The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
5. The arrangement will be made for five years. The obligatory purchase
of silver will be suspended should the metal reach in the London market
a price determined by agreement between the Governments. The purchases
may be renewed, if the delegates of the different countries interested
should agree upon the fixing of a new limit of price. They should be
renewed in any case if the price falls below the original limit.
With regard to the Soetbeer plan it was abandoned in committee, while
the Levy plan was drawn up in the following terms:--
"1. The withdrawal from circulation within a period of ... of gold coins
containing a weight of less than 5.806 grms. of fine gold (20-franc
pieces).
"2. The withdrawal of notes of a less value than the coin of 20 francs
or its equivalent, an exception being made of notes representing a
deposit of silver."
The manner of adopting and recommending these schemes to the conference
from the committee was peculiar. The British delegate, Sir C. Fremantle,
declared that he could not entertain the "Levy" except in conjunction
with the "Rothschild" scheme, and while recommending the latter to the
conference for discussion, the states of the Latin Union declared that
even if passed, they could not recommend the plan to their Governments.
At the fourth session M. Boissevain declared that there were
insurmountable obstacles to its adoption by the Government of the
Netherlands. General Strachey said that unless it received more favour
than was indicated by the report, he would be unable to support it. Mr.
Allard, one of the Belgian delegates, declared that it was insufficient,
and Sir Rivers Wilson declared, on behalf of himself and Sir Charles
Fremantle, that recognising that this want of support would prevent them
from recommending the plan to their Government, they would refrain from
taking part in a detailed discussion of it, although they did not
consider it inconsistent with the monometallist opinions which they
held. Mr. M'Creary (delegate for the United States), then stated that he
did not consider M. de Rothschild's proposal, as it stood, equitable to
the United States, and therefore that he would be unable to support it.
[Sidenote: CLOSE OF THE BRUSSELS CONFERENCE]
In view of the various declarations, M. de Rothschild withdrew his plan,
and there was left before the conference only the Levy plan. This latter
was favourably regarded, but was radically insufficient for the
situation, and not considered important enough to receive really
vigorous support.
Public-domain text, read in full here on John Shaqi.
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