Omaha daily bee., 1896-07-31
LETTER FROM SENATOR ALLISON.
Expresses Opinion that international
Him tmllism is Ncnr nt Hnnd.

ALGONA. Ia, July S0.-Harvey lngham,
editor of the Upper Des Moines, has re-
ceived a long letter from Senator Allison
on the subject of international bimetallism,
which is both timely and pertinent. The
senator starts out by expressing the belief
that an international agreement is probable
within reasonble time and says:
This belief rests first, upon the desire
abeness of such an agreement. Both the
precious metals are necessary as the basis
of value and of the worlds commerce. To
make them available they must be so
rated to each other as to secure their con-
current circulation. This commerce cannot
be carried on without reasonably fixed
par of exchange between countries now
having the gold standard and countries
now having silver standard. The silver
countries cannot abandon silver because
of their situation. nor can they procure
gold to take the place Of silver, even if
they were inclined to do So
for international bimetallism. embracing
her political economists, her professors of
agrcuiturists. ship owners engaged in for
eign trade, and many of her leading bank
ers, and those especially trading with her
dependencies. chiefly with India, embracing
all classes. These are united into formid-
able organization 10 promote bimetalism.
union. except Switzerland. are practically
united. There is strong sentiment in Ger
many in the same direction
Senator Allison quotes from the French
an early international agreement for BIZ
metallism is anticipated, and from the speech
of Mr.. Van Der Berg, president of the
Netherlands bank, at the Brussels confer
ence in 1892, intimating that Holland was
unanimous in the belief that under inter
national bimetallism the union between gold
and silver would be maintained on fixed
basis.
Regarding the failure of the Brussels con-
ference to reach an agreement on the mat
ter, Mr.. Allison says
The Brussels conference met at an in
opportune time and without sufficient prep
aration and consultation with govern
ments invited to participate. Such a con-
ference when held, should be preceded by
a carefully digested plan for discussion
prepared in advance by the leading gov
ernments. Thus it was at Brussels that
Germany and Austria and some of the
smaller states were not permitted to act
was a failure as respects immediate re
suits, but it accomplished one thing of
great value, namely, a general recognition
of a serious evil that required practical
remedy
Senator Allison notes the growth of BIZ
metallic sentiment in European countries
notably in Germany and England and re-
garding independent free coinage of silver
by the United States he quotes from Otto
Arendt, a leading bimetallist such action
would drive US (the United States) over to
the silver standard and we should vainly
wait for a stable ratio of value" Mr.. Alli-
son says further on this point:
Some bimetallists in England have ex-
pressed the opinion that If We adopt free
coinage independently II might hasten in
ternational action. but these views are ex-
ceptional 1t would doubtless relieve Eng
land of her present strain If We were to do
so. Europe then would acquire our gold
now in circulation. and all the new prod
uct of our mines from year to year. But
the truth is, that in the years that are 10
come this would be disastrous alike to Eu-
rope and the United States, as it would
create a perpetual break in the par of eX-
change in our trade with Europe now
profitable TO both countries and being three
fourths of our foreign trade.
Senator Allison's conclusions are as fol-
lows:
The silver question is a vital one in a
worldwide sense, and international BIZ
metallism is making ra5id progress in
Europe and If we make no mistake now. is
whereby silver and gold viii again circu-
late at a practical parity in value. at an
agreed ratio. Yet, in the face OF this, the
Chicago convention urges us on to silver
monometallism by the side of Asia and
Mexico, bringing in its train to our coun-
try monetary evils which We cannot re-
cover from in two generations.