of five years, at a price not exceeding 43 pence per oz. On a rise of silver above that price the purchases for the time being to be immediately suspended.
In committee this latter proposal was thus modified—
- The European states which agree, upon the basis of this proposal, will buy in each year 30 Page 289 million oz. of silver, on condition that the United States agree to continue their present purchases, and that unlimited free coinage be maintained in British India and Mexico.
- The proportion of the purchases to be made by each country will be determined by agreement.
- The purchases will be made at the discretion of and in the manner preferred by each Government.
- These amounts of silver will be devoted in each country to the monetary uses authorised by the legislation of that state, and the silver will be either coined or made the guarantee for an issue of ordinary or special notes, as Government may think fit.
- The arrangement will be made for five years. The obligatory purchase of silver will be suspended should the metal reach in the London market a price determined by agreement between the Governments. The purchases may be renewed, if the delegates of the different countries interested should agree upon the fixing of a new limit of price. They should be renewed in any case if the price falls below the original limit.
With regard to the Soetbeer plan it was abandoned in committee, while the Levy plan was drawn up in the following terms:—
"1. The withdrawal from circulation within a period