This conference absolutely failed, and a similar fate has awaited all
subsequent efforts in the same direction. And still we continue our
coinage of silver at a ratio different from that of any other nation.
The most vital part of the silver-coinage act remains inoperative and
unexecuted, and without an ally or friend we battle upon the silver
field in an illogical and losing contest.

To give full effect to the design of Congress on this subject I have
made careful and earnest endeavor since the adjournment of the last
Congress.

To this end I delegated a gentleman well instructed in fiscal science
to proceed to the financial centers of Europe and, in conjunction
with our ministers to England, France, and Germany, to obtain a full
knowledge of the attitude and intent of those governments in respect of
the establishment of such an international ratio as would procure free
coinage of both metals at the mints of those countries and our own. By
my direction our consul-general at Paris has given close attention to
the proceedings of the congress of the Latin Union, in order to indicate
our interest in its objects and report its action.

It may be said in brief, as the result of these efforts, that the
attitude of the leading powers remains substantially unchanged since the
monetary conference of 1881, nor is it to be questioned that the views
of these governments are in each instance supported by the weight of
public opinion.

The steps thus taken have therefore only more fully demonstrated the