Year: 1878

graduation to one English Minister is now q
matter to another THIS contrast between
the opinions OF Lowe and Goschen keeny noticed
by Mr. Horton In of his discussions and dwelt
upon evidence Of the change OF heart that had
come England. II, in ten years, she had gone
far under pressure from India why might not that
pressure continue and drive England into the silver
countries9 This change OF opinion IN England was
deemed by people one of the important results
experience given the coup de grace to tho
last Conference and tue ideas-mainly those
of II. Chevalier-which swayed Europe then. Ex-
perience shows that universal metallism is out of
the question. Thus nothing benefits England more
than the double standard prevalent In France For
this the whole weight of Englan given for
the continued OF silver indeed said that IT
other States carried propaganda for the universal
golc standard and tho demonstration OF silver with
success the Indian government would be Obliged 10
think Of her two millions sterling going every
year to the bad and reconsider her position In shat
event, should India demonetize silver, there would be
such scramble to get rid of It that there would be
crisis of alarming proportions affecting the commerce
and industry OF the whole world.


GERxASY CORNER.


Another question was tho attitude OF Germany.
Those countries which used silver currency were
angry with Germany. They argued that the Germans
had demonetized silver q wanton spirit, without
considering at all events not caring for the wishes
OF the other countries. To this action Of Germany
was attributed the fall of silver and many OF
the worst features Of the panic OF 1878 and
the worldwide depression which has prevailed
SINCE Germany had done this, as her critics
said, in the insolence of military victory
Sho had conquered her enemy, made her empire,
exacted vast indemnity and now would govern the
,otAt tI,ot
Imperialism had become much OF a vice as in
France under the Bonapartes. Germany had dis.
turbed Europe for her purposes yet she herself
was the main sufferer Her indemnity had vanished.
In its stcad grew up speculative, venturesomc
spirit which had proved most disastrous to the
business Of Germany. Silver had fallen so low
that she was compelled to stop demonstration,
and as conseq uence had suffered and was suffer-
ing moro from her acts than any other country.
hand $75 900 Of silver For this she
was craving market Now, If tho other countries OF
Europe-ii Belgium England and Holland more par
ticularly-were to adopt tho double standard, what
would be the results Germany would be the gamer.
She would have an immediate market for the silver
which she now held unwillingly and sho could
sell It at profit The resentment toward
Germany prevented any action that would
relieve her from an embarrassment caused



that result. remembering her own ten millions a year
lost in India through the fall Of silver. or course
France had no desire TO AID Germany. Consequently
in considering the inside view of tho Monetary Con-
ference the resentment toward Germany felt by every
Power prevented any suggestion that would IN the
least benefit Germany. Nothing would do her so
much good now the opening OF a market for her
silver Such a market would at once flow from the
adoption OF tho double standard.


THE GERMAN AVALANCHE.


There were also business involved In the
attitude Of Germany. The most important was the
fear OF the effect the market OF the German stock
OF silver This point discussed with greatabili'y
by MIR. Gbb, Of the English commissioners. Mr.. GibD
attributed an enormous influence to this stock. 1t
was an avalanche hanging over the market. This
market was in constant depression arising from a
iear Of this avalanche. The merchants in any part
OF the world could not buy sell silver until that
stock was disseminated or eliminated. There would
be no coinage in France especially until that was
done. Glib and his colleague agreed upon the I'M
portance Of this German accumulation. Feer-
Herzog the champion OF the gold coincrs, did not
think SO. He thought that tho proportion OF silver
in Germany silver In the market was not great
enough produce any OF the results apprehenoed BY
the English delegates. But while Feer.Herzog spoke
as man Of authority he was regarded as theoris'
when his views were in opposition to those Of mer
like Mr. Glib and Mr.. Goschen Although Germany
was In trouble account OF the fall In silver ana her
own action in dsmonetizng she was in no way dis.
posed to repent and consequently declined to attend
the Conference. To have taken part In such con.
fcrcncc now would have been saying she wrong
in 1871.


A RESUME OF THE EUROPEAN POSITION.


Here, then, was the position Of the countries OF
Europe Germany was absent but all the nations
were against Germany. Spain was absent through
some unexplained action OF the American govern
menI II she had been present she would have sup
ported tho American position. Austria. Russia and
Italy were with America. Mother Of them wcre
strong enough to have any influence, in all Of them
specie pay ments were suspended. Switzerland was
uncompromising, and always against So were
Sweden and Norway. Belgium and Holland were
opposed to US, but not altogether to our theories.
They saw no reason why other nations should not
have silver, but they preferred goId France was In
sympathy with the Amorican view, but thoro were
diplomatic arising out OF her position in the
Latin Union and her position toward Germany which
made it impossible Tor her to declare hersol England
was In favor OF both standards-god for herself silver
Tor other people. Any way and both ways worked
her gain she needed gold for homo, SILVER for India
The practical position OF India, contrasted with heI
attitude as the last conference, regarded tho
evidence Of great change In the minds oil her states
men and q rapid acceptance OF American ideas.


WHAT AMERICA WANTED.


What were the American ideas expressed to tn:
Confcrence9 SO much has been said the silver
question at home that affects your politics, and
may be Interesting to see wnat position the American
delegates took when removed IRON the heated atmo
sphere OF policy to the cool chambers Of inter.
national diplomacy. Mees, the Holland delegate
suggested to United States that they could ins
no allies IN Europe tho silver question, thcy
might find them in japan. China, Central and souti
America, British ana Dutch India. / asked ono o
our people IL this meant earnest a sar
cssm, and the answer led mo to suppose that th
Am er,cans could not mako up their minds how Il
view It,


AMERICAS GENERAL IDEA


As general proposition the Americans laid dowi
this theory. Five years of practical experience
showed that the characterization OF silver In Germany