Show IROTHSCHILDS PLAN It is Withdrawn From the Bms sels Conference AN AMERICAS DELEGATE TALKS DELE6A The Conference Will Boat Likely End in a Eallure Tlio British Idea as Explained Ex-plained by a Delegate BRUSSELS Dec 6The International Monetary conference resumed Us discussion discus-sion of the Rothschild plans today Sir 0 Rivers Wilson who said his views were shored by Sir Charles Freomantle the other British delegate said he believed be-lieved all governments which sent delegates there recognized the presence of great danger A note of warning has reached us from America and to say the least i is doubtful whether the American government govern-ment can continue Indefinitely the gigantic efforts fruitlessly made for so many years to maintain and raise tho pries of silver We need not inquire whether the policy which governed the currency legislation of this great republic rcs wise in its conception concep-tion but it cannot be denied it has not realized expectations and is greatly tho cause of our present position In any case tho suspension of American silver purchases pur-chases has become the practical question of the day and I It ocourred might lead to tho suspension of coinage in India Certain Cer-tain high authorities believe that a sudden cessation of the purchases of silver by America and the closing of Indias mints would lead to a heavy tall in silver and 0 disastrous disturbance to commerce Others contend that tho fall Is already j greatly discounted and the removal of the present uncertainty has had its effect In view of these divergent ideas what course should bo adopted 1 Sir Charles and myself 1 vill state frankly are pure mono metallists and do not admit that any other system than a single gold standard IB applicable ap-plicable in Great Britain We will admit that the Rothschild and Ivy plan will not be incompatible with our principles but It is not enough that these schemes aro defensible de-fensible in principle Would either plan have at least a chance of mooting with a preponderance of support that would justify jus-tify us in recommending the British government gov-ernment to consider it Wa think not Another plan may however be formulated formu-lated and approved by the conference and If it does not conflict with ow principles it will receive serious consideration from the British government Mr McCreary the American delegation delega-tion proceeded t point out the difficulties and perils of the existing situation and said that whatever the cause the fact remained re-mained that a remedy was imperltivaly necessary He appreciated the attention Rothschild had given tho conference but could not support his plan He could not admit that it was a proper remedy for America to continue the purchase of 54000000 ounces of silver annually at a price not to exceed 100 cents on tha dollar on condition that European powers make purchases yearly toan amount of 5000000 pounds for five years at a fjrice not to ex ceed43 pence per ounce andvi ailver should rise above that price purchases to be immediately suspended It seems from the unequal distribution that we would ba expected to puruifesa twice as much silver as Europe The object of the conference should bo not to1Ix the price which win keep silver below par but to enlarge its use ana restore It to a parity wita tho value it had with gold prior to 1S73 I Mr McCreary referred to the complaints of the British chamber of commerce and I quoted the recent declarations of Irish bishop Walsh and Mr Balfour and contended con-tended that tho situation demanded recognition recog-nition and a better remedy than tbat suggested sug-gested by Rothschild The American delegates dele-gates ware ready to oooperato with other delegates in a candid and determined effort to maintain the monetary functions of both metals lharofore after submitting the general plan of blmotalism favored by America they alaocubmlttad a plan favored by themselves It was a plain business I proposal and it adopted the necessary details i de-tails could be easily arranged I This in his opinion would give unity and stability to the value of money and furnish the best remedy for existing evils from which all civilized nations were suffering suf-fering After the speeches Rothschild withdrew his plan The conference then adjourned until Thursday Sir G S MolQsworth one of the delegates dele-gates for India combatted tho theory that Great Britain owed her commercial superiority superi-ority to a gOd standard Great Britain was saved from serious danger only by the biinetallism of France The whole question ques-tion required to be examined from an industrial in-dustrial view as wall as monetary and financial interests Sir G F Houlsworth British delegate then presented his plan He proposed i that a bimetallic union should be formed by nations willing to enter Into such agreement and nations preferring to retain a single gold standard should undertake un-dertake that their mints should receive silver bullion in not less quantities fixed at a minimum against receipts noting quantity quan-tity and value at a specified rata per ounce to be determined by agreement The quantity so specified to be delivered by weight to boaror whenever demanded and the receIpt to circulate money |