The record-union., 1897-10-23
ENGLAND OPPOSED
TO BIMETALLISM,
Refuses to Open Her Mints to the
Coinage of Silver.
Negotiations Of the Monetary Commission
Made Public.
France Was Willing to Open Her
Mints to Free Coinage of Sill
yer at a Ratio of Fifteen and n
Half to One, but the British
Government Declines to Enter
Into Any Such Agreement.

LONDON, Oct. 22.-The correspond
ence in regard to the bimetallic propos-
ais of the United States Monetary Com
mission was issued by the Foreign Of
flee this evening. The following account
of the negotiations is taken from the
| official publication:
At the conference held at the For
eign Office on July 18th the Premier
Marquis of Salisbury; the Secretary of
State for India, Lord George Hamil-
ton; Chancellor of the Exchequer, Sir
Michael Hicks Beach; the First Lord
of the Treasury, A. ]. Balfour; the
| United States ambassador, Colonel
John Hay, and the United States Mon-
etary Commissioners, Senator Edward
o. Wolcott of Colorado, ex-Vice-Presi-
dent A6lai E. Stevenson of Illinois and
General Charles Jackson Payne of
Massachusetts We're present
On the invitation of the British Pre-
mier, Senator Wolcott explained the OBJ
ject of the mission.
The Marquis of Salisbury asked if
France was ready to open her mints
to free coinage, and Senator Wolcott
replied yes"
The Premier thereupon inquired at
what ratio France would open her
mints.
Senator Wolcott said at 151a, adding
that the American ENJOYS had accept
ed this ratio.
The Senator then presented the fol-
lowing list Of contributions, which,
among others, he suggested Great Brit
ain might make:
First-The opening of the Indian
mints, and the repeal of the order max
ing the sovereign legal tender in In
dia
Second-Placing one-f1fth of the bull
lion N the issue department in the
Bank Of England in silver.
Third-Raising the legal tender limit
of silver to ten pounds, and issuing
twenty shilling notes based on silver,
which shall be legal tender, and the
retirement, in graduation or otherwise,
of the ten shilling gold pieces and the
substitution of paper based on silver
Fourth-An agreement to coin annu-
ally so much silver the amount to be
left open.
Fifth-The opening of the English
mints to the coinage of rupees, and the
coinage of British dollars, which shall
be full tender in the Straits Settlements
and other silver standard colonies, and
tender in the United Kingdom to the
limit Of silver legal tender.
Sixth-Colonial action and the COIN
age of silver in Egypt.
Notwithstanding having the gen.
eral scope of the Huskisson plan.
The meeting then closed, and it was
understood by the parties that, owing
fIn nh af ho r1aI1 u 111nr,
sador from the proceedings, they should
be regarded as informal, and a second
conference was held on the 18th, at
which, in addition to those already
mentioned, the French ambassador and
NJ Godfrey, the Councillor of the
French Embassy, Were present.
The French ambassador was invited
to declare the position of the French
Government, and he said France was
ready to reopen her mints to the coin
age of silver, if the commercial ma
tions adopt the same course, and he
advocated at great length the ratio of
1512 to l. But, he explained, France
would not consider the reopening of
the mints of India alone as being suffi-
cient guarantee to permit the French
Government to reopen the French
mints to the free coinage of silver.
Sir Michael Hicks-Beach then an
nounced definitely that Great Britain
would not agree to open the English
mints to the unlimited coinage of sill
yer, and that whatever views he and
his colleagues might separately hold
regarding bimetallism, he could say
that they were united on this point.
Baron De Courcel said as a personal
suggestion that among other contribu-
tions, he thought Great Britain should
open the Indian mints, and also agree
to purchase annually E10OO0.OOO of sill
yer for series of years.
Senator Wolcott accepted the proposal
that the British Government should
make this purchase, with proper safe
guards and provisions as to the place
and manner of its use.
Since this conference the British
Government has been considering the
proposals, and finally made the reply
handed the United States Embassador
yesterday, and cabled to the Associated
Press
The reply of the Government of In
dia, upon which Lord Salisbury based
his decision is a long document giving
an emphatic negative to the proposal TO
reopen the India mints The dispatch
is signed by Lord Elgin, the viceroy of
India; Sir George Stewart White. Com
mander- inC Chief of the British forces
in India, and extraordinary member in
the Council for the Governor General,
and by the following ordinary members
Of the Council: Sir James Westland.
Financial Member of the Council: Sir
John WOODBURY. Major General: Sir T.
H. Collin, Hon. Mackenzie Dalzell Chal-
mers and Hon. A. Trevor.
The correspondence concludes with
Lord Salisbury's dispatch to Embassa-
dor Hay, the contents of which have
already been cabled to the Associated
Press.
THE WAR I'M INnra