Year: 1878

We print in other columns letter from
Paris giving very full history of the de-
liberations Of the International Conference
called by invitations Of the United States
to agree upon plan for the general re-
monetization of silver In respect to Its
main object the Conference was failure,
no plan having been agreed on and the Eu-
ropean States represented dissenting from
the view of the United States that concerted
action is desirable The decision of
majority of the European delegates that the
subject ought to be remanded to the separ-
ative action Of each country OF course fore
closed any discussion of the proper ratio
of the two metals in the coinage OF
States which may think fit to adopt or
adhere to q double standard. II no mutual
arrangement is desirable there is no place
tween gold and silver or respecting any
other branch of the subject. Even II the
Conference had been able 10 agree that
uniform arrangement is desirable, and had
succeeded in uniting on ratio, the most
difficult part Of the problem would still
have remained to be solved. The assembled
delegates were not, in the strict sense Of
the word, a congress with power to
bind their respective governments. but
only conference, with mere authority to
discuss and confer and to make recon-
mendations which the governments send
ing them were equally free to adopt or to
reject Even if they had been plenipoten-
4; 10 ;ofo frao
treaty would not have been binding on the
United States at least without confirmation
by the Senate, nor even then considering
that the subject is not within the province
Of the treaty making Powers. The consti-
tuition vests the coinage exclusively
in Congress, which alone has power
'.to coin money, regulate the value
thereof, and of foreign coin, and
to fix the standard Of weights and meas
ures." The Silver Conference was unable
to take even the first step toward success;
it broke down by disagreement on the first
proposition. In the proper order OF Sc
quence the first requisite was to agree that
joint action was desirable; the second, to
decide what that joint action should be; the
third. to get the agreement adopted by the
authority Of the several governments repre-
sented. The first and easiest step having
been q stumble neither of the subsequent
and more difficult steps could be taken.


But although the Silver Conference was an
utter failure in respect to it's proposed OBJ
jects it was not without value as IN express
sion of enlightened European opinion on
very important question. The discussions
Of the Conference have gone very far toward
demolishing the fetichism which would
make gold the only material of money. The
experience Of twenty or thirty centuries
should count for something on such sub
ject The innovation of making gold
the sole standard of value is but
little more than half a century old,
even in Great Britain, which first
adopted it, and is not yet ten years old in
Germany, which was the first considerable
nation to follow the example. There is
force in the scientific objections to q double
standard in the same country, but there is
q counter view even from the standpoint Of
science. The expediency Of universal
demonstration of silver is an untenable
proposition, and was admitted to be SO in
the European declaration in the Paris Con-
ference. The European declaration, which
is very instructive and significant, was In
the following language =


Tho delegates Of tho European States represented
In the Conference wish 10 express their sincere
thanks to the government OF the United States OF
America for having procured an International OK
change OF opinion upon suo)ect OF 30 mucn impor-
fho rnon
considered the proposals o the oi the
United states, they recognize:-


First-That II Is necessary to mnictain In the world
the functions OF silver as well rs those OF
go but that the selection for OF one or the other
OF tness metals OF both oousy, should
by the special position OF each State or
group OF states.


coinage Of silver should equally DO loft to the discre
Of och State group OF States according to tne
themselves placed; and tho more SO In that dis.
turbance prod uced during the recent years in the sill
market has variousy affected the monetary situa
ton OF tho several countries.


Third-That the differences Of opinion which have
appeared and the fact that even some OF tho States
which have tho double standard Ind II Improbable
into mutual engagement with regard TO tho
FREQ coinage Of silver exclude The discussion OF the
question OF the adoption OF common rate between
the two metala


This explicit admission that sit is neces-
sary to maintain in the world the monetary
functions of silver as we'll as those of gold,"
should put an end to great deal of GUS
tomary defamation on this subject The
truth is that there is not sufficient supply
of either metal to meet the monetary wants
of the world if the other metal should be
excluded. Both are needed for monetary
purposes but whether it is expedi-
ent to use both in the same
country on an equal footing is diff
ferent question. In the present state of tho
discussion the prepondorance of intelligent
opinion seems to be that both cannot be
successfully employed in the same country
except by subordinating silver to gold and
limiting its use to small transactions
There is no difficulty in maintaining silver