The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-10-30

be Only after very large additions had been
made 10 the amount OF silver In circula-
/ ton"
Motive of the United states.
After noting that "the effect OF the adop-
tion OF the scheme would probably be an
Increase In prices In France and the United
States. but a decrease IN India" change
/ which France and the United States
| would contemplate with equanlmity but
which would be manifestly impossible 10
India" the reply suggests that the United
/ States Is doubtless partly inspired ia max
Ing its proposals by fear OF experiencing
some difficulties and dangers which India
has already surmounted after years OF en-
barrassment
Why IL Would Fail.
The reply then proceeds 20 discuss va
rious reasons why the experiment would
not succeed First, France and the United
States seeing the prospect OF total dis
appearance OF gold coinage before the price
OF silver has been raised TO the Intended ra-
ito. might take measures 20 prevent the ex-
port OF gold: second. either country might
be reduced to paper currency, In which
case the agreement would cease 10 operate;
third, a three-slded agreement would be
| open TO greater risk OF termination by one
or two parties than n mRny-sided lnterna-
tional agreement, besides which. either
France or the United States might some
day think some other nation benenting
at It's expense. and this would lead TO dis
cusslons as 10 the expediency OF the ter
mination OF the agreement. discussions
only less serious than actual termination.
Refusal Recommended.
For these reasons alone. without con-
sidering objections 10 the particular ratio
proposed. we do not hesitate" continue the
authors OF the reply, ito recommend that
your lordshlp refuse to give the under,ak-
ing desired. We shall be willing TO consider
what effect the cooperation OF any other
nations, II secured. may have on the prob
lens. but we believe that our best policy
IN 20 link ourselves TO Great Britain"
Ratio TOO High.
They then proceed to argue that the ratio
OF fifteen and one-half 10 one is too high.
Differing so widely from the existing ratio,
II would immensely Increase the difficulty.
Indeed. II it could be secured and main
tanned, we would object 10 the ratio In the
interests OF India, and we recommend your
lordship. on behalf OF India. TO decline 10
participate In. or to do anything 10 en-
courage the formation OF a union based
thereon"
Having discussed the probable effect in
various directions upon Inda's local inter-
ests. the dispatch recommends a reply IN
the negative, adding: I'VE presume that a
union based upon ratio low enough 20 suit
our interests would not be acceptable to
France and the United States" In conclu-
sion the official dispatch lntlmates that the
DitAthA PiHHoHdiH might HdNt DfHU ldNOf-
ably considered In 1892. but 'the experience
Of the last few years has made the position
very different" IL also notes that 1.-THE
conditions under which we have had TO re-
ply 10 your lordships dispatch preclude
our consulting with the commercial and
banking communities Of India. but even
had another reply been possible IL could
only have been after the fullest preliminary
consideration by our banking and CONNER
cial bodies"
The dispatch IL signed by Lord Elgin.
the viceroy OF india. sir George Stewart
White, commander IN chief OF the British
forces IN India and extraordinary member
or the council OF the governor-general. and
by the following members OF the council:
Sir James Westand financial member OF
the counciD, Sir John Woodburn. major
general. Sir Il. II. Collin. Hon. Mackenzie
Dalzell Chalmers and Hon. A. c. Trevor
The correspondence concludes with Lord
Salsbury's dispatch to Ambassador Hay.
the contents OF which have already been
cab al