New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-22
THE MONETARY STANDARDS.
END OF THE LONDON NEGOTIATIONS FOR.
INTERNATIONAL BIMETALLIsM.
WORK OF THE AMERICAN ENvoYs. THOUGH
FAILURE. AN HONORABLE EFFORT TO
CARRY OUT PARTY PLEDGE
INDIA DIsApPoINTMENT
fRY CARLE TO THE TRIBUNE.

fay CABLE TO TRIBUNE.
Iondon. Oct. Il The reply Of the British
Government to the monetary proposals OF 'he
limited States and France has been prepare"
nv the Chancellor OF the Excheauer. ana VIII
probably he published in the London press DC
fore the end Of the week IL Ms! DC SUM
,r,rized az n courteous refusal to entertain
the propostions submitted by the two Govern
ments. and an equally polite invitation TO con-
,,nue the negotiations. The refusal Is unequivo-
"a, on all points and the invitation TO go on
with monetary diplomacy Is a transparent COM
promise to save the feelings Of the strong
minority of bimetallists in the Cabinet The
Ministry acting upon the advice OF IN" hhah-
cia, experts of tho Indian Government. dechhes
10 reopen the mints to silver. ms WAS the
chief concession which was asked hy the TWO
Governments. and II has been refused under
various pleas OF expeGiency and necessi;y, baseo
upon the existing conditions Of Indian finance
The Chancellor Of the EXchequer also as
cusses the other conc ,ssons when were coz
.dered IN the various conferences with the
American and French Ambassadors ana the
three ENJOYS. and virtually refuses TO act IA
yoraby upon any proposal Vt the same ''''ie
he expresses the Willingness of the Government
IN nroong the conferences and to consider any
other proposals which may be presented. ne
suggests nc alternative plan of his own. pu'
caves the tive Governments free to act upon
their own responsibility If they choos> 10 ope"
their min s to silver or to take any othe' 'ne'''
ures in the interest of bimetalsn.
Those behind the scenes assert tha' inc M,"-
,stet. expected very different advice from INV
indian experts from what theY have re-
ceived They were prepared last summer -
order the resumption OF silver coinage II 'hc
Fraaco-Amercan programme were adoP'eo' anu
they confidently believed that the eXper's oi
the Indian Government would lie united on the
cxpedency Of this course. When the repy
came from the experts Mr.. Bafour. Lord George
Hamilton Mr Chaplin and other convinced bi-
metallists in thc Cabinet were disconcerted ana
even ,nonometallists like Sir Michael Hicks
Beach and Nir Goschen were greatly surprised
The necessity of acting upon the advice was
apparent to neutrals like Mr chamberlain anu
the Duke of DevOnshire. who had an open '"i'iu
on this question. and Sir Michael HICKS beach
was instructed to prepare a categorical rep'y
10 the proposals which had been supin'''eo ue
clining to accept them, but leaving the uoor
open wide for continuance OF the negotia-
lions This last bit of politeness was meant 10
conciliate the disappointed bimetallists III 'he
Cabinet.
A conference has been arranged which VIII
ne attended by the three ENJOYS and repre-
ing been received. the only question remaining
for consideration is the proper course to be fo-
lowed by the American ENJOYS They viii nat
urslIv go to Paris and discuss the matter with
the Nfeline Government The question VIII then
arise whether the two Go, ernments can under
take to go on with their monetary programme
without the reopenng OF the Indian mints and
the moral support Of the British Government.
The French Ministry may not care to perseVere
in bmetallist policy under these conditions,
and the Mckinley Administration may consider
II prudent TO break off negotiations temporarily
Certainly the United States with the prospect
Of heavy gold imports an increasing income
and a revival of prosperity, is in better posi-
ton for awaiting the events Of the near future
than Englaad. with its harasslng problems OF
Indian finance industrial depression in Lam
cashre and dsordered conditions or Eastern
exchange The whole effect Of Senator Woicotts
mission has been to rally the bimetallists or
France and England and to revive interest IN
the controversy over the single and double
standard His mission has been brilliantly con-
Quoted: while il has failed in its immediate
results it has been an honorable diplomatic
enterpr!se which reflects credis upon the Rc-
publican Administration A. ala honest ana cara-
bic ATTEMPT to fulfil the party pledge ia favor
OF bl,aetallism by inte national agreement.
!. Y +.