The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-11-12
LORD SALlSDURY'S REPLY
To the Members Of President McKla-
ley's Commission.
THE FULL TEXT OF THE DOCUMENT
Elaborate Extract FrcnA the English
Newspapers ON the Subject Of the
Proposcd Monetary Connlssion.

New York FINANCIAL Chronicle
The following y tho text Of the reply
cent October ~ BY Lord Salisbury through
our ambassador at London, MIR. John Hay.
to Senator wolcott and the other members
OF the monetary commission regarding the
proposals. OF tho United States asking Great
Britaln's cooperation In promoting bllaet-
allism:
Sir: Her msjesty's government have
given the most careful consideration to the
proposals respecting currency which were
suumitted by tho representatives OF the
United States and France ut the conference
held At the foreign office july IL and July
10 last. ] have the honor to enclose u copy
u a letter from the India office to the
treasury, nom which II will be observed
that their unanimous and decided opinion
Is that 1t would be most unwisc 10 Teop0n
the mints as part OF the proposed arrange
ments. and that this conclusion is Endorsed
py the secretary OF state In council. Her
majestys government have carefully con-
stdcrct the reasons by which this conclu-
sion is supported. Among other arguments
the government OF India point out that they
can hardly be expected to give up the pol
Icy which for four years they have been en-
deavoring to make effective, IN the absence
OF substantial security that the system 10
~ sNeshtpttN W. ~ ~ liACttdiiy CtIllu
to be stable. II, owing 20 the relative
smalnees OF the area ever which the bimet-
allie system Is to he established to the
great divergence between the proposed ra-
Ito and the present gold price of silver. or
to any other cause, the legal ratio we're not
maintained, the position of silver might bn
much worse than before, and the financial
embarassments od tho government OF In
die greater than any with which they have
as yet had to contend, These are argu-
ments against the proposals as they stand
OF which II is impossible to deny tho force
but even were they less strong than they
appear to her majesty's government. or
than they Will probably appear to tho req.
resentatives OF the United States and
France, the government of India could
hardly be compelled, against their own de-
cided opinions, to make a second important
change In Indian currency within 30 short
u period as four years. at a time of cxcer-
tionM difficulty and suffering, In these cir.
c,lmstances her majosty's government feel
II their duty to state that the first pro-
posal OF the United States Representatives
Is one which they are unable TO accept, Her
majesty's government nre therefore desir-
GUS TO ascertain how far the views OF the
American and French governments arc
modified by the decision now arrived at.
and whether they desire to proceed further
with the negotiations at the present mo-
ment,"
The full correspondence concerning the
proposals or the United States was pub
lishcd In a parliamentary paper issued mi
day. October 81 The English papcra IN
hand this week contain very extensive hnm-
m1reR OF this correspondence. and from
them we take the following extracts;
THE PRELIMINARY NEGOTIATIONS.
The correspondence opens with brief com
munications in which the treasury aud tho
India office are respectively made acquaint-
en- July Is at which various proposals
set out in detail hereaftcr--wero made by
Senator Wolcott. one Of the United States
commissioners. In the letter from the
treasury to the India office, which bears
date August 2. alluslon Is made to the sc
rious issues involved In the proposals In
question, and the lords OF the treasury
state that. before expressing any opinion
on the matter themselves that they would
be glad to learn the views OF the secrc-
tary Of state and OF tho government of In
dia. In another letter. dispatched by the
foreign office to the treasury cn August b.
are enclosed memoranda not only II the
meeting held on July 10. but OF one also
held at the foreign office three days pre-
viously. Those present at that meeting
ION Mr. palfour. sir Michael Hicks Beaeb
Hon Iohn Hay tAmerlcan ambassa lori
and Tho three special enyoys from Tho
limited states Messn Wolcott' Paine and
Stevenson
On Tho invitation Of Lord Salisbury. MIR.
Wolcott made a abatement Az 10 the nature
NJ the ouy.ws' nnission exnlainInv that
thew had determined IN the first instance.
to ascertain the views Of the French, Eng
iish and a,erman povernmenis on the n,,cs.
iion m reachino mn internationai agreement
rcsnsctinr bimetnilism. After mentioning
tbnt a comnleie and satisfactory prelimi-
nary Understanding had been arrived at
with the government OF France. Mr.. VOL
cott presented some reasons which, In tho
opinion OF de ENJOYS, rendered an inter.
na,iopa agreement desirable. and cx-
nlain,d wby tho success of thn effort 10 81.
,,,re .,,ch agreement denended upon The at.
tit,,de ~ E,npland Mr. Wolcott's s,enca.
lions aro II, me memoranda tabulntod IN the
folInwInr form.
npnuoc. ,a an nm, r,NtrEr,, s,r Arrs
rnoro'Ah7 VI 80 -
J. Opening OF inc india nilils; rspea, Oh
the order making the sovereign legal teHutr