The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-08-13
NO USE FOR SILVER.
As Long as England Continues to
Grow Richer on a Gold Basis.

London, Aug. 1S.-The Woleott BIZ
metallic commission has been working
with great energy, and the impression
undoubtedly prevails strongly among
bimetallists here that something detin-
lite in the direction of a bimetalic con-
ference between the United States,
France and England will. issue from the
commissions exertions.
Privy councillor Lidderdale, long the
governor of the Bank of England, a
supporter of International bimetallisrn,
and the highest authority on the sub
ject among English hnancierS, SAID TO
an fnquiring correspondent today
Before 1 could give you otherwise
than a hypothetical opinion 1 should
know what proposals your commission
is empowered to make, and to what
length France is prepared to go to meet
them That France is anxious to facil-
itate an international agreement /
| know, because she would be an enor-
nous gamer if the value of silver We're
appreciated, seeing the vast hoard OF
that metal she has at her disposal
The really vital question is the open
ing of the Indian mints-T The other pro-
posals mooted in the press, such as the
withdrawing of the half sovereigns
from circulation in this country, are of
altogether minor Importance The
chancellor of the excheQuer, who is not
bimetallist, has stated that he will
advise the Indian government to re-
open the Indian minis if the other
countries interested in bimetallic
agreement can guarantee that the val
ue of silver shall be maintained. Has
he got that guarantee? Well, that re-
mains to be seen.
IF an agreement were arrived at for
fixing an international ratio at 151@ to
l, that would be doubling the value of
silver, and would cause tremendous
disturbance of trade. 1t has been Sug-
gested that the change might be
brought about gradually; but would not
that have the effect of unsettling trade
conditions to an extent equally ser
ious?
Il now repeat what I said some time
ago, that I do not believe England is
likely to attempt to go on a bimetal-
lie basis unless under the stress of eX-
ceptionally hard times, whereas at pres
ent her prosperity is undoubted.
'As to an international conference, if
the United States and France invite
Great Britain to another conference,
Great Britain, as an act of information
al courtesy, undoubtedly would accept
the invitation, but the conference would
be of no value unless France, the Uni
ted States and Great Britain agree be-
forehand to submit proposals which
will induce the other powers interested
to agree upon an International bimetal-
lie scheme.
1.-The whole situation turns upon the
question whether the American COM
mission and the French government
land to reopen the Indian mints."
Walter Burns, of ]. S. Morgan & Co.,
Old Broad street, is strong monome-
tallist, and his views on the subject
naturally are more positive than those
of Mr.. Lidderdale. Mr.. Burns said:
Il don't believe they will reopen the
Indian minis, for the simple reason that
the rupee, nominally 40 cents, would fall
to 16 cents, and rupee bonds, now at
los, would fall to so. Why should Eng
land provoke such disaster to India
as that? AS to the withdrawal of the
gold ten-shilling piece from circulation,
1t would be at once unpopular and ut
terly useless 1t might afford a trifiing
amount of relief for year, then the
gap would be filled and the last condi-
ton of the silver question would be
worse than the first.
THE silver question, in fact, really
has settled itself, as silver is now at
Is Sad