Show BRITISH PROPOSALS Bimetalism in Great Britain an Absolute Impossibility WHICH IS ARGUED ATLENGHT Portugese Delegates Have Been Instructed t Act in Harmony Ylth British Representatives BRUSSELS Nov 28The international monetary conference willmeet again today The latest report regarding tho conference is the delay of the issuing to the delegates the proposals of Alfred Do Rothschild one of the representatives of Great Britain due to his asserting last night that the proposals pro-posals bo modified in accordance with the I the suggestions by Monteflore Levi president presi-dent of the conference and othor members II It is reported that under the saneme to be formulated by Rothschild each government I govern-ment represented in the conference will be associated in the purchase of silver to tae I minimum amount of 5003000 and is to take a fixed proportion of this amount at j j the limit of 43 pence per ounca the pur J I chase to be made direct by the treasuries of i tho various countries through the agency I of financial agents of the nations It is expected ex-pected that British delegates will support i this plan in the interest of Indian currency cur-rency The Danish delegate who is a monomet allist will propose the coinage e of silver I five franca four shilling or dollar pieces I rated to gold according to the price of sit I ver in the year previous t the adoption of i the international agreement with a eig I norsgo of 10 par cent He will also propose t pro-pose the appointment of a permanent international i inter-national commission to fix the initial prices Should the price of silver fall to 5 per coat below coinage ratio the commission commis-sion will nave authority to fx the new ratio and order recoinago of tho pieces These coins shall be legal tender internationally I interna-tionally tho banks to keep thom as reserve against notes and have the right to demand de-mand gold in exchange for them at anytime any-time from the government issuing the particular coin held This scheme will be subject to lively communications between the delegates but will not be wi formally proposed pro-posed until Rothschilds proposals are debated de-bated Rothschilds proposals were submitted to the conference this afternoon They cover eleven printed octavo pages Rothschild argues at great length that bimutalism in Great Britain is absolutely an impossibility impossibil-ity and suggests that the question arises whether or not it is possible to extend sil ver generally and by this means assist in checking further fail in values Rothschild said he did not claim that his proposals would prove a final solution of the question ques-tion but they would prove palliative Summed up his proposals aro that America Amer-ica shall continue her purchase of silver and the European powers buy an amount equal to 5000000 a year for five years at 43d and if silver should rise abpve that price the purchases to be immediately suspended sus-pended I is expected the proposals will be referred to a committee Tao Portugese delegates have beau instructed in-structed by their government to act in harmony with British representatives I is stated that Rothschild proposes to raise the letral tender of silver In England from E2 to 5 Great importance attaches to the proposal as it means that English live poundnotes would be payable in silver Rothschild said in part that ho felt that the gold standard in England was the only possible one and if they consider that her whole commerce and a largfc part of that of other countries is carried on by bills of exchange ex-change cm London which are naturally payable gold it must be admitted that tie world generally transacts its business on a gold basis and that a double standard with the exception of a very modified form does not exist even in those countries professing profess-ing to pay in either metal Whatever What-ever international agreement may be made or whatever ratio chosen gold atone will always bp he favorable medium of settling large debts or making large remittances re-mittances Germanys action in 1873 and the action of Italy Austria and Russia in amassing gold is conclusive proof of the appreciation of the great European countries coun-tries of tho advantage of a gold standard Apart from other considerations it seemed to him that a universal arrangement of the currency question was impossiblo as the wealth and sources of expenditures of no two countries are alike and it wquld be impossible im-possible to carry on the trade of the world on a sound stable basis i the debtor was allowed the option in paying in whichever currency suits him Rothschild thought some such arrangement arrange-ment us he proposed would give general satisfaction The gold market would also be relieved as only European appeals will be niaaa thereto for long time at > d as South Africa is increasing her output of gold the arrangement suggested would enable Russia and Austria to complete purchases without unduly Interfering with the money murkot I the conference adjourns without with-out having accomplished any definite result re-sult it will cause a monetary panic I added Rothschild of which it is impossible to tell how far it will spread in its effects After the discussion the proposal was referred to committee to consider The committee Includes Sir G Freomantle British Guilford Moles worth India H W Cannon United States M Foiville Franco Sig Simonolli Italy and M Hal faoloviteh Russia with Alfred do Roth i schild and M Levy Belgium exofilcio I j members The conference adjourneduntil i I Friday The American delegates author iao the Associate Press representative to state that they are thoroughly satisfied 1 with the turn of events and consider Rothschilds plan and todays action of the I conference of the conference amply justifying the convoking |