No. 256.
Mr. White
to Mr. Evarts.
Berlin, November 17, 1879. (Received December 1.)
Sir: Although other political matters, especially rumors regarding an alliance between the German Empire and Austria-Hungary, have taken the leading place in the public mind of late, there are frequent evidences of the fact that the monetary policy of the empire is by no means escaping public attention.
The newspapers now report that the Bavarian Government, which, when it presented its budget, had decided to coin only 21,988 marks of gold for the coming year, has stated that the condition of affairs has changed since then; that it has been found impossible to recirculate the silver thaler (3 marks) pieces as was anticipated; and that, therefore, an additional 1,000 pfund of gold must be coined.
Commenting upon this report, a Berlin journal of liberal views in politics expresses the belief that the Prussian Government will have to follow this example of Bavaria.
In the Saxon Landtag, an effort, it is stated, has just been made to pass a resolution asking the German Bundesrath (federal council) to reintroduce the double monetary standard. The supporters of the resolution pointed to the depreciation in the value of silver in mines in consequence of its demonetization, as a reason for the adoption of their motion; and it was stated, as a proof of this, that the yearly produce of the Freiberg mines has fallen off to the extent of about one million marks.
The chamber of commerce for Schweinitz and Waldenburg has petitioned the Landtag in favor of the remonetization of silver, urging as a reason the injustice of paying debts with a depreciated coinage. It is argued by the press that this is virtually a plea for the reintroduction of the old single and silver standard. A report of the Saxon Institute of Engineering (Sachsische Maschinen-bauanstalt) concludes with a request to support the Imperial chancellor in his views regarding the monetary question, and thus to counteract the mischievous effects of the schemes of doctrinaire political economists.
From these utterances it will be seen that the matter has by no means been dropped, but that it continues to elicit much consideration on both sides.
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I have, &c.,