New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-23

great length the ratio OF l5E. But. h. explained.
France would not consider ,he reopsnng OF the
| 10 permit the French Government TO reopen the
r d mns IL tf eef sSSsss Of silver
E shaf mn m hs % Sn nS to M
and that, whatever views hs and his colleagues
might separately hold regarding bimetallism, lie
Baron say dc ." ours e ss sned this
! that among other contributions he thought Great
agree to purchase annually 100000 pounds sterling
| Of silver for a series OF years
| British Government should make this purchas Sc
with proper safeguards and provisions as 10 the
Since this conference the British Government
the ep fe e ns States n
bassador and made public yesterday.
spy sen a in sw Of ana a b
: leagues have decided not to go 70 Germany.
PROTEST or THE INDIAN GOVERNMENT
The reply Of the Government Of India. upon
which Lord Salisbury based his decision. is a long
document. giving an emphatic negative TO the pro-
posal 10 reopen the Indian m.n;s 1t says:
Thc irst result Of the suggested measures Il they
would he intense disturbance OF Indian trade
change Which, ruo Of su to wer ere adop,
en. would would, =. about q pen 10 The rupee Such
lime a. East, Unless 70 the p%Sl ava was "S eonnced
thai he arranigernent would be permanent aud
The paralysis Of trade and industry. would he pro
longed. AID would Re accompanied by acute ind;
would he attained. ana the country would pass
through critical period which would retard ~
trous alike 20 the State individuals and TO trade
e 'sHe eS 81 Ps SRs 9'y
roint far lower than the present leyel, probably
aS rs.s w S"P S aaa
tional taxation TO the amount OF many crores.
The reply then proceeds 10 point out that the
proposed agreement would he a much more serious
I for he
France. as the whole risk OF disaster from failure
would fall upon India. II the agreement broke
/ down. the United State. ard France could TAKE
precautions against a depletion e their gold 70
serves but in India the rupee when the collapse
| came. would fall, headlong. and III" Government
would have remedy against huctuatior IN the
/ exchange value OF midas standard OF value with
/ the fluctuations in the price OF silver. The reply
! ccIs.nues:
For, If the. Indian minis are reopened 10 silver
eminent ever 10 close them and " II were possible
been made to the amount OF silver In circulation.
After noting that the eNec: OF the adoption Of
the scheme would probably be an increas" in prices
! in France and the United States. but decrease n
India" change which France and the United
which would he rnanifestly impossible 10 india "
donb fR ps in MAKING is proposas
by ya ien O. E Nd, n some OF H dg
after years Of embarrassment
on TOO NARROW BASIS
Then follows this opinion
! India Is the pon: Of securing stable
! change at led. per rupee and It woud ne exceed
ingly foolish 10 throw away the position airea is
attained oy acceptance c. proposals which. II
they failed OF their intended OBJECT. would place
| India permanently under the silver standard with
ali rs admitted dsadva 1tases Nothing but assured
success could Justify India in Joining In the
pertinent. and our belief Is that the proposals VII
fail TO secure permanent; ratio OF l5, TO One
FOR this conclusion is that the arrangement
| . n
two countries. with third lending assistance *
very different thing from ;he international union ~
majority u the important countries OF ne world
[ advocated by tho Indian Government IN dispatches
forwarded IN March and June. 1899. and In February
and Septembcr. 1856.
We doub, neither any two three nations IN
tire world, ono OF them Great Britain
! could establish the required stability T. Is
tain that France, the United States and India could
not.
The reply then proceeds 20 discuss various
why the experiment; would succeed.
First-France and the United States seeing the