Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1897-10-30
SILVER IS HIT HARD.
Great Britain's Rejection of Our
Bimetallic Proposals.
OGlcinl Account of the Conference
France Agrees to n Ratio of 10 1-2
to 1-India's Strong Argu-
ment Against the Plan.

sion was issued by the British foreign
office Friday evening. The following
account of the negotiations is taken
from the official publication: At the
conference held at the foreign office on
July 10 the premier, the marquis of
Salisbury; the secretary of state for
India, Lord George Hamilton; the chan
cellor of the exchequer, Sir Michael
HiclisBeach; the first lord of the treas
ury, Mr.. A. j. Balfour; the United
States ambassador, Col. John Hay, and
the United States monetary commits
sioners, Senator Edward o. Wolcott, of
Colorado; ex-Vice President Adlai T.
Stevenson, of Illinois, and Gen. Charles
Jackson Payne, of Massachusetts, were
present.
Senator woIcott Explains.
On the invitation of the British pre-
mier Senator Wolcott explained that
the object of the mission was to ascer-
tain in advance of an international con-
ference the views of the governments,
and the ENJOYS had determined to as
certain the views of the French, Brit
ish and German governments on the
question of reaching an international
bimetallic agreement. They had been
to France, where they reached COM
plete and satisfactory understanding
with the French government, and the
ENJOYS would have the cooperation in
this matter of the French ambassador
in London. The senator then explained
that the success of the mission depend
ed upon the attitude Great Britain
would take, and he requested Great
Britain to agree to open the English
mints as its contribution to the attempt
to restore international bimetallism,
with France and the United States CO.
operating together in an attempt to
that end.
Ratio of Fifteen and one-HaIf to One.
The marquis of Salisbury asked if
France was ready to open her mints to
/ free coinage, and Senator Wolcott re-
piled: "Yes." The premier thereupon
inquired at what ratio France would
| open her mints. Senator Wolcott said
at 1914, adding that the American en-
voys had accepted this ratio.
What Is Wanted of Great Britain.
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 making the
| sovereign legal tender in India.
Second. Placing one-fifth of the bull
| lion in the issue department of the Bank OF
| England in silver.
Third. Raising the legal tender limit
| OF silver to, say, s10 and issuing 2O-shilling
notes based on silver, which shall be legal
| tender, and the retirement, in graduation
| or otherwise, of the ten-shlling gold pieces
and the substitution of paper based or
silver.
Fourth. An agreement to coin annually
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 ten.
| der in the straits settlements and Other
silver standard colonies, and tender In the
| United Kingdom to the limit of silver legal
sixth. Colonial action and the coinage OF
silver in Egypt.
Seventh. Something having the genera
| scope of the Huskisson plan"
The meeting closed. and it is understood
by the parties that the absence of th
French ambassador Baron de Courcel
from the proceedings should be regarded
as Informal, and second conference wal
| held on the 18th, at which In addition 4
those already mentioned, the French am
bassador and NJ. Godfrey, the councillor
of the French ambassy. were present.
| Position of France.
The French ambassador was Invited t
declare the position of the French govern
| ment, and he said France was ready to re
open her mints to the coinage of silver /
the commercial nations adopted the sam
course, and he advocated, at great length
the ratio of l5k. But, he explained. Franc
would not consider the reopening of tn
mints of India alone as being sufiicien
guarantee to permit the French govern
ment to reopen the French mintS to the FIRE
coinage of silver.
Great Britnin's Reply.
Sir Michael Hicks Beach then announce,
definitely that Great Britain would no
agree to open the English mints to the un
limited coinage of silver. and that whateve
| views he and his colleagues might sep
arately hold regarding bimetallism h
could say that they were united on thi
, point.
Baron de Courcel said. as personal sug
gestion, that among other contributions h
thought Great Britain should open the In
dian mints and also agree to purchase an
, nually 9l000O,000 of silver for a series c
years.
Senator Wolcott accepted the proposa
! that the British government should max
this purchase, with proper safeguards an
provisions as to the place and manner G
! its use
Since this conference the British govern
; ment has been considering the proposal:
and finally made the reply handed tn
Y
> the government of India, upon which Lor
: Salisbury based his decision. is a long doc
ument giving an emphatic negative to tn
proposal to reopen the India mints.
says:
Q Would PnraIyze Trade nnd Industry
, 1.-THE first result OF the suggested meas
I ures, IL they were to succeed even ten
porarily in their object, would be an intens
distrustance of Indian trade and ndustr.
g There would be a sudden rise in eXchang
which, If the ratio of fifteen and one-ha
to one were adopted, would be to about thrt
pence the rupee. Such rise would L
to kill our export trade for time, at leai
o unless the public were convinced that I'll
. arrangement would be permanent and hay
o the effect intended. The paralysis of trac
9 and industry would be prolonged, an
would be accompanied by acute individui
suffering None of the advantages eXpecte
would be attained. and the country woul
pass through a critical period which wou
I retard the progress for years"
The reply then proceeds TO point out thi
o the proposed agreement would be muc
more serious question for India than II
c the United States and France, as the who
q | risk of disaster from failure would ia