Year: 1878

REPORT OF THE COMMISSIONERS ON BEHALF Or
THE UNITED srATEs--A GENERAL SENTIMENT


IN FAVOR OF SILVER.


wAsHrSGroS. Dec. 10. 1873.
The report of the commissioners ON behalf OF the
United States who attended the International None
tary Conference has been printed for the
use OF Congress. After making prehm-
mary statement regarding the assembling IN
Paris on the 10th OF August. 1t says
il was the unmstaLable sentiment OF this Confer
ence. convokcd by the United States that the de-
monetization of silver had proceeded further than
was compatible with the interests Of Europe
and America and while diplomatic consider
atoms prevented the formal declaration OF
any opinion, which would have been offensive
to tho minority. the Conference did not
hesitate to declare that the monetary functions of
silver ought to be maintained well those of gold
Monometalis in the Of the Conference OF 1867.
was advocated in that OF 1878 by only three delsga
this connection the position Of England is worthy of
special remark. That nation had set the example or
demonetzing silver and after the Conference OF 1907
recommended the general adoption OF gold mono
metalism. The Chancellor OF the Exchequer in Par
lament congratulated the country that Europe was
preparing to follow in the same course.


THE HRITIsH DEI.EGATIoS.


The Conference Of lhzS attended on behalf OF
Great Britain by delegation eminent for experience
and economical authority, whose chairman. the
head of the Parliamentary Committee OF 1876
on the 'Depreciation Of Silver" declared that
universal gold monometalism was not only
Utopian. but would prove false Utopia; that
the consequences Of German denonetlza-
ton had been greatly derangs trade and disturb in
terna exchange and that were the movement for the
rejection of silver money Of full power to pEoceed
from State to State the result would not be less tna
switzeflsud appeared as the uncompromisng adyo-
cate Of gold monometalism for Europe.


UNEXPECTED ATTITUDE OF BELGIUM.


The delegation from Belgium also was unfavorable.
The position of this State source Of disappoint-
ment OF late years Belgium. as member Of the Latin
the which resulted In delegation at the pres
snt conference openly favorng gold monometalism. it
would not be proper for your Commissioners TO in
auire but whether these causes were economical or
political, the detection OF Belgium at this juncture
proved most serious obstacle to the accomplish
ment Of the mission with which charged.
Not only did it substitute hostile for friendly
vote not only did it deprive the metallic
but in view of the crisis in the Affairs Of the Latin
Monetary Union involved in the necessity imposed
whether the union should be dissolved the year
after or shall be continued The changed attitude OF
Belgium made the French delegation solicitous that
nothing should be done in the Conferences which
should drive any State into revolt.


EVILS REORGANIZATION.


We conceive that there hardly be dissent from
the proposition. that it would be both political
wrong and an economical injury Of the grsvest
ss adopt or dsSs py S1 Snh
ing the amount OF iS the RTss01s ms metals IN





to no less than $4,000, ZOO, contracted at
time when silver formed important part Of the
metal to the rank OF token money allowing it TO
remain in Europe and America only the small
change of retail trade and banshing the residue of
the accumulated stock to India and the East is one
which might well the iveliest apprehensons of
public disaster So far from accepting it areproach
that the States referred to gave cordial support
the proposition of the United States your Commits
sioners hold it TO be legitimate argument that the
retention Of silver would greaty facilitate the re-
hxa baviY
forced circulation of paper, result primarily OF
great importance TO themselves and to be desired by
the commonwealth of nations.


AMERICA AT DIzADvANTAGE.


The United States appeared at the Conference 1T
entsrsined IN Enrous that tbe scto -
had been mainly determined by the consideration
that the United States largely producers Of silver
your Commissioners found it necessary to
combat it, They showed that not only had
royalty in the production OF the ines Of the precious
metals, but that, through the absence of any
cumulated stock. II hsd In fas far less Of special
interest to the question under consideration than
many or even most OF tho States represented in the


FEELING OF rnx DELEGATION.


IN speaking OF the obstacles which prevented
agreement as to the resumption Of silver coinage or
the establishment OF legal ratio % coinage between
be understood that all the delegates who have been
mentioned as showing themselves favorable to
mtted the practicability Of concurrent circulation
Of the two metals in the country or professed
willingness to recommend to their governments
action TO that end The English delegation. while
strongly deprecating the crusade against silver,
erthsiess declared that England would not recode
from the moneery legislation Of 1916 establishing the
"single gold standard


In closing this report it be proper to add that
your Commissioners have been subjected TO consider
able delay since the sdjournment Of the Conference
from causes beyond their control Such progress has
been made, however, 70 enable us 70 consult the
records for all practicable purposes in the prepara
ton Of our report. Very respectfully.


X. T. FENTOy,


w. =. GROESBECK,


FRANCIS A. WALKER.
g. D. HonroS, Secretary.