The record-union., 1897-11-17
Great Britain Yields to the Wishes Of the
Indian Government.
IF the Scope of the Proposed Ex-
ner;ment Was Sufficiently
Broadened India Might be Will
ing to Reconsider Her REFUSAL
to Reopen Her MINIS for the
Coinage of Silver.

WASHINGTON, Nov. 16.-The Of
fetal report of the correspondence IN
regard to the bimetallic proposals OF
the United States Monetary Commls-
sion TO the Government of Great Brit
ain. together with the report of pro-
ceedines at the conference of the Brit
ish Premier, the Secretary of State, the
First Secretary of the Treasury and
the Chancellor of the Exchequer. with
the French ambassador and our COM
missioners has reached this country. 1t
fully confirms the reports cabled to the
Associated Press October Dist and I'd
The negotiations fell through, not
withstanding the expressed Willingness
of the French Government to open its
mints, owing to the rejection py the
British Government of the proposition
to again open the Indian mlntS TO the
free coinage of silver. None OF the
other propositions were replied to be-
cause one of the most important con-
cessionS requested of Great Britain
could not be acceded to. Great Britain,
in making her answer, deferred to the
wishes of the Government of India, to
which the proposal was referred, and
the reply of the Government OF INDIA,
therefore, is the most important COM
munication in the correspondence.
1t is a lengthy document, in which the
advantages pro and con to India are
argued and q very strong case from
their standpoint is made out in favor
of the rejection Of the proposal. The
disturbance of values in India, with the
attendant paralysis of trade, at least
temporarily, the fall of silver prices in
India, concurrently with the increase of
gold prices in Europe and America are
advanced, but the most potent reason
urged against the proposition is that
the burden of failure, if failure should
come from the experiment for the re-
establishment of bimetallism by France
and the United States, must inevitably
fall on India.
Both the United States and France,
the reply argued, with their supply Of
gold, could to a greater or less extent
protect themselves if the experiment
did not succeed. In other words, the
Indian Government, as a preliminary
proposition, declared it could not risk
the success of the suggested measure.
This definite and absolute rejection of
the proposal was fully set forth in the
cable reports Of the correspondence, but
the document contains reservation
which would seem to indicate that if
the scope of the proposed experiment
was sufficiently broadened India might
be willing at least to reconsider her
refusal. That paragraph in Lord FL
gins letter is as follows:
1--WE note that the proposals of the
Governments of France and the United
States are subject to the proviso that
they are satisfied that they win receive
assistance from other powers in in
creasing the demand of silver. We be-
1ieve that a limited increase of the
quantity of silver used as currency will
exercise a very trifling influence, if any,
in raising the gold price of silver, and
that the only assistance from other
powers which can be of any real value
would be the addition of other coun-
tries to the bimetallic union of France
and the United States. If, however, as
surances of a really substantial Coop
GRAFTON should be secured from other
countries we shall be glad to learn the
exact nature of the assurances, and we
shall then consider whether the prom
3sed cooperation changes the problem
or adds materially to the chances of
success