Year: 1879

OF THE UNITED STATES SILVER COMMITS


sIoSERs


Tho silver men here greatly pleased at the
tion Of Germany In consenting to take part in the
proposed new conference the silver question.
An agent OF the State Department is in
Europe TO ascertain the state OF public feeling
in the several leading countries there to
the likelihood of q favorable reception of this
proposition from the United States government for
another international conference. The action Of
Germany eliminates much from the question
that he is determining. change of sentiment
last year known to have taken place in Eng
land. while France has an entirely new govern
ment since the failure Of the Paris confer
ence. Our agent is Mr.. George Walker. 3 citizen
of New York. and he has gwen the subject of BIZ
netalism great deal of study. Secretary Evarts is
at the same time engaged in the preparation Of q
boaK giving complete history of the monetary
affairs OF the United States to sbe compiled from
statistics OF comparative values from the foundation
Of the government. derived from papers and docu-
ments in the government archives.


How near success this next conference is likely to
get may be inferred from the ges uts of the Paris
conference Of last August. The American Commits
sioners, In making their report to the President,
attributed to two especial the pre-
vention failure Of action at that time To quote
from their report


The first was the existence of the German stock
of silver still remaining, and estimated by high
authority at about $75.0O0,000. Mr.. Fecr Herzog.
the distinguished delegate from Switzerland.
disposed to deny to the German stock any consider
able influence upon the general market Of silver but
the delegations from England and France agreed
III attributing to 1t great Importance In its bearing
on the price OF silver and the practicability
of resumption of free coinage by the bi-mctallic
States. Mr.. Gibbs. former governor OF the Bank of
England declared the influence Of the German stock





view, in which the French delegates substantially
concurred. this bodyof silver hung like avalanche
over the market and exerted permanently
depressing influence upon the price OF that metal.
The existence OF this large accumulation in
Also in the opinion of the authorities, render
exceedingly dangerous the resumption of silver
coinage inasmuch as the whole mass OF 1t might be
precipitatedupon the mints Of the bi-metallc coun
tries, with the probable result of breaking down
their system at early date and also enable Ger
many dispose of its stock upon advantageous
terms. feature which did not seem to be contem-
plated with satisfaction by any considerable portion
of the conference.


producing the conviction that present action for
Stunning the general use Of silver was inexpedient
ket rate OF silver and the mint rate generally pre-
vaiiing in countries having bi-metallic system.
With gold ruling at 1850 to 1915 in terms Of silver.
1t was held by the majority OF the Conference
to be unsafe to coin silver to Is $40 any other
ratio near to that In view of divergence SO wide
it thought impossible to bring the market ratio
up to the legal ratio merely by opening the mints to
silver 1t was, indeed admitted that the position in
volved vicious circle. States being afraid employ
ing silver account of tho depreciation and the
depreciation continuing because States refused to
employ it; butfrom the joint effect of These two
causes, it the disposition Of the European del
egates even of those favorable to the resora-
tion of silver to its proper monetary function, to OBJ
events and await the melting away of the mass
of German silver and fortunate turn in the quota
tons OF silver, due to u diminution OF the supply
to the continued effect of the East Indian de-
mand


l-x.r
country to bi-metalism revealed by the discuss
sion the Commissioners closed with q recital OF the
formal of the Conference upon the questions
before it as follows:-


At the session of the 10th of August, the Commits
sioners of the United States submitted the two fol-
lowing propositions:-


First 1t Is the opinion Of this assembly that it is
not be desired that silver should be excluded from
free coinage in Europe and the United States of
America. On the contrary the assembly believes
that il is desirable that the unrestricted coinage of
silver and its money of unlimited legal tender
should bo retained where they exist, and. far
practicable restored whore they have ceased to exist


Second-The of both gold and silver unllm-
tied legal tender money may be safely adopted first.
by equalizing them ut relation to be fixed by in
ternational agreement and, second, by granting to
each metal. ut the relation fixed. equal terms of
coinage. making no discrimination between them.


The following third proposition was prepared and
held in reserve, awaiting the developments Of the
views Of the conference


present
ommend to their respective governments that by
the free coinage of silver at relation to be agreed
upon or, professionally, through extended coinage
upon government account and the accumulation OF
silver bullion in public treasures they make
certed effort to restore silver to its function as
money OF full power.


At no time during the further proceedings did the
interests Of mission appear to require the pre-
sentation of this proposition. At the seventh and
concluding session, the 10Th of August. the fol-
lowing reply to the propositions submitted by the
delegates of the United States was offered behalf
Of the majority Of the S European delegates


sented in the conference wish to express their
sincere thanks to the government Of the
United States of America for having pro-
cured international exchange of opinion
upon a subject of 80 much importance
as the monetary question; Having matarely consid-
United States, they recognize first that 1t
is necessary to maintain in the world tho
monetary functions OF silver we'll those of gold.
but that the selection for of one the other
the two metals, OF both, simultaneously, should
be governed by the special position OF each State or
restriction OF the coinage OF silver should equally
DO left to the discretion OF each state or
group of States, according to the particular
circumstances in which they may fnd themselves
placed, and the more in that the disturbance pro
duced during the recent years in the silver market
has varously affected the monetary situation of the
several countries; third. that the differences of
opinion which have appeared, and the fact hat
even of the States which have the double
standard find 1t impossible to enter into n mutual
engagement with regard to the free coinage OF
silver. exclude the discussion of the adoption Of
common ratio between the two metals.


To this declaration OF the European delegates the
Commissioners of the United States rcjoined with
closing formal statement of their views, and the
conference terminated.


The following is tho provision In the current
Legislative Appropriation bill concerning the Inter-
nation Monetary Conference:


For negotiation with foreign govern
ments with Wow to the international rcmonctiza-
ton of silver, to be expended in the discretion OF
President.
penditure thereof shall be submitted to the Con-
gress that NEE s December, 1850.


PROBABLE ACTION OF THE PRESIDENT REGARD


ING AN INfERoCEAN1c CANAL.


The President, in conversation with personal
friend to-day. expressed the opinion that in n very
short time the agitation of the Do Lesseps pan
for building the Darien Canal would cease al
together lie had read with much interest
the discussions this subject in the
leading papers OF the country and that the poo,
pie fully realized the importance of the work and the