This measure, so simple and so practical, would give to the United States the following immense advantages:

1st. It does not necessitate the advance of any capital from the Treasury. 2d. It obtains, nevertheless, for the American Government the same profit on the Dollars coined in Belgium as if they were coined in America. 3d. Commerce, which by the simple fact of its causing Silver to be coined engages to put into circulation the moneys so coined, facilitates the work of the American Government in its task of resuming Specie Payments.

4th. It would open up a new advantage to exporters to Europe of all American merchandise.

5th. America, thus controlling the tariff of Silver in Europe, would have the means of action, great and unfailing, to stop the wavering tendencies towards a fall in the quotation for Silver in London.

6th. The London market would not be any longer the regulator of the price of Silver for the entire world. This power would rest entirely in the hands of the American Government.

7th. And the commercial relations of America with India and China would find new sources of development, to the great profit of the American Silver mines.

May I be allowed to hope, Mr. President, that you will be so good as to take into your serious consideration the measure herein proposed, and at the same time to sign myself, Mr. President, your most obedient, humble servant,

The director of the Brussels Mint,

A. ALLARD.

HOTEL MEURICE, Paris, September 6, 1878.

SIR: I have the honor to acknowledge the receipt of your very interesting letter of the 3d instant.

It seems to be a fitting addition to the discussions of the late Conference, and I will feel myself at liberty to make your views known to my Government in the report to the Secretary of State upon the return of the Commission to my country.

Please accept the thanks of myself and associates for your friendly interest, and believe me,

Yours, very respectfully,

R. E. FENTON,

Chairman, &c.

To M. ALPH ALLARD,

Director of the Brussels Mint.

HISTORICAL MATERIAL

FOR AND

CONTRIBUTIONS

TO THE

STUDY OF MONETARY POLICY,

SELECTED AND PRESENTED BY

MR. HORTON.

Hon. WM. M. EVARTS,

Secretary of State, Washington:

DEAR SIR: On completing, in December last, my official duties in connection with the late Monetary Conference at Paris, by putting in your hands the corrected French and English Records of its Proceedings, I had the honor to say that if it were intended, in pursuance of an idea which I recalled your having mentioned in June last, to supplement the record as printed with matter of Appendix, documents, etc., germane to its subject, I should gladly present what contribution to this end my brief leisure from private affairs would permit me to put in order.

In pursuance of the request then expressed by you, I herewith offer a considerable body of selected documents (including some translations), the appearance, or reappearance, of which in print, seems opportune, in bringing within reach of an enlarged range of readers matter embodying some points in the history and doctrinal basis of the monetary policy of the more powerful States; and with these I send some papers designed to serve as preface and explanation.

Trusting that what I have been able to do, may contribute to that reexamination of the grounds of monetary policy which the time demands, I am, dear sir, with respect, very sincerely yours,

S. D. HORTON,

POMEROY, OHIO, May, 1879.

Late Delegate, etc.