Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-10-26
THE STORY IS TOLD.
Official Account of Monetary Con.
ference in London.
PROPOSITIONS MADE TO SALISBURY.
They Are Not Accepted and the Ren-
sons for Their Rejection Are
Fully Explained In n Long
= Communication.

sons for Their Rejection Are
Fully Explained in a Long
Z. Communication.
London, Oct. 23.-The correspondence
IN regard to the bimetallic proposals Of
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 publications: AT the
conference held at the foreign office on
July ~ the premier, the marquis of
Salisbury; the secretary of state for
India, Lord George Hamilton; the chan
cellor Of the exchequer, Sir Michael
Hicks-Beach; the first lord of the treas
Jury, 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 Z.
Stevenson, Of Illinois, and Gen. Charles
jackson Payne, of Massachusetts,, were
present.
Senator Wolcott Explains.
I 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
minis 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-Half to One.
The marquis of Salisbury asked If
France was ready to open her minis to
free coinage, and Senator Wolcott re-
piled: Eyes" The premier thereupop
inquired at what ratio France would
open her minis. Senator Wolcott said
Mt 1871, adding that the American en-
soys 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-flfth 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. E10 and issuing 20-shilline
notes based on silver. which shall be lega
tender, and the retirement, in graduation
or otherwise, Of the ten-shilling gold piece!
and the substitution Of paper based OF
silver.
30 much silver, the amount to be LET
open.
Fifth. The opening of the English mint
to the coinage Of rupees and the coinage o
British dollars, which shall be full ten
der in the straits settlements and othe
United Kingdom to the limit Of silver legal
Sixth. Colonial action and the coinage o
silver in Dgypt.
Seventh. Something having the genere
scope of the Huskisson plan"
The meeting closed. and 1t is understoo
by the parties that the absence Of tn
French ambassador, Baron de Cource
from tho proceedings should be regarde
as informal, and second conference we
held on the 18th, at which in addition I
those already mentioned, the French an
bassador and NJ. Geofrrey. the counciTle
of the French embassy. were present.
Position of France.
The French ambassador was invited
declare the position Of the French govern
ment. and he said France was ready to r.
open her minis to the coinage of silver
the commercial nations adopted the san
course, and he advocated, at great lengt
the ratio Of 15h. But. he explained, Franz
would not consider the reopening of II
mtnts OF India alone as being sufflciel
guarantee to permit the French gover
ment to reopen the French minis to the fr,
coinage Of silver.
Great Britain's Reply.
Sir Michael Hicks Beach then announo,
definitely that Great Britain would NJ
agree to open the English mints to the Vi
limited coinage of silver, and that whatey
views he and his colleagues might Sc
arately hold regarding bimstallism
could say that they were united on tn
point
Baron de Courcel said, as personal su
gestion, that among other contributions
thought Great Britain should open the
dian mints and also agree to purchase q
nually e10,000,000 OF silver for a series
years.
Senator Wolcott accepted the propoa
that the British government should ma
this purchase, with proper safeguards al
provisions as to the place and manner
its use.
Since this conference the British cover
ment has been considering the propose
and finally made the reply handed
United States ambassador. The reply
the government Of India, upon which Lc
Salisbury based his decision, Is a long d.
ument. giving an emphatic negative to t
proposal to reopen the India minis.
says:
Would Paralyxe Trade and IndustI
1.-THE first result Of the suggested mel
ures, II they were to succeed even tie
porarily in their object. would be an inter
distrustance of Indian trade and indust
There would be sudden rise in exchan
which. II the ratio of fifteen and one-h
toone were adopted. would be to about tn
pence the rupee Such a rise would
to kill our export trade for time at lie
unless the public were convinced that
arrangement would be permanent and h,
the effect intended The paralysis of trt
and industry would be prolonged, 6
would be accompanied by acute individ
suffering. None Of the advantages expec
would be attained. and the country wo
pass through critical period which wo