition, and felt
that no nation is rich enough u endure such
Astrstn toy ione in safety.
THE opinion OF International bimetallists in
should formulate definite plan. and by diplo-
matte and other expetient action present it to
European Gorernnent1. More international con-
ferences FOR discussion before We had presented
such plan would be useless. An enactment BY
our Congress OF free himetallic coinage in ad-
vance of interna ional action is deprecated bv
our hest friends in France"
. vention7 action ?" asked the reportcr.
II WAS confronted cons,nntiy wh!ie IN Paris"
present feasible plan to stop buv!ng gold at
issued grernha"ksT could not find an
swer. Why was asked. did not the domi-
United States notes and Treasury Sherman
notes. u presented for gold redemption, be re-
among currency experts in FRANCE the contriv:
ance we call the endless chain is considered
intelliacnce, and resources Of our rulers than
any'othcr feature of our monetary condition,
and ali Europeans are bewiidered by our re-
fusal to cancel grecnbacks after their redemp-
toh In gold.
II should say that what most inpresscs
Europeans IL our difficulty i'll getting and keep
Inv enough Treasury gold to redeem on demand
o paper currency Of all kinds. nor will the
di4.culty disappear even IL our Federal taxation
shah yield surplus over expenditures They
clearly see what sInal! percentage OF oar taxa
ton i paid In gold. and that to make gold suf
hciently abundant and stop It's departure
for Europe our exports must largely ex
ceed our imports. To diminish imports
according to the Mckinley theory. will dimin-
ish revenue. or course Englishmen. with the
exception of the Bimctallic League and its fol-
lowers. now think their own al ideal currency
consisting offreegold coinage, accompan cd only
by subsidiary silver coins supplied by the Gov
ernincnt, and bank notes for all other purposes
lac Governor Of the Bank Of France as have
said we'll known ns international bmCtaliist,
told me that the French monetary system Of
free gold coinage, no more silver coinage for the
present, and plenty of Bank OF France notes re-
deenable in gold or silver at the option OF the