The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-10-30
SILVER is HIT HARD.
Great Britain's Rejection OF Our
Bimetallio Proposals.
0meIaI Account or the Conference
FranSe Agrees 10 "A Ratio OF 10 1-2
40 i-India's strong Argu-
ment Against the Plan.

the United States monetary commits
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
oellor OF the exchequer, Sir Michael
Hicks-B Beach; the first lord Of the treas
nry, Mr.. A. j. Balfour; the United
States ambassador, Col. John Hey, and
the United States monetary commits
.sioners, Senator Edward o. Wolcott, OF
Colorado; ex-Yice President Adlai Il.
Stevenson, OF Illinois, and Gen. Charles
jackson Payne, Of Massachusetts,, were
present.
senator woIcoft Explains.
On the invitation of the British pre-
,nier Senator Wolcott explained that
the object Of the mission was 10 ascer-
tain Ia 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
Ian and German governments on the
question Of reaching an international
bimetallic agreement. They had been
10 France, where they reached com
pIete and satisfactory understanding
with the French government, and the
ENJOYS would have the cooperation in
this matter OF the French ambassador
Ga London. The senator then explained
that the success Of the mission depend
ed upon tho attitude Great Britain
would take. and he requested Great
Britain to agree TO open the English
mints as its contribution TO the attempt
70 restore international bimetallism.
with France and the United States CO.
operating together In an attempt 10
thnt end.
Ratio OF Fifteen and one-Hnif TO One.
The marquis Of Salisbury asked II
France was ready TO open her minis 10
free coinage, and Senator Wolcott re-
piled: yes" The premier thereupon
inquired az what ratio France would
open her mints. Senator Wolcott said
at 1874, adding that the American en-
Foys had accepted this ratio
what II Wanted OF Great Britain.
The senator then presented the fol
lowing list OF contributions which,
among others, he suggested Great Brit
aln might make:
FIRST. The opening OF the Indian minis
and the repeal OF the order making the
sovereign legal tender in India.
Second. Placing one-ffth OF the bull
lion I'm the issue department Of the Bank OF
England In silver.
Third. Raising the legal tender limit
OF silver TO, say. fi0 and issuing 2O-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 10 coin annually
90 much silver, the amount to be left
open.
~Ryfth The opening or the English minis
40 the coinage OF rupees and the coinage OF
British dollars, which shall be full ten-
der sn the straits settlements and other
SILVER standard colonies. and tender I'm the
United Kingdom TO the limit OF silver legal
sixth Colonial action and the coinage OF
silver In Egypt.
Seventh. Something having the general
scope OF the Huskisson plan"
The meeting closed, and II Is understood
10y the parties that the absence OF the
Wrench ambassador Baron de Courcel.
from the proceedings should be regarded
as informal, and a second conference was
held on the 18TH nj which In addition 20
those already mentioned. the French am
bassador and NJ. Godfrey, the councillor
4l the ItnCH hUnDhnsy, were PRESENT.
Position of France.
The French ambassador was Invited TO
declare the position OF the French govern
ment. and he said France was ready TO re-
open her minis 10 the coinage OF silver II
abe commercial nations adopted the same
course, and he advocated, at great length,
the ratio OF 1914 But. he explained, France
syOuid not consider the reopening OF the
minis or India alone as being sufficient
guarantee TO permit the French govern
ment 10 reopen the French minis 10 the free
coinage OF silver.
GREAT BritaIn's Reply.
Sir Michael Hicis-Beac then announced
definitely that Great Britain would not
agree TO open the English minis TO the un-
limited coinage OF silver, and that whatever
views he and his colleagues might sep
arately hold regarding bimetallism he
could say that they were united on this
point
Baron de Courcei said. as a personal suE-
gestion. that among other contributions he
Thought Great Britain should open the In
dian minis and also agree to purchase an
nually Glo,OO0.0OO OF silver for a series Of
years.
Senator wolcott accepted tho proposal
that the British government should make
this purchase. with proper safeguards and
provisions as TO the place and manner OF
ais use.
utent has been considering the proposals.
and finally made the reply handed the
Omitted states ambassador. The reply OF
the government OF india. upon which Lord
Balisbury based his decision. is a long doc
umcnt. giving an emphatic negative 20 the
proposal TO reopen tho india mints. IL
says.
would ParaIyxe Trade nnd Industry.
The FIRST result OF the suggested meas
urra n they were TO succeed even TOM
porarily In their object. would be an intense
dlstrustance OF Indian trade and industry.
There would be a sudden rise In exchange.
which. II the ratio OF fifteen and onc-half
60 one were adopted. would be 70 about three
pence tho rupee. Such n rise would be
20 XIII our export trade for n time. at least
uniess the public were convinced that the
arrangement would bc permanent and have
the eject intended The paralysis OF trade
and v 'i'-try would be prolonged. ana
woula De accompanied by acute individual
sufrcr.ag. None Of the advantages expected
would be attained. and the country would