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MONETARY CONFERENCES (INTERNATIONAL)
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MONETARY CONFERENCES (See also:INTERNATIONAL) . These assemblies were one of the features of the latter See also:half of the 19th See also:century, due to the decided tendency towards securing reforms by concerted international See also:action. The disorganized See also:state of the See also:European currencies, which became more serious in consequence of the See also:great expansion in See also:trade and See also:industry, came into See also:notice through the great See also:gold discoveries and their effect on the relations between the two See also:precious metals. Both by its situation and its currency See also:system, See also:France was the See also:country that was first led to aim at the See also:establishment of a currency See also:union, in which See also:French ideas and influences would be predominant. A preliminary step was the formation of the Latin union, whereby the currencies of France, See also:Italy, See also:Belgium and See also:Switzerland were—in respect to their gold and See also:silver coins—assimilated. In 1867 the See also:Paris See also:Exhibition furnished the occasion for summoning a monetary See also:conference, to which the See also:principal countries of the See also:world sent representatives. The guiding spirit of this See also:assembly was the eminent economist, De Parieu, who had originated the Latin Union. By his See also:advice a See also:scheme was approved recommending the See also:adoption of the single gold See also:standard, the use of the decimalsystem, and the co-ordination of the various currencies with the French system. Difficulties as to the mode of bringing these principles into See also:practical operation were discussed, and full See also:liberty had to be given to the several nations to carry out the proposals in the way that seemed best. The result proved that the obstacles were insurmountable, e.g. the See also:British See also:government could not obtain the assent of a Royal See also:Commission to the assimilation of the See also:sovereign to the 25-See also:franc piece; and the course of See also:political events soon completely altered the relative position of the leading countries, even in their monetary relations. See also:Germany and the See also:United States reformed their currencies, without reference to any international considerations. The See also:meeting of the next international conference took See also:place under very different conditions. A great fall in the value of silver as measured in gold, in progress from 1873, had affected the relations of silver-using countries, and disturbed the level of prices. See also:Indian interests as well as those of See also:American producers of silver suffered, while the management of all See also:double-standard currencies became a task of increasing difficulty. The government of the United States invited the representatives of the leading See also:powers to meet in Paris for the purpose of considering (I) the desirability of retaining the unrestricted use of silver for coinage, (2) the adoption of international See also:bimetallism (q.v.), by the See also:acceptance of a ratio to be fixed by agreement. Eleven nations sent delegates, Germany being the only great See also:power unrepresented. After somewhat protracted discussion and the presentation of a large number of documents the European states accepted the American proposition " that it is necessary to maintain in the world the monetary functions of silver "; but declined to bind the discretion of particular states as to the methods to be employed. They further declared it impossible to enter into an agreement for a See also:common ratio. The conference, therefore, separated without any result being obtained. In consequence of the continuing fall in the value of silver, which stimulated the bimetallic agitation, a third conference was convened by the See also:joint action of France and the United States; it also met in Paris, and was more influential than its predecessor, since Germany sent representatives, as did See also:Spain, See also:Portugal, See also:Denmark and See also:India. The characteristic of this conference was the greater strength of the support given to the bimetallic proposal by France and the United States, together with the opposition of the delegates of the smaller European countries, and the refusal of Germany to promise any co-operation. The inevitable consequence of this situation was the See also:adjournment of the conference to obtain fresh instructions, which, however, were never furnished. After several abortive attempts the See also:fourth (and last) of the conferences of this class was brought together at See also:Brussels in See also:November 1892 on the initiative of the United States. A full See also:representation of the powers attended, but delay arose from the See also:absence of definite proposals by the American government. These, when they were presented, proved to be only a reaffirmation of the bimetallic policy, and showed no advance. The conference, therefore, proceeded to consider the plans of See also:Levy, See also:Baron de See also:Rothschild and Sotbeer for the more extended use of silver. Such devices, being merely alleviations, failed to gain any effective support. Appeals to See also:England and Germany to See also: F. Additional information and CommentsThere are no comments yet for this article.
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