The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-11-12
L. 81 ID heO. Berinq.

government, be statod. would not couslds,
the reopeninE cf the minis Of India alone .
guaranty sufficient 10 1.erntt them TO re-
open tho French minis to the FREQ coinage
Of silver. but his cxcellency suggested thai
I'm the event OF tho English government
| refusing to adopt the same measure fcI
England) other stsps might DO taken
which would up 70 certain point b. equiv
alent. One Of thsse alternative expedients
was that England should purchase annually
certain quantity Of silver metal, say El0,-
| V00. 600. for q scrits Of years.
In reply to the declarations OF the French
ambassador the chancellor Of the OK
chelncr stated definitely that the English
government would not aSree to open the
English minis to tho Initiated coinage Of
silver. and that whatever Views he and his
colleagues might separately hold on tho
question OF himetailism, he thomght he
might say they were united ON this point,
INDIA GOVERNMENT OPPOSES
Lord George Hamilton, on the 9th OF
August, apprised the government Of India
OF the suggestions made by the American
ENJOYS and the French ambassador. and to
this dispatch the government Of India re-
Piled In letter dated the 18th OF Septem-
Der, In which they recommended the re-
lection OF the proposals for reasons which
were stated at considerable length. The
communication. which occupies more than
elk closely printed pages in the official
paper, aud the first Of the signatorics OF
which is Lord Elgin tgovernor general).
first details the pcculiarltics Of the re-
spective currency systems Of France. tho
United States and India. Reference Ii made
TO the proposals made by the government
OF India In 1892, which ultimately resulted
In the adoption Of the policy Of u gold
standard and In the closing OF the Indian
minis TO the free coinage Of silver. II Ia
pointed out that II II were certain that
the measure now proposed would result In
| the establishment OF a stable ratio be-
tween tho rupee and sterling currency, the
government OF India might well consider
whether their adoption would not he pre-
| ferabe to the policy TO which they COM
| mitted themselves In 1893. In the hope Of
attaining the same result by isolated ac-
| ton on the part OF india alone.
| Proceeding to discuss the new proposals
| In detail Lord Elgin and his colleagues
express the belief that tho first result OF
| the suggested measures, II they even tenn
rorarily succeeded IN their object, would
be nm intense disturbance Of Indian trade
and industry by the sudden rise in the rate
OF exchange which, II tho ratio adopted
It'd to about 23d the rupee, Such rise
would be enough to kill their export trade,
| Tor the time at ienst II the public were
not convinced that tho arrangement would
have the effect intended. or believed that
| u would not be permanent. the paralysis
OF trade and industry would be prolonged.
aud accompanied by acute individual suf-
fering. None Of the advantages expected
would be attained, md the country would
pass through critical period, which would
| retard It's progress for years The home
| officials were reminded that. owing to tho
fact that both France and the United States
hold largo gold reserves, the question Ia
less serious for them than for India. on
| whom alone practically the whole risk Of
disaster from failure would fall.
| Moreover" continues the communlca-
| ton. 1T seems to us somewhat unfair to
| expect that india should. after its strug-
| giles and difficulties OF the last decade
consider Itself on the same plane In the
discussion OF those projects as France and
| the United States. India has since 1893
passed through a period OF severe tension
and embarrassment alike to trade and to
| the government. We are satisfied that
great AK have been the troubles which have
attended this period OF transition, tho Mt
tainment In the end OF the paramount OBJ
| lsct OF stability In exchange Is worth more
| than all the sacrifices made. We believe
ard that we shah In the near future sue
coed in establishing a stable exchange at
| 16d the rupee. by continuing the policy
| initiated In 1893"
Doubt Ia next EXPRESSED as to whether
| France and the United Statss are likely,
with the help of India. to be able 10 main
tain tine relative value Of gold and silver
permanently at tho ratio they intend "a
sdopt, and the possible contingencies which
might follow with either France or the
United States reduced for a time to
paper currency are suggested ms being
worthy OF consideration. The Indian gov
eminent further express the opinion that
n three-sided agreement Is open TO much
greater risk OF termination by the action
OF one or two OF tho parties than many
sidsd agreement. such as they advocated
before 1893. For these and other reasons,
without taking into consideration the OBJ
1ectiors based on the particular ratio pro-
posed (Which are separately dlscussedj. the
writer's continue; we have no hesitation
In recommending your lordship 10 refuse
to give the undertaking desired by the gov
ernmenls OF France and the United States.
We arr quite clearly Of opinion that the
interests Of India demand that her minis
shall not be- opened as part OF an arrange
ment to which two or three countries s~ily
are parties. and which doca not include
Creat Britain" The concluding portion Of
the uiTratch ~ nanny ocrhDiHu with n
declaration tbst. whatever indncem6n is are
held out TO her by other nations midas
best policy In monetary matters Is ia link
her system with that Of Great Britain; a
criticism OF the rates OF i5h TO as bsing
too high, and reiteration OF the ''unan'-
nous and decided opinion before men
toned
In Forwarding this dispatch. On October
70. to the treasury. Lord George Hamilton
recorded his concurrence with the recon-
mendations OF the Indian government. and
on ihe 10th OF October the first lord OF the
treasury handed over the matter to the
foreign office.
The correspondence concludes with the
rfpiy OF Lord Salisbury. announcing the
decision OF the British government. and
which reply We have printed above
METEOROLOGICAL.