Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1897-11-03
SILVER is HIT HARD.
Great Britain's Rejection of Our
Bimetailic Proposals.
Onscisi Account OF the Conferenee-
France Agrees to . Ratio OF n IL
ia i-fndia's strong Argu-
ment Against the PInn.

account of the negotiations is taken
from the official publication: At the
conference held at tine foreign office on
July 10 the premier. the marquis of
salisbury; the secretary of state for
India. Lord George Hamilton; the chan
-celloi OF the exchequer. Sir Michael
Hicks Beach; the first lord of the treas
ury. Mr.. y. !. Balfout: the United
states ambassador. Col. John Hay. and
the United States monetary commits
sioDers, Senator Edward o. Wolcott. of
Colorado; ex-Vicc President Adlai T..
Stevenson. of Illinois. and Gen. Charles
Jackson Payne. of Massachusetts, were
present
q senator woicott Explains.
y On the invitation of the British pre-
tnier Senator Wolcott explained that
the object of the mission was to ascer-
tam In advance of an international con
ference the views of the governments.
and the ENJOYS had determined to as
&C rtain the views of the French, Brit
'sb and German governments on the
question of reaching an international
bimetallic agreement. They had been
a. France, where they reached n 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 10 agree TO open the English
minis as its contribution to the attemDt
10 restore international bimetallism.
win France and the United States CO.
operating together in an attempt to
that end.
Ratio OF Fifteen and One-HnIf TO one
The marquis of Salisbury asked il
France was ready 20 open her minis To
free coinage, and Senator Wolcoit re-
piled: "Yes." The premier thereupon
inquired at what ratio France would
open her minis. Senator Wolcott said
at 1917. adding that the American en-
'oys had accepted this ratio.
what II Wanted of Grcnt 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 minis
ana the repeal OF the order making the
sovereign legal tender I'm India
Second Placing one-ffth 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. fi0 and issuing 20-shiIling
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 to coin annually
so much silver. the amount to be left
open.
Fifth. The opening OF the English minis
60 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 general
scope OF the Huskisson plan"
The meeting closed. and II is understood
oy the parties that the absence OF the
French ambassador. Baron de Courcel
from the proceedings should be regarded
As informal, and a second conference was
held on the 18th. at which i'm addition 20
those already mentioned. the French am
bassodor and NJ. Godfrey. the councillor
OF the french embassy, were present.
Position of France
Tho French ambassador was invited IN
declare the position of the French govern
ment, and he said France was ready TO re-
open her minis to the coinage OF silver IL
the commercial nations adopted the same
course, and he advocated at great length
the ratio of l5k. But. he explained France
would not consider the reopening of the
inints OF India alone as being sufficient
guarantee TO permit the French govern
nent to reopen the French minis to the free
coinage OF silver.
Great BritRin'a Reply.
Sir Michael Hicks Beach 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 ne
IN hsNau
point.
Baron de Courcel said. as a personal sug-
gestion, that among other contributions he
thought Great. Britain should omen the In
dian minis and also agree to purchase an
years
Senator wolcott accepted the proposal
chat the British government should make
this purchase, with proper safeguards and
provisions as to the place and manner of
Its use.
ment has been considering the proposals
sDd finally made the reply handed the
United states ambassador. The reply OF
she government Of India. upon which Lord
salisbury based his decision. Is a long doc
nnent, giving an emphatic negative 10 the
proposal to reopen the India minis. IL
Eays:
Would PRrnIyze Trade and Industry.
THE frst result OF the suggested meas
ures. " they were to succeed even tenn
porsrily in their object. would be an intense
siistrustsnce OF Indian trade and industry
i There would be a sudden rise in exchange
which, II the ratio OF fifteen and one-half
10 ono were adopted. would be to about three
pence the rupee Such a rise would be
10 Kill our export trade for a time AT least
unless the public were convinced that the
arrangement would be permanent and have
the effect Intended. The paralysis Of trade
and Industry would be prolonged and
4 would be accompanied by acute Individual
.srnering. None or the advantages expected
would be attained. and the country would
pass through n critical period which would
retard the progress for years"
The reply then proceeds 10 point out that
= fne proposed agreement would be n much
tnore serious question for India than for
the United states and France as the whole
EisH OF disaster from failure would fall
urOn India. II the agreement broke down
fhe United States and France could take
precautions against a depletion OF their
gold reserves, but In India the rupee when
the collapse came, would fall headlonK and
the government would have no remedy
4 against huctuation In the exchange value
4 pf midas standard Of value with the huc-
fuatiOns In the price OF silver "For." con-
sinues the reply, ~ tho Indian minis are
rsopened TO silver now. "a Will be practically
impossible for the government ever 10
close them; and. ifit we're possible. II would
- only after very large additions had been