The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
The course of the conference thereupon returned to the general
discussion of the bimetallic proposal of the United States. In this
discussion the attitude of reserve which the French delegates had
maintained was abandoned, and M. Tirard declared with the greatest
clearness that he could not advise his Government to open the French
Mints to the free coinage of silver, unless there was a general
agreement on the part of other nations to open their Mints also. Until,
therefore, there should be a decided change of opinion on the part of
Great Britain, Germany, Austria, the Scandinavian States, and other
monometallic states, the question of returning to the free coinage of
silver must be looked upon as settled.
In view of such declarations the delegates of the United States declared
that they would not press for a vote upon the question of bimetallism.
And the conference closed with a formal adjournment, should the
Governments approve, to the 30th May 1893.
The close of the conference was a heavy blow to the bimetallic cause, as
illustrating so fully the impossibility of any arrangement. Germany,
Denmark, Sweden, and Norway, declared clearly that no change would be
made on the gold basis of their currency. The delegate of Austria
Hungary was equally explicit in his statement that his Government had
every intention of abiding by the gold standard they were in the course
of adopting.
The decided lead of France was followed punctually by Switzerland,
Italy, Belgium, and Greece. The Netherlands were prepared to join a
bimetallic union, provided that Great Britain formed a part of it; and
Spain and Mexico were willing to adopt bimetallism, or other measures
which would have the effect of raising the price of silver. No
declaration was made on the behalf of Russia, though one of the
delegates, speaking personally, was an active supporter of the gold
standard. The Roumanian Government did not consider bimetallism a
practical possibility, and Turkey and Portugal expressed no opinion.
Public-domain text, read in full here on John Shaqi.
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