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M. Denomandie, Senator and head of the Bank He dwelt on the recommendation in favor of of France; and M. Cernuschi, the well-known bi-metallism by the committee of the United advocate of the bi-metallic 'standard. Ger- States Congress in 1876. He explained the many accepted the invitation, with the reser- causes of the non-success of the Monetary vation that it would not be bound by any de- Conference in 1878. As regarded the objects cisions of the conference, and selected Baron of the present conference, it was indispensable, Thielmann as its delegate. Austro-Hungary in order that silver shall regain its former named three delegates: Count Kuefstein, Coun- value, that it should again be freely coined cilor of Legation; Ministerial Councilor Ni- side by side with gold. A committee of fifteen, bauer; and Herr Hegudas, of the Reichsrath. one for each state represented, was appointed Their instructions indicated a leaning toward to draw up and report a list of questions to be bi-metallism, but practically required them to considered. Dr. J. C. Kern, of Switzerland, hold a neutral position. There was much dis- was made president of the committee as tho cussion in Great Britain regarding the pro- senior member, and Herr Vrolik, of Holland, priety of sending representatives. There were was chosen to act as chairman at its sittings. memorials in favor of appointing delegates ad- There were several meetings of the conference dressed to the Government by the Liverpool and of the committees prior to May 5th, when Chamber of Commerce, the merchants and the following questions, prepared by the Dutch bankers of London, and some others, and re- delegate, M. Vrolik, were submitted as the romonstrances against it from Manchester and port of the committee: other quarters. The Government assumed that 1. Have the diminution and great oscillations in the the terms of the invitation were such that it value of silver, which have occurred especially in late could not be accepted without committing those years, been injurious to commerce and consequently to participating in the conference to a support
of value between the two metals to have a great fixity ? its conclusions, On the 7th of April Sir 2. Are the phenomena indicated in the first part of Charles Dilke, in the House of Commons, the foregoing question to be attributed to the increase stated that England could not consent to dis- in the production of silver or to legislative measures ? cuss the principle of bi-metallism, and had de.
3. Is it probable or not that if a large group of clined to take part in the conference; but the states accords free and unlimited coinage of legal
pieces of both metals, having full paying power in a Indian Government would send a delegate, who uniform proportion for the gold and silver contained would not, however, participate in the discus- in the monetary unit of each metal, a stability, if not sion. The other colonies might also be repre- absolute, at least very substantial, will be obtained in sented.
the relative value of those metals? When the conference met, on the 19th of atively, what measures should be taken for reducing
4. In case the preceding question is answered affirmApril, fourteen
governments were represented; to a minimum the oscillations in the ratio of value beviz., those of France, the United States, Ger- tween the two metals? For instance, would it be many, Austro-Hungary, Italy, Spain, Portugal
, desirable to impose on chartered banks of issue the Holland, Belgium, Russia, Norway and Sweden, gold and silver offered them by the public!
Could Denmark, Switzerland, and Greece. Several the public be insured the same privileges in counof them had but one delegate. Sir Louis Mal- tries where there is no chartered bank of issue ? let and Lord Reay, the delegates for India, had Should the mintage be gratuitous, or at least uniform, not arrived, and it was understood that Sir A. in all countries for the two metals? Should there be T. Galt would appear in the interest of Canada, national commerce in the preceding metals ?
an understanding to leave free of all obstruction interand that Mr. C. W. Fremantle, deputy-master 5. In adopting bi-metallism, what should be the ratio of the British Mint, would be present during between the weight of pure gold and silver contained some part of the proceedings. The delegates in the monetary units ? were welcomed by M. Barthélemy St.-Hilaire, After this programme had been submitted to the French Minister of Foreign Affairs, who the conference, Baron Thielmann made the fol. said that the object of the conference was to lowing statement on behalf of the German establish a normal monetary standard instead Government: “We admit unreservedly that a of the shattered equilibrium of the past, and to rehabilitation of silver is to be desired, and consider the best means for preventing a recur- that it might be realized by the establishment rence of the disastrous crises. He concluded of the free coinage of silver in a certain numby declaring that, if the conference did not ber of the most populous states represented achieve immediate success, it would, at least, in this conference, which, with that view, have raised controversies which are indispensa- would adopt as a basis a fixed ratio between ble to the discovery of truth, and established gold and silver. Nevertheless, Germany, whose principles which will bear fruit in the future. monetary reform is so far advanced, and whose On motion of Mr. Evarts, delegate from the general monetary situation does not seem to United States, M. Magnin, French Minister of demand so radical a change of system, does not Finances, was elected president of the con- see that it is possible to consent, so far as she ference. M. Magnin reviewed the different is concerned, to the free coinage of silver. Her phases of the question, and showed the incon- delegates can not, therefore, subscribe to such veniences which the system established in 1867 a proposal. The Imperial Government is, howof a gold standard, with silver as a transitory ever, quite disposed to second, so far as it is companion, had brought about in Germany. able, the efforts of other powers, which might
be disposed to unite to bring about a rehabili- tives of various governments explaining their tation of silver by means of the free coinage of position. The German delegate stated that that metal. For that purpose, and to guarantee Germany adhered to the single gold standard, those powers against the influx of German sil- but was prepared to suspend its sales of silver, ver, which they appear to apprehend, the Im- and might increase the number of marks in perial Government would impose on itself the circulation, and possibly increase the amount fol'owing restrictions : During a period of of silver per mark, and withdraw the five-mark sume years it would abstain from all sales of gold-piece. The delegates of Russia, Norway silver, and during another period of a certain and Sweden, Switzerland, and Greece, spoke duration it would engage to sell annually only with reservation in regard to the acceptance a limited quantity, so small that the general of the bi-metallic standard. The Spanish market would not be encumbered by it. The delegate proposed an adjournment, to secure duration of those periods, and the quantity of fuller instructions, and reserved entire freedom silver to be sold annually during the second, of action. On the 7th of May Mr. Piersen, of would form the subject of subsequent negotia- Holland, made a speech advocating bi-metallism, tions."
and M. Pirmez, of Belgium, replied. M. SeismitThe delegates for India, who appeared at Doda, the leading delegate of Italy, declared in this stage of the proceedings, acted under the the course of the proceedings that Italy was following instructions: “You will explain that, there “to sustain the principle of bi-metalin sending a delegate to the conference, the lism." . On another occasion he thought the Government of India must not be held to com- conference “would not know how to separate mit itself to the adoption of the principle of without having voted a motion affirming the the bi-metallic system in India, and that you necessity of doing something in the interest of are not authorized, without further instruc- the rehabilitation of silver, with the proportions, to vote on any question raised at the tion of 1 to 154." It was noted, however, as a conference. You will, however, add that, significant circumstance that, in passing the while the Secretary of State in Council is un- act for the resumption of specie payments, the willing to encourage an expectation of any ma- Italian Chamber had declared that it can not terial change at present in the monetary policy be obligatory on private individuals to receive of India, he would be ready to consider any silver money which does not bear the mint. measures which might be suggested for adop- mark of the country.” This was taken as an tion in India as being calculated to promote indication of a disposition to be free from the the re-establishment of the value of silver. It stipulations on which the Latin Union is based, is desirable that you should, so far as possible, one of which recognizes the international charavoid giving any pledge on the part of the acter of the money coined by its members. Government of India w bich would in any man. Among the propositions advanced was one ner interfere with its future liberty of action; by the German delegate, suggesting that if but in the event of your being pressed on the the United States, France, Italy, and Holland subject, or your seeing reason to think it de- agreed to an unlimited coinage of silver at the sirable that such a declaration should be made, ratio of 154 to 1 of gold, the other states might you are authorized to agree, on the part of the observe certain conditions, such as not coining Government of India, that for some definite gold in denominations lower than ten francs, term of years, not exceeding ten, it will under- and improving the fineness of silver coins. On take not to depart in any direction calculated the 19th of May the following order of the to lower the value of silver, from the existing day was adopted: "After having heard the practice of coining silver freely in the Indian general discussion and examining the monetary mints as legal tender throughout the Indian situation from an international point of view, dominions of her Majesty. Such a declaration and having regard to declarations made in the must, however, be conditional on the accept- name of certain governments, and in consideraance by a number of the principal states of an tion of the fact that several delegates desire agreement binding them, in some manner or a temporary suspension of the sittings in order other, to open their mints for a similar time to to refer to their governments, the conference the coinage of silver as full legal tender in the decides to adjourn until June 30th." proportion of 15% of silver to 1 of gold, and Before the adjournment, Sir Louis Mallet che engagement on the part of India would be made a statement of the views of the Indian obligatory only so long as that agreement re- Government. It would engage, he said, not to mained in force."
change the system of free mintage of silver durMr. Fremantle and Sir A. T. Galt, as well ing a period to be settled by ulterior negotiaas Sir L. Mallet and Lord Reay, were present tions, provided a certain number of the princiafter the plenary sitting of May 5th, but pal states undertook to maintain such free stated that the English Government was thus mintage for the same period at the ratio of represented out of deference to the inviting 153. He claimed for India that she had done powers, and that its delegates, while willing to more than any other country to prevent an furnish information, would not vote on any aggravation of the depreciation of silver; for proposition. The discussions were kept up the Calcutta and Bombay mints coined silver in from time to time until May 19th, representa- 1879, the date of the last return, to the amount
of seven millions. India, moreover, was in condition of coining silver to a restricted no way responsible for the depreciation, but had amount. In view of the attitude of various been a victim of the action of others, so that other governments, Mr. Thurman, of the United she not only had a right to offer to co-operate States delegation, expressed the conviction that in efforts for maintaining the value of silver, the offers of England and Germany would not but had in a certain sense a right to call for such warrant the United States in allowing the coinefforts. Reviewing the monetary conferences age of silver. The United States, he said, did of 1869 and 1878, Sir Louis remarked that the not insist on immediate and unqualified bilatter, while reversing the decision of the metallism, but were ready to accept approaches former against silver, left it to the discretion thereto, believing it would eventually prevail;. of each state to use either metal or both; but & but they could not incur the risk of altering better solution was required. The loss by ex- the standard through the conflicting or inchange of the Indian Treasury last year was harmonious action of other states. estimated at two millions; the greater part of The position of the Bank of England was the remittances to England was obligatory and stated by Mr. Fremantle. In reply to an inpermanent, and an increase of the revenue quiry from Lord Granville as to the terms on was difficult; the land-tax being assessed in which the bank would be willing to resort to perpetuity in Bengal, and for terms of years the practice of holding silver bullion in the elsewhere. He dwelt on the inconveniences to issue department, it had been explained that commerce of an uncertainty in the value of the the possibility of doing so " depended entirely rupee, and urged that a stable international on the return of the mints of other countries money was imperatively preferred, and insisted to such rules as would insure the certainty of that if law was entitled to impose a single the conversion of silver into gold and gold metal as money, it had an equal right to im- into silver. These rules need not be identical pose two metals at a fixed ratio. The impossi- with those formerly in force.” It was needbility of England joining in the scheme should ful, however, that they should be such as not be considered fatal to its success; while the would secure the facility of exchange, indisfailure of the conference might involve, not pensable to the resumption of silver purchases the maintenance of the status quo, but the ex. by the Bank of England, whose responsibilities tension of the gold standard. If the fall of are contracted in gold. silver continued, India, on the discovery of The general position of the British Governfresh gold-mines or some other opportunity, ment was stated in the House of Commons by might reluctantly enter into the struggle for Mr. Gladstone in the following terms: the possession of the only metal having a firm
No engagement has been made by the Government, international basis. The difficulties on the and no authority conferred on the British representaside of England and Germany must have been tive at the Paris Conference, to alter the limits now foreseen, and he exhorted France and America imposed by law upon the use of silver as currency. not to be thereby deterred from persevering in The Government were informed that an agreement an effort which, like all great reforms, might might be possible between the silver-using powers, if,
among other matters, the Bank of England would r3quire time, patience, courage, and faith. hold in the issue department part of its reserve in
Before the separation of the delegates, they silver; and they communicated their information to were presented with samples of a five-franc the bank, inviting the Bank Court to state its opinion piece composed of gold and silver in equal pro- the bank by the act of 1844. The Court replied that portions, and struck by the French Govern, it saw no reason why an assurance should not be conment as a suggestion in regard to international veyed to the Monetary Conference if the Treasury bi-metallic inoney.
thought it desirable; that the bank, agreeably with The conference reassembled on the 30th of the act of 1844, will be always open to the purchase June, but after a brief sitting adjourned to to such rules as would insure the conversion of gold July 2d. The Austrian delegates returned into silver and silver into gold. The Treasury, notwith fresh instructions to maintain a friendly ing the statement of the bank that it saw no danger attitude in regard to bi-metallism, but not to to the principle of the act of 1844 in such an assurance, depart from the reserve previously displayed. caused the delegate of the United Kingdom at the M. Thorrner, the Russian delegate, had made to the conference. Mr. Fremantle informed the cona report to his government, in which he said ference accordingly, at its meeting of yesterday (July that Russia should prepare for the resumption 8th). The Secretary of State for India will state of specie payments by permitting the circula- whether he has authorized the delegate of India to tion
of silver and gold at a premium, and that, no intention on the part of the Government to alter when resumption becomes possible, silver the present currency law. should be the standard, gold being permitted to circulate at a premium corresponding with
Lord Hartington made the following stateits market price in silver. The premium ment: should be fixed from time to time by the Gov. The only engagement which the representatives of ernment, and not follow the minor course of the Government of India at the Monetary Conference fluctuations. The Italian delegate reported have been authorized to make on behalf of that Govthat his government would enter the proposed ernment is that for a definite term of years it will union for sustaining the double standard, on to lower the value of silver from the existing practice
of coining silver freely in the Indian mints as legal Mr. Evarts returned in September, and, in tender throughout the Indian dominions of her Maj- answer to inquiries regarding the results of the esty. Such a declaration, however, must be conditional on the acceptance by a number of the principal
conference, said states of an agreement binding them in some manner that a great advance had been made as compared to open their mints for a similar term to the coinage with the results accomplished by the conference of of silver as full legal tender in the proportion of 1878. In that assemblage the great powers were very 15t of silver to 1 of gold, and the engagement on the reserved, or were wholly unrepresented. Now the part of India would be obligatory only so long as that principal countries of Europe, including Germany and agreement remained in force.
Great Britain, both of which held aloof in 1878, are
generally agreed upon the advisability of the adoption Sittings were held on the 4th, 6th, and 8th of a bi-metallic standard of commercial values. So of July, and then an adjournment was taken far as India was concerned, which is the great silver to April 12, 1882. A declaration, consisting and considerable active participation shown by the of four clauses, was made to the conference by delegates this year. The position of the United the French and American delegates by way of States is well known and understood now in Europe formulating the basis for future proceedings. --that our interest is solely in view of our actual and The first three clauses were declaratory of the expected participation in the commerce of the world. importance of a fixed relation in value between shall be upon the basis which leaves commerce in such gold and silver, of the opinion that a powerful a position that it shall not be embarrassed by the two combination of states might, by agreement bases---silver and gold--interfering with one another. among themselves, maintain such a relation, In other words, we desire to make the two metals inand that the proportion of 154 to 1 was the
ternational monoy. desirable one to adopt. The fourth clause was In regard to the adjournment, Mr. Evarts as follows: "Without considering the effect said: which might be produced by a lesser combi In adjourning to another time instead of terminatnation of states, a combination which should ing our deliberations we generally agreed in feeling include England, France, Germany, and the that a stage had been reached in exciting the attention United States, with the concurrence of other of the different nations, furnishing them the means of states both in Earope and on the American be occupied by them either in direct diplomatic corContinent, which this combination would in- respondence on the subject or in such discussion in sure, would be adequate to produce and main- Congress or in Parliament, or in general channels of tain throughout the commercial world the re- and useful. We also thought it would be felt and lation between the two metals that such a understood everywhere
that so great a question and combination should adopt.”
transaction as the establishment of an international The proposition for adjourning was put up- money, of both metals, was a task that should not, on the ground that “there is reason for be- and could not be completed in any brief consideralieving that an understanding might be estab- tion of the subject. lished between the states which have taken The coinage of silver dollars was continued part in the conference, that the monetary during the year in the United States in accordsituation of several states may call for the in- ance with the provisions of the law of 1878, tervention of legislation, and may give rise to the total number issued being 27,637,965, or diplomatic negotiations."
about 2,300,000 per month. The Director of Ex-Senator Howe returned to the United the Mint, in his annual report, makes the folStates in July. He explained the attitude of lowing suggestions in regard to a continuance the different governments represented at the of this coinage, in view of the action of the conference as follows:
Monetary Conference: The Belgian representative was there as a strong The International Monetary Conference which met monometallist; so also were the representatives of at Paris in April last instructively discussed the subSweden, Norway, and Switzerland. The commis- ject of a common ratio in the coinage of gold and silver, sioners representing Russia, Austria, Italy, and Spain but no practical conclusion was reached. Delegates inclined strongly to bi-metallism. The attitude of from several European countries gave little encourGreat Britain was the principal obstacle we had to agement for the expectation of any effective aid from contend with. Hler representatives were in favor of the their governments in the effort to restore silver to its double standard, but were prohibited from commit- former place in the monetary circulation. The hope, ting the nation to it. The ministry opposed bi-met- however, seems to have been entertained that further allism, and they did it, not because they do not favor deliberation, and a consideration of the inevitable comthe double standard, or because they want to keep sil- plications and disturbances to commercial exchanges ver out of the coinage, but because they have other im- between Asiatic countries and the Western world, to portant business before them, and feel that they can be feared from the exclusion of silver from coinage, put the coinage question off to some future day. The will enlist the co-operation of those nations in this, matter, however, has been the subject of discussion possibly
the final, effort to retain silver conjointly in financial and commercial circles in Great Britain, with gold as a measure of values. In view, however, and a strong sentiment has been found in favor of bi- of the failure of the conference to agree upon any metallism. With regard to Germany, her represen- practical measure, and while awaiting its future action, tatives pointed to the action taken by her in 1873 in it is a question for our serious and early consideration adopting the single gold standard, and said they did whether it is not desirable to suspend the further not see any necessity for impeaching the propriety of coinage of silver until, by international agreement that move. Still, they are not opposed to silver, and and effective legislation, the unlimited coinage of silare only waiting for England. It the latter country ver and gold at a common fixed ratio shall have been comes
to adopt the double standard, they will join authorized by the principal commercial nations of with her willingly and gladly.
Europe and America. The United States has done
its part toward retaining silver as a monetary agent France, he had a sentimental horror of bloodfor measuring and exchanging values. For three shed; and though always foremost in revoluthird of the world's production of silver, and main- tionary and socialistic disturbances, he fretained its average bullion price nearly to the average quently expressed the conviction that strong of 1878. As was said in my first report, "should the government was necessary to prevent anarchy, $650,000,000 of silver coin, now full lezal tender in and that the economic problem could not be Europe, be demonetized, the United States could not, solved perhaps in centuries. The CommuEuropean co-operation or allies, sustain the value of nards of Paris converted the funeral of Blanqui silver from the inevitable fall! With that danger into a celebration of the amnesty. menacing us, we can not, without serious embarrass BLUNTSCHLI, Professor Jean GASPARD, ment, continue such coinage unless other commercial jurist and writer on international law, born at nations will agree upon the general use of silver as Zürich in March, 1808, died October 21st. He ment be secured, neither our ratio of comparative was educated for the law
in his own country, valuation nor even one based upon the present ex- and afterward went to Germany, where he changeable value of gold and silver will probably be was a pupil of Savigny and Niebuhr. His adopted. The ratio of 15% to 1, already approved work on "Succession according to the Roman and in use among the nations composing the Latin Law” gained him the doctor's degree at Berlin, the coinage of silver as well as gold at all the mints Upon his return to Switzerland, he engaged of the world were made free, as bi-metallism implies, actively in the political conflicts of the time, and cause the voluntary withdrawal from circulation of contributed frequently to the Liberal press. the standard dollars, and their recoinage. In such He became a member of the State Council, and case the further coinage of silver dollars of the present weight, unless needed for circulation, is a useless ex
was a member of the Ministry before the rependiture.”
turn of the Conservatives to power. In 1838
he published the “Political and Juridical HisThe Secretary of the Treasury, in his an- tory of Zürich.” He assisted the brothers nual report, and the President in his message, Grimm in their researches into German analso recommended a suspension of the coinage tiquities, and wrote several works on of silver dollars, and a future restriction, not to tional history. His work on “ General Politan arbitrary limit, but to a limit determined ical Law" (Munich, 1850) established his repuby the actual demand for circulation. They tation as an historian and jurist. When the also recommended a cessation of the issue of University of Zürich was founded, in 1833, silver certificates, and advocated a policy in Bluntschli was appointed a titular professor. future in regard to bi-metallism dependent on In 1861 he went to Heidelberg as Professor of a substantial concert of commercial nations. Public Law. In recent years he has published
BLANQUI, AUGUSTE, a French Democrat several works on the history and theory of law, and Socialist, died January 2d, at the age of which are studied with great attention in Euseventy-six. Without ever having formulated rope. In the early part of 1881 he was proany definite objects to which his extraor- voked into an amicable controversy with Gendinary political activity was directed, he has eral von Moltke by the latter's strictures on appeared in the character of a leader in every the reform in the laws of war proposed by the revolutionary movement of the century. When Institut de Droit International, and his defense a student in Paris, his intellectual gifts were of war as an agency in higher civilization, widely remarked.' He commenced life as a BRAHMO SOMAJ, THE. The division in private tutor. A mutual attachment sprang the Brahmo Somaj of India, which took place up between him and his second pupil, the in 1878 (an account of which is given in daughter of a Paris banker, which was con- the “Annual Cyclopædia” for 1879, article cealed for years, and then resulted in their BRAHMO SOMAJ), has been made wider in conmarriage. After seven years of happy wedded sequence of a new departure that the wing of life, Blanqui embarked in his career of a po- the church of which Keshub Chunder Sen is litical conspirator. His condemnation to life- regarded as the leader has taken. The new long imprisonment so wrought upon his wife's movement assumed a definite form at the close mind that she died within a year. Since then of the celebration of the fifty-first anniversary Blanqui has passed thirty-seven years of his of the Brahmo Somaj, when Mr. Sen's party life in prison. He founded numerous secret assumed the name of the “Church of the New societies, and was the chief organizer of nearly Dispensation,” and the “Flag of the New every democratic outbreak. Lamartine says Dispensation," intended to denote the church that after the Revolution of 1848 he invited militant developing into the church triumphant, Blanqui to forsake destructive criticism, and was formally inaugurated, with the Arati ceredevote his talents to the diplomatic service of mony, or the waving of lights and the chanthis country, offering him a foreign mission. ing of hymns. The “New Dispensation " is Blanqui was small and insignificant in appear- believed by Mr. Sen to afford à scheme for ance. He lived like on ascetic, using no wine effecting the unity and harmony of all other or coffee, eating vegetable food only, dispens- dispensations, all of which-Hindooism, Buding with fire in all weathers, and leaving his dhism, Islamism, and Christianity—are conchamber-windows always open. Though the nected as parts of the divine scheme, and really most active instigator of violent uprisings in exhibit order and continuity where confusion
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