"2, That the question of the restriction of the coinage of silver should equally lie left to the discretion of each state or group of states, according to the in circum stances in which they may find themselves placed; and the more so n that the disturb ance produced during the recent years in the silver market has variously affected the monetary situation of several countries.
"3. That the differences of opinion which have appeared, and the fact that even some of the states which have the double standard find it impossible to enterinto a mutual engagement with regard to the free coinage of silver, exclude the discussion of the adoption of a common ratio between the two metals." The animus of this very courteous, but not quite satisfactory response, is evident. France, at the head of the Latin union, holds the balance of power between gold and silver. Recognizing the equal money power of each metal, and conscious of the value of her awn astuteness in the use of the power of the Latin union she does not care to abandon that advantage for any humanitarian or commercial advantage to any associa tion of nations. Her " attitude of expectancy" has an eye on Germany and England. and as her monetary legislation has been based on a clearer insight into the philosophy of monetary science than that of other countries, as proved by its practical results, 'hr preservation of the right of independent action, untrammeled by agreements for co-opera tion, gives her a vantage ground for national aggrandizement through the financial blunders of other nations.,_ if, - JW: Z.Z\ Messrs. Rusconi and Barnlis of Italy at the sixth session, entered a protest against the response of the majority of the European delegates as follows: "1st. That by the adoptiou of the formula proposed, the conference does not respond to the question which was put to it, and that iu systematically avoiding to pronounce itself upon the possibility or impossibility of a fixed relation, to be established by way of international tnaty, between coins of gold and silver, it leaves its task unfinished.
";2d. That since the French law established such a relation (1785) between the two metals, the oscillations of their relative value had been without importance, whatever had been the production of the mines.
"ad. That consequently, afortiori, if the law of France had been alone able to amain iplish the result, then on the day when France, England, and the United States, by inter national legislation, should agree to establish together the relation of value of the two metals, this relation would be established upon a basis so solid as to become unshak able."
Mr. Gosehen, on the part of England, desired it to be distinctly understeod that the adhesion of himself and colleagues to the response was because it did 710i pronounce- for a double standard; and that he desired with equal distinction "to combat the theory of the economists who demand the univ•rsal adoption of the single gold standard—a meas ure which, in his view, might be the cause of the greatest disasters." N a De Thornier, the Russian delegate, expressed a decided adherence to the single standat d of his country --gold, and desired the response construed to mean nothing outside of its exact lan guage. Count Von Kuefstein of Austria, said that "in prcsenee of the explanations which had been given, from which might be infu•ed an admission of the impossibility of an international agreement for the double standard, he felt himself obliged to di dare that if he adhered to the formula proposed by the European delegates, it was precisely because in his view it did not exclude the idea that such an arrangement was possible.' The practical work of the conference closed with the reading of the followirg rejoin der, signed by the four Atherican delegates, to the response of the European delegates: "'the i.epresentatives of the United States regret that they cannot (lithely concur in all that has been submitted to them by a majority of the representatives of European states. They fully concur in a part of the first proposition, viz., that it is necessary to maintain iu the world the monetary functions of silver as well as those of gold,' and they desire that ere long there may be adequate co-operation to obtain that result. They cannot object to the statement that 'the selection for use of one or the other of these two metals, or of both simultaneously, should be governed by the special position of each stale;' but if it be necessary to maintain the monetary functions of Loth metals, as previously declared, they respectfully submit that the special positions of states may' become of but secondary importance.