The herald., 1897-10-23
Associated Press Special Wire.

LONDON, Oct. 22-The correspond
ence in regard to the bimetallic proposal
Of the United States monetary commits
son was issued by the foreigrs Office this
evening. The following account of the
negotiations is taken from the official
publications:
At the conference held at the foreign
office on July 18th the premier, Marquis
of Salisbury; the secretary of state for
India, Lord George Hamilton; the chan
cellor Of the exchequer, Sir Michael
Hicks-Beach; the first lord of the treas
ury, Mr.. A. J. Balfour; the United States
ambassador, Col. John Hay; and the
United States monetary commissioners,
Senator Edward. o. Wolcott of Colorado,
ex-Vice President Adlai E. Stevenson of
Illinois and Gen. Charles jackson Payne
Of Massachusetts,, were present.
On the invitation of the British pre-
mier, Senator Wolcott explained the OBJ
ject of the mission.
The marquis Of Salisbury asked II
France was req dy to open her mipts to
free coinage, AID Senator Wolcott re-
piled yes"
The premier thereupon inquired. at
what ratio France would open her mints.
Senator Wolcott said at 151a, adding that
the American envoya had accepted this
ratio. ,5s-s. r.
The senator then presented the follow
ing list Of contributions which, amonsy
Others he suggested Great Britain
might make:
First-The opening Of the INDIAN mints
and the repeal OF the order making the
sovereign legal tender in India.
Secord-Placlng one-fifth OF the bull
lion in the issue department of the Bank
of England, in silver
Third-Raising the legal tender limit
of silver to e10 and Issuing 20-shilllrg
notes based on silver, which shall be
legal tender, and the retirement, in grad
uatlon or otherwise, Of the 10-shillins
gold pieces and, the substitution of paper
based ON silver.
Fourth-An agreement to coin annual
ly so much silver, the amount to be left
open. t....-.-
Fifth-The opening of the English
mints to the coinage of rupees and the
coinage Of British dollars which shall be
full legal tender in the Straits settle
ments and other silver standard colonies
ard tender in the United Kingdom to the
limit Of silver legal tender.
Sixth-Colonial action and the coinage
of silver in Egypt.
Notwithstanding having the gen.
eral scope of the Huskisson plan.
The meeting then closed and it was
understood by the parties that, owing to
the absence Of the French amba ssador
from the proceedings, they should be re-
garded as informal, and second confer
ence should be held on the 18th, in which,
In addition to those already mentioned,
the French am mbassador and M. Godfrey,
the councillor of theFrench embassy,
were present.
The French ambassador was invited
to declare the position of the French
government, and he SAID, France was
ready to reoper. her mints to the coinage
of silver if the commercial nations
adopted the same course, ard he advo-
Gated at great length the ratio of 151a to
1. But, he explained, France would not
consider the reopening of the mints of
India alone as being sufficient guarantee
to permit the French government to re-
open the FreHch mints to the free coin
age of silver.
Sir Michael Hicks-Beach then an
nounced. defiritely that Great Britain
would not agree to open the English
mints to the unlimited coinage of silver.
and that whatever views he and his col
leagues might separately hold regarding e
metallism, he could say that they were
united on this point.
Baron de Courcel said, as personal
suggestion. that among other contribu-
tions. he thought Great Britair should
open the Indian mints and also agree to
purchase annually G10 200, 900 sterling Of
silver for series of years.
Senator Wolcott accepted the proposal
that the British government should
make this purchase with proper safe
guards and provisions as to the place
and MARINER of its use.
Stree, this conference the British gov
errment has been considering the pro-
posals and finally made the reply hand
cd the United. States ambassador yes
terday and cabled exclusively to the
Associated Press.
The reply of the government of India,
upon which Lord Salisbury based his G's-
csion is long document, giving an en-
phatic negative to the proposal to reopen
the India mints.
The dispatch is signed by Lord Elgin,
the viceroy Of India; Sir George Stewart
White, commander-ir-chief Of the Brit
ish forces in India and extraordinary
member In the council of the governor