Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1897-10-28
be only after very large additions had been
made to the amount of silver in crcula-
tion."
Mnffva NJ tho TuffaI S<o<a.

be only after very large additions had been
| made to the amount of silver in circula-
tion."
Motive of the United States.
| After noting that 1.-The effect of the adop-
| ton 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 equanimity, but
which would be manifestly impossible to
india" the reply suggests that the United
| States Is doubtless partly inspired In maxi
ing its proposals by fear of experiencing
some difficulties and dangers which India
has already surmounted after years Of en-
barrassment.
why 1t Would FAN.
The reply then proceeds to discuss va
rious reasons why the experiment would
not succeed. First, France and the United
States, seeing the prospect of a total dis
appearance Of gold coinage before the price
of silver has been raised to the intended ra-
ito, might take measures to prevent the ex-
port of gold; second, either country might
be reduced to paper currency, In which
case the agreement would cease to operate;
third, three-sded agreement would be
open to greater risk Of termination by one
or two parties than a many-sided interna-
tional agreement, besides which. either
Frances or the United States might some
day think some other nation benefiting
at its expense, and this would lead to dis
cussions as to 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 to the particular ratio
proposed we do not hesitate" continue the
authors of the reply, ito recommend that
your lordship refuse to give the undertake
ing desired. We shall be willing to consider
what effect he ~ oth
nations II secured may have on the prob
lens. but we believe that our best policy
is to link ourselves to Great Britain"
Ratio Too High.
They then proceed to argue that the ratio
Of fifteen and one-half to one is "too high
Differing so widely from the existing ratio,
1t would immensely increase the difficulty.
Indeed, II 1t could be secured and main
tanned, we would object to the ratio in the
interests of India, and we recommend your
lordship. on behalf Of India, to decline to
participate in, or to do anything to en-
courage the formation Of a union based
thereon"
Having discussed the probable effect in
various directions upon midas local inter-
ests, the dispatch recommends a reply in
the negative, adding: I'VE presume that a
union based upon ratio low enough to suit
our interests would not be acceptable to
France and the United States" In conclu-
sion the official dispatch intmates that the
present proposals might have been favor
ably considered in 1892, but "the experience
of the last few years has made the position
very different" 1t also notes that 1.-THE
conditions under which we have had to re-
ply to your lordship's dispatch preclude
our consulting with the commercial and
banking communities Of India" but "even
had another reply been possible 1t could
only have been after the fullest preliminary
consideration by our banking and CONNER
cial bodies"
The dispatch Is signed by Lord Elgin,
the viceroy Of India; Sir George Stewart
White, commander in chief of the British
forces in India and extraordinary member
of the council of the governor-general, and
by the following members of the council:
Sir James Westland Financial member Of
the counciD, Sir John WOODBURY., major
general; Sir E. H. Collin, Hon. Mackenzie
Dalzell Chalmers and Hon. A. c. Trevor
The correspondence concludes with Lord
Salisburys dispatch to Ambassador Hay,
the contents of which have already been
"a led