Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-11-17
/ WAS DEFEATED BY INDIA.
Cause Of England's Rejection of the
American Bimetallic Proposals.
Feared the Pan Might Fail-In
That Case the Indian Government
Argued the Burden Must Fall on
That Country, as the United
States and France Have Enough
Gold to Protect Themselves at
Least to Some Extent,

WdSHIlStUH, november LITTLE OIL
cial reported correspondence in regard
to the bimetallic proposals of the United
States monetary system commission to
the government of Great Britain, toge-
Their with the report of the proceedings
at the conference Of the British premier,
the secretary of state for India, the first
lord Of the treasury and the chancellor
of the exchequer with the French am
bassador and our commissioners, con-
firms the reports cabled to the Associat-
ed Press on October 81 and %.
The negotiations fell through, not
Withstanding the expressed willingness
of the French government to open it's
minis, owing to the rejection by the
British government Of the proposition
to again open the Indian minis to the
free coinage of silver. None of the other
propositions were replied to because
that one, the most important of the con-
cessions requested of Great Britain,
could not be acceded to. The govern
swer deferred to the wishes of the gov
eminent Of India, to which the proposal
was referred, and the reply Of the gov
eminent of India therefore is the most
important communication in the CORE
spondence. 1t is lengthy document in
which the advantages pro and con to In
dia are argued and 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 in
crease of gold prices in Europe and
America, are advanced, but the most
potent reason urged against the PROPOSE
ton is that the BURDEN Of failure, if fail
ure should come from the experiment
for the establishment of bi-qnetallism
for France and the United States, must
inevitably fall upon India. Both the
United States and France, the reply ar
CUES, with their supply Of gold could to
a greater or less extent protect them
selves if the experiment did not sue
coed. In other words, the Indian gov
eminent as a preliminary proposition
declared that it could not risk the sue
cess Of the suggested measures. Inc
document contains reservation Whlch
would seem to indicate that if the scope
of the proposed experiment were suffi-
cient,y broadened India might be will
ing at least to reconsider her refusal.
That paragraph in Lord Elgin's 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 will receive
assistance from other powers in increas-
ing the demands for silver. We be-
lieVe limited increase of the quantity OF
silver used as currency will exercise a
very trifiing influence, if any, in raising
the gold price Of silver, and that only
assistance from other powers winch can
be of any real value would be the addi-
ton of other countries to the bimetalllc
union Of France and the United States.
If, however, assurances OF really SUD-
staintial cooperation 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
promised cooperation changes the con-
ditions of the problem or adds materi-
ally to the chances Of success.