New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-06
woLooTT's MISSION.
W IS EXCITING ONLY A MILD INTEREST
IN ENGLAND
r,oxs WHICH rINANcTERs ASK IN DIS
.,.s or INTERNATIONAL BlMETAIiAsM'
.xn THREE CONCESSIONS WHICH
NAY BE MADE IN THE IN
-cyEer OF SILVER
r,x CABLE TO THE TRIBUNE,

r.x CABLE TO THE rRIBUNE]
Ton 1.-THE approaching visit OF SELL
i1O ,,.,.,,, % London is not discussed by the
"'o 49,, henters and practical hnanciers are
..,.,ns about II quietly among themselves anu
Inclined TO dismiss II as poiltlcai
,~,sroeuvre Ne will certainly be received WIN
unusua, cordiality. for his speech OH '"e 'e"e
,s,a question and American relations Win Eng
,.rd q YEAR ago has not been forgo''en' ne VIII
=. overwhelmed with social Afternoons arriving
&C he will on the eve OF the session vi a'i'a-
ment. wher the West End is ming up aver 'hc
hodavs Bimetasts VIII also "eic"'i'e nm
and eagerly exchange views WIN h'h Inc
.,ons which bankers will ask are these:
What Is the ratio between gold ana SILVER which
-, have 70 propose tentatively on your own
behalf. or sympathetically on the part OF Mr..
,,.,,n,cv, What have you to offer England in
l..,,.rn COR the abandonment or compromise OF
49, ,~,nciple OF the single gold standard?
r.. ,irs, question must he definitely answered
!, there vii, be slight chance for reopening ne
t,a-iors for n new monetary conference WIN
,,s cousen. Of England The second question In
49, o,,n;on Of veteran English bankers cannot
=. ,,sve-ed satisfactorily The financial situa-
,,or however is favorable in one respect for
u.,,,o The objects of Senator Wolcott's mis-
r,o, The EXPORT OF gold from England to India
-, has been forecast by shrewd observers for
.a,.or,l weeks. has begun. The amount OF gold
sh,nnsd Is rot yet large. hut with the continu-
arce ~ the monetary stringency in India, and
with exchange high that gold can be profit
ohv exported in payment for merchandise, II is
.moh.he that the movement will receive addi-
,,onaI impulse and will last for several months
The maintenance Of high discount rate by the
Rank of England under the existing condition OF
the money market and It's immense bank re-
serves cannot be explained on any other ground
than that Of apprehension Of large export or
gold early in the year TO India, where the famine
has caused great demand for currency, has put
IN the rates Of exchange, and is sending out OF
the country every surplus crop which car be
spared That the reopening of the Indian minis
would be Of great assistance in the present
crisis many practical flnanciers frankly admit
For this reason Senator Wolcotts visit is weE
timed.
1 learn on excellent authority that there
have been some informal conferences between
the financial authorities Of the British Govern
ment and the officials of the Bank Of England
and ether prominent bankers. and that three
concessions on the silver question have been
suggested as possible in any conferences with
Senator Wolcott or any negotiations with the
American Government. lHese dio' iho' 49,
speedy reopening Of the Indian mints for the
coinage OF silver: second the coinage outright OF
IS 600 OUO worth Of silver In England; third
an incrs ase Of silver deposits IN the Bank OF
ENGLAND to the extent of . per cent VI the
sserve. These three concessions have certainly
been discussed quietly, although neither the
Bank Of England nor the Government Is COM
mitted in any way to formal offer either to
Senator Wolcott or to any representative Of the
American Government. They probably repre-
sent the limit to which England will go in silver
negotiations with America. International BIZ
metallism is hardly within the range Of posi-
bilites So far England is concerned. an
conference is clearly impracticable
unless definite basis Of action is proposed In
the form Of new ratio between gold and sill
YER The conditions Of Indian finance, how
ever make II possible for concessions like those
previously mentioned to be obtained for the
sake Of reopening the Indian minis and easing
the situation there. l. n. F.