Democratic Sentinel, Volume 16, Number 45, Rensselaer, Jasper County, 25 November 1892 — FOR A NEW STANDARD. [ARTICLE+ILLUSTRATION]

FOR A NEW STANDARD.

OBJECT OF. THE MONETARY CONFERENCE. To Discuss Ways and Means of Securing an Enlarged Use of Silver Movement Initiated by the United States—AU Leading Nations Co-operating. SUver the I sane. The International Monetary Conference, which has begun at Brussels, Belgium, will doubtless be the most important gathering of recent years so far as its effects upon the fiscal policies of the world are concerned. It will be of especial consequence to the interests of the United States, for this is the chief silver-producing nation of the world, and upon the results of the conference will depend in a large measure the material prosperity of several States of the Union, whose chief wealth consists in their mines of argentiferous ores. The conference was first proposed by the Congress of the United States, and after consultation with representatives of the leading foreign powers its details were formulated and delegates appointed. These consist, on the part of the United States, of ex-Comptroller of the Currency Henry W. Cannon, Senator William B. Allison, of Iowa; Senator John P. Jones, of Nevada; President E. Benjamin Andrews, of Brown University; Congressman McCreary of Kentucky; and Edward O. Leech, Director of the Mint These delegates represent fairly all the views of Americans on the subject of silver coinage. Senator Allison takes a middle view on the question. Senator Jones is confessedly a radical free-coln-age man. Dr. Andrews has written an interesting voluue cn “The Gold Dollar," and his views are almost radically against free silver. Director Leech believes that there is too much silver in the market, and Congressman McCreary is inclined to side with Senator Jones, although by no means as radical on the subject. Duties of the Members. The duties of the delegates have been clearly defined by the act authorizing the conference and also by the Secretary of the Treasury. They have authority simply to discuss and propose,

but no power to take final action. The deliberariona will in all likelihood be conducted in the English language. The American delegates will argue for bimetallism, and it is likely that our most bitter opponents will be the English delegation, who believe that we are making a grievous error in purchasing 4,500,000 ounces of silver a month. They think that to stop coining this great mass of silver dollars monthly would drive more bullion abroad, and in that way favorably affect the silver market. No proposition looking to an indorsement of free coinage of sliver will probably be submitted by any of the American representatives. Importance of the Conference. The conference will have the co-ope-ration of all the leading nations. It is likely to be far more important than any monetary conference of recent years. The conference held at Paris during the Exposition of 1888 was not vested with any authority and was productive of no results. A conference was held at Washington last year of the Pan-American countries, but it related merely to devising methods for securing a common coin, and its work was fruitless, because the scheme was impracticable. The present conference will represent every shade of national views. There will be England and Germany, which are upon a gold basis, and Aus ria, which is passing through the conditions necessary to bring it to the same basis, silver having been demonetized. France and the other countries of the Latin Union, which maintain a parity between the two metals while limiting the silver coinage, will be fully represented. India, which is suffering financial convulsions because of its silver basis, wdl have its own representatives, although Great Britain will dictate its policy. Mexico, which is on a purely silver basis and has a large direct trade with Europe, may help in solving the problem. Many suggestions have been made for the guidance of the conference. The one which has been most discussed among financial authorities -is the proposition of Dr. Seytbooer, the eminent Austrian publicist He has suggested an agreement by which the countries taking part in the conference should limit silver coinage to certain small coins, none to exceed in value the twenty franc piece. It is stated that while silver could not thus be placed on a parity with gold, it m ght be maintained at a ratio of about twenty to ond. The actual commercial ratio is now about twen y-four to one. The coinage ratio in the United States is sixteen to one, in the Latin Union and most European countries fifteen and a half to one, and in India fifteen to one. Dr. Seytbooer’s plan is declared by those who have studied it to be too intricate to meet with general adoption. The whole aim of the Brussels conference will be directed toward practical measures, without seeking to revolutionize the existing relations of gold and silver, which could only be done by universal remonetizat on. The Foreign Delegates. The delegates from other countries as far as announced are as follows: Great Britain—Sir William Houldsworth, M. P., for NorthwesVManchester; Bertram Curne, partner in the bank of Messrs. Glynn, Mills, Curne & Co.; Sir Charles Freemantle, K. C. 8., Deputy Governor of the Mint. Government of India—General Richard Strachey, G. P. S., formerly member of the Indian Council; Sir Guilford L. Molesworth, K. C. I. E. France—M. Tirard, formerly Minister of Finance and President of Council; M. L. de Liron, high official in the Department of Finance; M. de Faville, high official in the Department of Finance. Switzerland—Messrs. Cramer, Frey and Lardy, Minister at Paris.

RICH FOR ONE DAY ONLY. Messenger Bagley Takes SIOO.OOO from the United States Express Company. George J. Bagley, a messenger for the United States Express Company, appropriated a package containing #IOO,000 in paper currency, which had been placed in his care in Omaha Thursday night to be deliveied in Chicago Friday morning. Just twenty-four hours after the money had been missed the thieving messenger was arrested in Chicago by

Detectives Weaver and Plunkett, of the Central Station, ty a brilliant coup. And within forty-eight hours after the disappearance of the cash $99,990 of it was locked up in the safe of the United States Express Company in Chicago. Bagley obta ned the money by a brilliantly laid scheme, but once in his possess'on the weight of the currency was too much for his discretion and he completely lost his head. In fact, he was r ‘scared to death,* to use his own words. And his actions subsequently do hot belie them. Bagley began work for the United States Express Company over twelve years ago as a station agent at Davenport, lowa. By years ot service there he became a trusted man, and a year ago last January he was promoted to the position of express messenger and given a run irom Chicago to Omaha on the last train that runs over the Chicago and Bock Island road from Chicago to Denver. This is one of the most important runs in the service, and up to the present time nothing has ever taken place to shake the company’s confidence in Bagley.'

UNCLE JERRY’S REPORT. Work of the Agricultural Department Reviewed by Rusk. The report of the Secretary of Agriculture has been submitted to the President. The report begins with a com-

parison of the export trade of the last fiscal year with that of former years, and emphasizes the fact that <ff the more than $1,000,000,000, represent ng the exports of our domestic products for the last year, nearly 80 per cent, consisted of agricultural products, this not only making the United

States the creditor of the world for a sum exceeding $200,000,030 —the excess of our exports over imports—but relieving our home markets from a surplus product which would otherwise have reduced prices to a point below the cost ot production. For a large share in bringing about the conditions which have made these gratifying results possible the Secretary claims credit for his department. In regard to imports he finds encouragement for the farmers in the fact that in spite of an aggregate increase there is a reduction in the proportion of imports consisting of products which compete with our American agriculture, for, while in the fiscal year ended in 1883 54 per cent, ot the imports were competing, only 44 per cent, of our imports for the last fiscal year did so compete. He nevertheless regards imports competing with the products of our own soil as still far too great. He instances $40,000,000 worth of animal products, $67,000,000 worth of fibers, $47,0(10,000 worth of hides, $30,000,000 worth of fruits and wines, as articles of this kinds, and cites the imports of raw silk, amounting to $25,000,000 yearly, as an instance of products imported which could with proper encouragement be produced in bur own country. He declares these figures to indicate the main ultimate object of the work of the department, which he defines, in brief, as “the closest study of all markets abroad which may be reached by our own agricultural products, accompanied by persistent and intelligent efforts to extend them and the substitution in our markets of home-grown for foreign-grown products.”

LABOR LOSES ITS FIGHT. The Great Strike at Carnegie's Homestead Mills Declared Of. The great strike at Carnegie’s Homestead steel works has been declared off. After a five months’ struggle, which for bitterness has probably never been equaled in this country, the ■ army of strikers finally decided to give up the fight. This action was taken at a meeting of the lodges of the Amalgamated Association at Homestead, the vote standing 101 in favor of declaring the strike off and 91 against it. Among those present at the meeting were Vice President Carney, Secretary hilgallon, Treasurer Madden, and David Lynch of the Advisory Board. The officials addressed the members, and in plain words told them the strike was lost, and advised them to take steps to better their condition. The remarks met with considerable opposition, but when the vote was taken it showed a majority of ten in favpr of declaring the strike off. Those who were In favor of calling the strike off were jubilant, while those who were agains; it were badly put out. The Homestead strike has proved one of the most disastrous in the history of the country. It originated from a reduction in wages in the department where members of the Amalgamated Association of Iron and Steel Workers were employed. The hitch was on what is known as the sliding scale. It is a scale which regulates the men’s wages by the market price of steel billets. Nearly every mill in this vicinity signed the scale, including other mills of the Carnegie Company. At the refusal of the firm to sign the scale for the Homestead mill, a lockout was declared by the Amalgamated Association, aud they were joined by the mechanics and laborers, who struck out of sympathy only, their wages not being reduced. The strikers were determine 1 to keep nonunion men out of the mi l and adopted military discipline. The story of the arrival and bloody fight with the Pinkertons July 6, the subsequent riotous proceedings, and the calling out of the National Guard, and its departure afier three months’ duty, is too well known to repeit. For six weeks the mill has been running almost as well as before the strike, but until within the last week the strikers have steadfastly refused to admit defeat.

AMERICA AT THE CONFERENCE

SECRETARY RUSK.