At the opening of the third session Mr. Goschen of England, and Mr. -Bees of the Netherlands, questioned the American delegates concerning the certainty of resumption of specie payments the corning January. The statements in reply drew front Mr. Gos chen the remark that there was no doubt of the ability of the United States to resume, and that his question had been put to enable him to form a judgment of the extent to which the United States might become buyers of silver in the world's markets. The U. S. treasury statement, he said, showed an exceedingly small holding of silver com pared with gold. Mr. Groesbeck stated that, were an international agreement concluded on the American basis, the United States would absorb for the benefit of Europe not merely its own praduction, but a part of the German silver. Mr. Goschen called atten tion to the fact that "the-United States invited the delegates to adopt a proposition which sonic of them were precluded by their instructionsliaiiielialertaining," as they could not vote to compromise the existing standards of their countries; but "there was one part of the American propositions for which almost all the delegates could vote; and for which as a principle, personally, he would willingly subscribe, viz., that it is not desirable that silver cease to be one of the money metals. . . . Though England had tv gold standard she had great interest in the maintenance of silver as currency. She had n more defined and less compromised position for the discussion of this question than Other countries, for she had borne the depreciation of silver in India without trying to shut her doors upon it. She had done more than any other country to maintain silver. The Latin union had shut its doors upon silver. Holland half shut hers, while England had allowed it to take its natural course, and for live years had borne all the burdens resailting therefrom. Mr. von Henglemither of Austria-Hungary could subscribe to the propositions of the United States, but since the advantage of this system depended upon the general adoption of it, his government was compelled to maintain an attitude of expectancy. As a member of the conference he would pronounce for the double stand ard. Mr. Mees of the Netherlands said that while England and Germany maintained the gold standard no other, was possible for his country, hut lie could express his personal opinion that "it would be most beneficial to mankind that many states should adopt the double standard." He believed that in the Dutch colonies they would find it to their interest to maintain the silver standard. lie agreed with Mr. Goodie!) that if the double standard were utopian, the single gold standard was also, and one that would be very dangerous if by some possible combination of circumstances it should be realized He suggested that the United States unite with South America and Asiatic nations on silver, and then come to Europe with their proposition. Mr. Baralis of Italy thought that upon sonic points there was such a harmony of views that, if the precise propositions of the United States could not be adopted, at least sonic measure of utility closely allied to them might be. He did not sympathize with the advice to the delegates of the United States to seek allies in South America and China; and thought that the nations of Europe could now join in some practical affirmation in the direction of the propositions of the United States. Leon Say explained the monetary policy of France of late years as having the double standard in theory, lint not in practice, the privilege of free coinage of Silver at the mint having been withdrawn. When this suspension of free coinage first took place the question was warmly discussed in the French chambers whether it was a step towards the giild standard, or a provisional condition, which would permit France to avail itself of a favorable moment for returning to the double standard. The govern ment declared emphatically that the movement was not towards the single gold standard. France is in "a condition of expectancy, from which we shall not move except for good reasons, when they show themselves, and then, probably, to re-enter into the system of the double standard." He stated that there were in the bank of France and in circulation in France 2,500,000.000 francs in silver; and that "to withdraw the legal tender power from such a mass of money, and to throw it on the Market as merchandize is an inadmis sible idea." He thought that until Germany had finished her sales of silver, France would remain in an attitude of expectancy. The proposition of the United States at the present moment seemed to him premature; and as its rejection by a majority would lead to a false conclusion as to the opinions of those at this time voting against its proposi tions as a whole, he suggested that they should not be passed upon, but that the states represented should agree simply upon the expression of a common idea as to the employ ment of silver as money, and should invite each other reciprocally not to take any meas ures in their domestic legislation which might depreciate silver. In his opinion, encour agement of the use of silver money will soon increase its value. He expressed assent to the first paragraph of the American proposition. He believed France might some day join the United States, assenting to the rest of their propositions; but not now. Mr. Feer Hdrzog of Switzerland 'an»ounced himself energetically for the single gold stand ard; not for all 'nations, but "for the advanced nations, and leave silver to countries whose civilization is backwards or stationary." He announced that, with the Nether lands, Switzerland would maintain the "attitude of expectancy" with the hope of seeing the single gold standard eventually tIdopted by all. Count Ruscoui of Italy was glad to
see the general harmony of views on the necessity of continuing the monetary use of silver; and believed there was no difficulty in squarely admitting the fundamental propo sitions of the Americans. He believed further that when an international agreement as to legal ratio was arrived at, it alone would produce the equality desired; that " nature makes the metal, ..ait law alone makes the money." Mr. H. H. Gibbs, ex-gov ernor of the bank of England, announced himself a partisan of the gold standard. but would not legislate to drive silver out of use. He expressed entire dissent from the notion of Mr. Herzog that the fall of silver was in the ratio of the progress of civiliza tion, by which the most progressive will use the most precious metal, and the less civil ized will be content with the other. He believed the recent fall of silver entirely the result of a simultaneous action of many temporary causes, and that the action of Ger many was an important factor in the result. He illustrated the greater effect produced on the market by the German mass of coins put up for sale than by any ordinary increase or decrease of production; lessenieg:the use of silver, .atl at glutting the market with it, The third sessioti-of the conference thised the first evitressions of opin ion volunteered by delegates from European nations on the American propositions.
' The fourth session of the conference was opened by prof. Francis Walker in a remark ably vigorous address in support of the American propositions, and in refutation of the objections made to them. Ile maintained that down to 1873 silver had been the principal money of the world, and the sole money of ninny prosperous nations; that it had ceased, to whatever extent, to be inoecy, not as the result of natural causes, but by action dis tinctly political--the laws arid decrees of goverrments; that it is no reversal of any law of nature that the American delegates propose, but the reversal of recent works of men's devising in opposition to the natural economic forces which gave silver its position as money. " As," said he, " the conference of 1867, wholly absorbed in the consideration of the means of securing international coinage, did exert a powerful influence in initiat ing the movement for demonetizing silver, it remains for the conference of 1878, with a more sober judgment, and a larger view of human interests, instructed as the nations have been by tile bitter experience of the past few years, to put forth its humid to stay the progress of demonetization which has already brought such mischiefs upon trade and theproduction of wealth." Mr. S. Dana Horton of the American delegation followed in further defense of the American propositions. Ile analyzed and refuted with masterly comprehensiveness the objections, both as to the principles involved, and the fitness of the present time for their application. He re-stated the essential point to which the Amer ican delegates desired to confine the discussion, viz., " Is it in the interest of the states represented at this conference to continue to wage a monetary war by seeking, to each other's prejudice, to get rid of the falling metal; or, is it their interest to unite together in order by a common legislation to give to the monetary basis of the business world a stability which it does not now possess?" These speeches of Messrs. Walker and Horton exhibited a masterly familiarity with principles, with law, and with monetary history in all its relations, and were at the same time so aggressively decisive in their maintenance of the American propositions that the majority of the conference, opposed to them from the beginning, showed a plain inclination to put an end to discussion by a decisive vote and an adjournment. But a more generous courtesy prevailed, and the discussion was con tinued at a sixth session, at which Mr. Groesbeck presented a remarkably clear and con densed summary of the situation which no abstract can fairly present. At its conclusion Mr. Pirniez of Belgium undertook to meet the American presentation of the subject. Fluent, ingenious, and somewhat satirical, he made a good speech; but it was like the firing of small arms against a massive fortification-. Mr. Horton's response left no stand ing vomid for the other side except what the astute president Say had announced at the opening session, viz., that theoretically we may be with you, but practically not now. Mr. Horton, in conclusion, reviewed the points gained by the development of national policies in the conference, especially by the new and broader position assumed by Eng land, claiming that, of any other result, this much has already been gained: that the conference of 1878, breaking with the traditions and doctrines of 1867, will have inaugurated a new era in the history of monetary science in our time, and that it will a in manner fix the date of the decline of the theories of mono-metalism." The response of the delegates of European states was then submitted. It is as follows: "The delegates of the European states represented in the conference desire to express their sincere thanks to the government of the United States for having procured an inter national exchange of opinion upon a subject of so much importance as the monetary question. Having maturely considered the proposals of the representatives of the United States, tiley recognize: " 1. That it is necessary to maintain in the world the monetary functions of silver as well as those of gold, but the selection for use of one or the other of the two metals, or of both simultaneously, should be governed by the special position of each state or group of states.