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important advance might be secured towards an international coinage with values decimally expressed."

At the international congress of Berlin, the transactions of which were reported by the United States commissioner, and submitted to Congress, it was resolved as follows:

"First. That the congress recommends that the existing units of money be reduced to a small number; that each unit should be, as far as possible, decimally subdivided; that the coins in use should all be expressed in weights of the metrical system, and should all be of the same degree of fineness, viz: nine-tenths fine and one-tenth alloy.

"Second. That the different governments be invited to send to a special congress delegates authorized to consider and report what should be the relative weights in the metrical system of gold and silver coins, and to arrange the details by which the monetary system of different countries may be fixed according to the terms of the preceding propositions."

The occasion of the World's Exposition of Industry at Paris in 1867 will furnish the proper opportunity for a free conference between the authorized commissioners of different governments as to the best means of establishing a uniform system of coinage for the common use of the nations of the world. It is to be hoped that the government of the United States will be represented by a commissioner whom it may be authorized to delegate, with special reference to the accomplishment of this great object.

The only interest of any nation that could possibly be injuriously affected by the establishment of this uniformity is that of the moneychangers an interest which contributes little to the public welfare, while, by diversity of coinage and of values, it adds largely to its private accumulations.

The only indispensable condition of this uniformity of value is that in the standard unit, with its divisions and multiples used in commerce, there shall be in all countries an equal amount of gold (or silver) with fixed proportion of alloy. Each nation will retain its own devices and legends, and other national peculiarities of mintage. A common name for the standard unit would be desirable, but not essential. The presence of a given amount of precious metal, mixed with a given amount of alloy, is the only absolute prerequisite for the establishment of international uniformity in coinage. The dollar of the United States, four shillings of England, and five francs of France are of approximate value. Several nations of Europe have adopted, under other names, the coinage of France, making it of equal value. The general par value of shares in railroad and other corporations on the continent of Europe, as well as in England and the United States, is one hundred dollars or its approximate equivalent in the money of the different nations. This, of itself, would seem to be a concession of the value which

should constitute the standard unit of money. The United States are now in a favorable condition to yield, with little inconvenience, to a variation in the essential value of their dollar, if it should become necessary, their coin being now withdrawn from general circulation. No opportunity so auspicious for effecting any needed change in quantity of gold or silver and alloy can be expected for many years to come. The present would, therefore, seem to be the most desirable period for this government to engage in the preliminary negotiations necessary for the establishment of a common unit of value among all commercial nations. But the committee can make no recommendation of any specific measure beyond the resolution herewith submitted. Their conviction is clear that international uniformity is of the utmost importance for the convenience of our external trade and of our general intercourse with foreign nations; and that at this time, especially, it is the duty of the gov ernment to prosecute with energy its efforts to effect an agreement with the leading nations of Europe on this subject. The consent of the Uni ted States, of England and of France, would necessarily ultimate in the consent of all commercial nations.

[The following resolution passed the House of Representatives, but was delayed in the Senate, and finally action upon it was abandoned in view of the proceedings with reference to the Exhibition and to the Conference of 1867.]

JOINT RESOLUTION to authorize the President to appoint a special commissioner to facilitate the adoption of an uniform coinage between the United States and foreign countries.

Be it resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the President be, and he is hereby, authorized to appoint a special commissioner to negotiate with foreign governments for the establishment of the common unit of money, of identical value in all commercial countries adopting the same; that all governments with which the United States hold diplomatic relations be invited to participate in the negotiations. That any plan which may be agreed upon by part of or all the representatives engag ing in such negotiations be submitted to Congress for its approval be fore being carried into effect in the United States, and that the compen sation allowed to such commissioner be the amount necessary for his actual and proper expenses incurred in the execution of his duties.

THE INVITATIONS OF FRANCE TO THE UNITED STATES TO ACCEDE TO THE LATIN UNION AND TO TAKE PART IN THE CONFERENCE OF 1867.

Mr. Berthemy to Mr. Seward.

[Translation.]

LEGATION OF FRANCE AT WASHINGTON,

Washington, January 4, 1867.

SIR: I have the honor to transmit herewith to your excellency a copy of the text of the monetary convention, concluded December 23, 1865, between France, Belgium, Italy, and Switzerland.

As you will see, Mr. Secretary of State, this act, which went into force the 1st August last, reconstituted, under the guarantee of an international contract, a monetary union which had existed in fact between these four states, but which diverse measures, adopted without preliminary understanding, had broken up during late years. These measures, adopted successively in Switzerland, in Italy, and in France, had a sole object, that of putting an end to the abnormal disappearance of frac tional silver money, or standard change money, indispensable for payments of trifling amounts. To the same evil they opposed the same remedy, the lowering of the standard, but according to different rules and proportions. The Swiss pieces, for instance, coined at the standard of eight hundred thousandths fine, while those of France and of Italy were at the standard of eight hundred and thirty-five, had to be refused in the public treasuries of the empire, as well as in those of the kingdom of Italy. The inconvenience of this state of things was not long in becoming apparent, and causing, perhaps, more keenly than in past

time, the appreciation by the populations of the four bordering states of the advantages of the monetary communion by which they had been formerly benefited. For the purpose of satisfying the just claims and pressing interests of trade, the government of the Emperor last year proposed to Belgium, to Italy, and to Switzerland to intrust to a mixed international commission the care of re-establishing the ancient uniformity by taking account of facts accomplished, and of the new conditions of the monetary circulation of Europe. Commissioners appointed by these different states assembled at Paris under the presidency of M. de Parieu, vice-president of the council of state, and, in stating the causes for the convention of the 23d December last, they have fully met the immediate end which was assigned for their labors, according to the expression used by the minister of finance of Belgium, on submitting to the Belgian chamber the project of law intended to sanction the convention: "This act contains in effect, within itself, saving the unity of stamp, a monetary system, complete for moneys (coin), properly so called, to the exclusion of billon (base coin)."

At this time the gold and silver coinage of these four states is conducted under conditions that are identical. In what relates especially to fractional silver of the piece of five francs for real change of standard money, which alone can meet the demand for small transactions, the standard of eight hundred and thirty-five thousandths has been definitively adopted; this is the figure which, already adopted in France and in Italy, has seemed best to satisfy the conditions of the problem which was in discussion for a solution-that is to say, to give to fractional metallic coins of the union the highest intrinsic value and the qualities of a good alloy, at the same time doing away the premium they had reached from the relative depreciation of gold, which allowed speculation to melt them up and export them at a profit.

Express provisions limit, moreover, the emission of this legal small change, and serve also as the corrective of the lowering of the standard value. Precise rules reduce to the smallest possible figures the allow ances for cost of fabrication, so as to maintain the money of the union in a constant normal condition. In fine, you will remark, Mr. Secretary of State, a clause which is detached from the rest of the stipulations, exclusively destined to determine the monetary regulations of the four countries. I desire to say something of the accession which article twelve guarantees to any other state. This clause may be considered as the manifestation of a wish that sprung up in the proceedings of the international conference, and has not been without influence on the happy issue of the negotiations. After having brought about the disappearance of divergencies of which they recognized the inconveniencies, the delegates of France, of Belgium, of Italy, and of Switzerland, seeing a population of seventy millions of souls thenceforth endowed with the same monetary system, must quite naturally have been led to fix attention on an interest more general. Without entering on the examination

of a question which it was not their mission to solve, they expressed in the name of their governments the desire to see the union, as yet restricted to four countries, become the germ of a union more extended, and of the establishment of a general monetary circulation among all civilized states.

The government of the Emperor would be very happy to see this proposition well received, but, at the same time, cannot dissemble the difficulties and objections it might encounter. But it doubts not, at least, that the views which are thus inspired correspond with necessities. which henceforth must press upon the solicitude of governments. In proportion as the solidarity which now exists between economic interests becomes more and more close, each nation, in view of advantages already realized, better understands the importance of removing the obstructions still met with in international relations, one of the most onerous and annoying results assuredly, from the diversity of coinage which multiply the fluctuations of exchange. The idea of the unification of the monetary systems makes, then, every day fresh progress. It is under its influence that, since the 24th January, 1857, there has been concluded the treaty which has markedly simplified the monetary régime of the States comprised in the ancient Germanic confederation; and more recently, in 1865, the same tendency has manifested itself in the discussions and in the votes of the German commercial diet; in fine, the convention, even of the 23d December, has been spontaneously the object on the part of several foreign governments of an investigation which bears sufficient evidence of their solicitude about the interests which attach to it. A new monetary law has already introduced in the Roman States the régime stipulated by the convention of Paris; and, in the United States, public opinion has been called to this question even in the deliberations of Congress.

If, for the moment, objections too weighty prevent the federal government from adhesion to the convention of 23d December, the government of the Emperor would not the less attach special value to being informed of these obstacles, and to learn what observations may have been drawn forth by the examination of that international act. In the absence of more immediate results, there would be incontestable advantage in being enabled to appreciate exactly the nature and extent of the difficulties that must be thought of removing, in order to arrive at monetary uniformity; and from the moment it is allowable to look toward the practical solution of such a problem, it becomes the duty of governments to follow it up, without exclusive ideas, mutually enlightening each other in their researches. Thus, also, in case the federal government, without wishing to accede to the union actually constituted, should be disposed, either to enter into arrangements destined to establish equations between some of its monetary types of gold or silver, and those which the convention may determine, or to take part in an international conference at which might be discussed the means of arriving at a more

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