64 



BI-METALLIC STANDARD. 



of coining silver freely in tho Indian mints as local 

 tender throughout tho Indian dominions of her Maj- 

 Such a declaration, however, must be condi- 

 tional on the acceptance by a number of the principal 

 i' an agreement binding them in some manner 

 to open their mints for a similar term to tho coinage 

 of silver as full legal tender in the proportion of 

 154 of silver to 1 of gold, rind tho engagement on the 

 part of India would be obligatory only so long as that 

 agreement remained in force. 



Sittings wore held on the 4th, 6th, and 8th 

 of July, and then an adjournment was taken 

 to April 12, 1882. A declaration, consisting 

 of four clauses, waa made to the conference by 

 the French and American delegates by way of 

 formulating the basis for future proceedings. 

 The first three clauses were declaratory of tbe 

 importance of a fixed relation in value between 

 gold and silver, of the opinion that a powerful 

 combination of states might, by agreement 

 among themselves, maintain such a relation, 

 and that the proportion of 15^ to 1 was the 

 desirable one to adopt. The fourth clause was 

 as follows : " Without considering the effect 

 which might be produced by a lesser combi- 

 nation of states, a combination which should 

 include England, France, Germany, and the 

 United States, with the concurrence of other 

 states both in Europe and on the American 

 Continent, which this combination would in- 

 sure, would be adequate to produce and main- 

 tain throughout the commercial world the re- 

 lation between the two metals that such a 

 combination should adopt." 



The proposition for adjourning was put up- 

 on the ground that u there is reason for be- 

 lieving that an understanding might be estab- 

 lished between the states which have taken 

 part in the conference, that the monetary 

 situation of several states may call for the in- 

 tervention of legislation, and may give rise to 

 diplomatic negotiations." 



Ex-Senator Howe returned to the United 

 States in July. He explained the attitude of 

 the different governments represented at the 

 conference as follows : 



The Belgian representative was there as a strong 

 monometaflist ; so also were the representatives of 

 Sweden, Norway, and Switzerland. The commis- 

 sioners representing Kussia, Austria, Italy, and Spain 

 inclined strongly to bi-metallism. The attitude of 

 Great Britain was tbe principal obstacle we had to 

 contend with. Her representatives were in favor of the 

 double standard, but were prohibited from commit- 

 ting the nation to it. The ministry opposed bi-mct- 

 allism, and they did it, not because they do not favor 

 the double standard, or because thcv want to keep sil- 

 ver out of the coinage, but because they have other im- 

 portant business before them, and feel that they can 

 put the coinage question off to some future day. " The 

 matter, however, has been the subject of discussion 

 in financial and commercial circles in Great Britain, 

 and a strong sentiment has been found in favor of bi- 

 metallism. " With regard to Germany, her represen- 

 tatives pointed to the" action taken by her in 1873 in 

 adopting the single gold standard, and said they did 

 not see any necessity for impeaching the propriety of 

 that move. Still, tney are not opposed to silver, and 

 are only waiting for England. It the latter country 

 comes to adopt the double standard, they will join 

 with her willingly and gladly. 



Mr. Evarts returned in September, and, in 

 answer to inquiries regarding the results of the 

 conference, said 



that a great advance had been made jis compared 

 with the results accomplished by the conference of 

 1878. In that assemblage the great powers were very 



generally agreed upon the advisability of the adoption 

 of a bi-metallic standard of commercial values. So 

 far as India was concerned, which is the great silver 

 interest of England, there was considerable freedom 

 and considerable active participation shown by the 

 delegates this year. The position of the Lnited 

 States is well known and understood now in Europe 

 that our interest is solely in view of our actual and 

 expected participation in the commerce of the world. 

 "We desire that the money of international commerce 

 shall be upon the basis which leaves commerce in such 

 a position that it shall not be embarrassed by the two 

 bases silver and gold interfering with one another. 

 In other words, we desire to make the two metals in- 

 ternational money. 



In regard to the adjournment, Mr. Evarts 

 said: 



In adjourning to another time instead of terminate 

 ing our deliberations we generally agreed in feeling 

 that a stage had been reached in exciting the attention 

 of the different nations, furnishing them the means of 

 debating the question which, in the interval, might 

 be occupied by them either in direct diplomatic cor- 

 respondence on the subject or in such discussion in 

 Congress or in Parliament, or in general channels of 

 public opinion, as each nation should think advisable 

 and useful. We also thought it would be felt and 

 understood everywhere that so great a question and 

 transaction as the establishment of an international 

 money, of both metals, was a task that should not, 

 and could not, be completed in any brief considera- 

 tion of the subject. 



The coinage of silver dollars was continued 

 during the year in the United States in accord- 

 ance with the provisions of the law of 1878, 

 the total number issued being 27,637,955, or 

 about 2,300,000 per month. The Director of 

 the Mint, in his annual report, makes the fol- 

 lowing suggestions in regard to a continuance 

 of this coinage, in view of the action of the 

 Monetary Conference : 



The International Monetary Conference which met 

 at Paris in April last instructively discussed the sub- 

 ject of a common ratio in the coinage of gold and silver, 

 but no practical conclusion was reached. Delegates 

 from several European countries gave little encour- 

 agement for the expectation of any effective aid from 

 their governments in the effort to restore silver to its 

 former place in the monetary circulation. The hope, 

 however, seems to have been entertained that further 

 deliberation, and a consideration of the inevitable com- 

 plications and disturbance's to commercial exchanges 

 between Asiatic countries and the Western world, to 

 be feared from the exclusion of silver from coinage, 

 will enlist the co-operation of those nations in this, 

 possibly the final, effort to retain silver conjointly 

 with gold as a measure of values. In view, however, 

 of the failure of the conference to agree upon any 

 practical measure, and while awaiting its future action, 

 it is a question for our serious and early consideration 

 whether it is not desirable to suspend the further 

 coinage of silver until, by international agreement 

 and effective legislation, the unlimited coinage of sil- 

 ver and gold at a common fixed ratio shall have been 

 authorized by the principal commercial nations of 

 Europe and America. The United States has done 



