The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-10-23

PROPOSALS
OF the United States to Great Britain,
France and Germany.
CORRESPONDENTS MADE PUBLICl
The Reply OF India to the Proposals For
Silver Coinage, Which Was the Basis
Of Englands Refusal to Aid in
Introducing the Double
Standard.

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 last evening. The following ac-
count of the negotiations is taken from
the official publications:
At the conference held at the for
eign office on July IL the premier, the
Marquis of Salisbury; the secretary Of
state for India, Lord George Hamilton;
the chancellor of the exchequer, Sir
Michael Hicks Beach; the first lord of
the treasury, Mr.. A. ]. Balfour; the
United States ambassador, Colonel
John Hay and the United States none
tary commissioners, Senator Edward
o. Wolcott of Colorado, ex-Vice Presi-
dent Adlai q. Stevenson, of Illinois and
General Charles Jackson Paine of
Massachusetts,, were present.
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
conference, the views of the govern
ments, and the envoys had determined
to ascertain the views of the French,
British and German governments on
the question of reaching an interna-
tional bimetallic agreement They had
been to France, where they reached a
complete and satisfactory understand
ing with the French government, and
the ENJOYS would have the co-opera-
ton, in this matter, of the French am
bassadOr in London.
The senator then explained that the
success of the mission depended 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 re-
store international bimetallism, with
France and the United States cooper
ating together in an attempt to that
end.
The Marquis of Salisbury asked if
France was ready to open her mints
to free coinage, and Senator Wolcott
replied, YES"
The premier thereupon inquired at
what ratio France would open her
mints. Senator Wolcott said at 151k,
adding that the American ENJOYS had
accepted this ratio
A second conference was held on the
18th, at which, in addition to those al
read mentioned, the French ambassa-
dor and NJ. Godfrey, the counsellor of
the French embassy, We're present
The French ambassador said France
was ready to reopen her mints to the
coinage of silver II the commercial ma
ttons adopted the same course, and he
advocated at great length the ratio of
151s.
But, he explained, France would not
consider the reOpening of the mints
OF India alone as being sufficient guar
antee to permit the French government
to reopen the French mints to the free
coinage of silver.
Sir Michael Hicks Beach then an
nounced definitely that Great Britain
would not agree to open the English
mints to the unlimited coinage of sill
yer.
Baron De Courcel said, as a personal
suggestion, that among other contri-
buttons, he thought Great Britain
should open the India mints, and also
agree to purchase annually e10, 900, 900
sterling of silver for a series of years.
Senator Wolcott accepted the pro-
posal that the British government
should make this purchase, with proper
safeguards and provisions as to the
place and manner of its use
Since this conference the British
government has been considering the
proposals, and finally made the reply
handed to the United States ambas-
sador recently.
The reply of the government of India
upon which Lord Salisbury based this
decision is a long document, giving an
emphatic negative to the proposal to
reopen the India mints. 1t says in
part;
THE first result Of the suggested
measures II they were to succeed even
temporarily in their object, would be
an intense disturbance of Indian trade
and Industry. There would be a sudden
rise in exchange which would be
enough to kill our export trade, for a
time at least, unless the public were
convinced that the arrangement would
be permanent and have the effect in
tended,
"The paralysis of trade and industry
would be prolonged and would be ac-
companied by acute individual suffer-
ing. None of the advantages expected
would be attained, and the country
would pass through a critical period
which would retard its progress for
years. The position would be disas-
trous alike to the state, to individuals
and to trade generally"
The reply then proceeds to point out