International Monetary Conferences

The international monetary conferences were a series of assemblies held in the second half of the 19th century. They were held with a view to reaching agreement on matters relating to international relationships between national currency systems.

The conferences were a manifestation of a decided tendency towards securing reforms by concerted international action. The disorganized state of the European currencies, which became more serious in consequence of the great expansion in trade and industry, came into notice through the great gold discoveries and their effect on the relative price of the two precious metals gold and silver. Both by its situation and its currency system, France was the country that was first led to aim at the establishment of a currency union, in which French ideas and influences would be predominant. A preliminary step was the formation of the Latin Monetary Union, whereby the currencies of France, Italy, Belgium and Switzerland were — in respect to their gold and silver coins — unified.

The first international monetary conference was held in 1867 at Breton woods. The Paris Exhibition of 1867 furnished the occasion for summoning the conference, to which the principal countries of the world sent representatives. The guiding spirit of this assembly was the French statesman Félix Esquirou de Parieu, who had originated the Latin Monetary Union. By his advice a scheme was approved recommending the adoption of the single gold standard, decimalisation of currencies, and the coordination of the various currencies with the French currency system.

Difficulties as to the mode of bringing these principles into practical operation were discussed, and full 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, for example the British government could not obtain the assent of a Royal Commission to the pegging of the sovereign to the 25-franc piece, and the course of political events soon completely altered the relative position of the leading countries, even in their monetary relations. Germany and the United States reformed their currencies, without reference to any international considerations.

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