Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-08-10
MUST " AIT.

NxOO w 1A1 ~
England Will Not Answer Bimetal-
Ito Commission Until October.
REASONS ARE GIVEN FOR HER DELAY.
The Commissioner Not Discouraged
at Her Answcr-Dircctor OF the
Mint Gives His Views on
the Decline of silver.
London, Aug, THE British govern
ment has informed the American BIZ
metallic commission that it will prob
ably reply to the proposals of the COM
missioners on behalf of the United
States in October. The commissioners
have been awaiting in London since
their conference with the cabinet, and
desiring to know the exact position OF
England before opening up negotia-
tions with other governments, they
wrote to the cabinet, inquiring when
they might expect decision, as they
were anxious to arrange their future
programme. Friday Senator Wolcott
received reply from Sir Michael Hicks
Beach, chancellor of the exchequer, in
the course of which the chancellor eX-
pressed fear that the British govern
ment was not yet in position to re-
ply to the proposals of the ENJOYS of the
United States and the French ambas
sador on the question of an internation-
al agreement. Sir Michael Hicks-Beach
said it YVES due both to the Importance
of the subject and the manner in which
1t has been brought before the English
ministry by the representatives of the
two countries that these proposals
should be very carefully considered;
and this process must be somewhat pro-
longed, owing to the time necessarily
occupied in communicating with the
government of India. The chancellor
of the eXchequer adds that he cannot
say with certainty how long these COM
munications will take, but he hopes the
cabinet will be ready to meet the en-
voys again early in October.
Not Discouraged.
While this postponement of Eng
lands decision delays the work, the
American ENJOYS do not consider it dis
couraging. On the contrary, they think
Great Britain's interest in the question
justities them in expecting that the In
dian mints will be opened. They be-
lieve that the Times, in opposing the
reopening of the Indian mints, does not
represent the government, but rather
the city financial circles. which are Cd.
posed to any change. The report made
to the government from the mint is
understood to be favorable to silver.
The headquarters of the commission
will remain in London until October.
Senator Wolcott may visit Austria in
the meantime, and pave the way for ne
gotiations with the Austrian govern
ment. The commissioners do not wish
to approach other governments until
England's attitude is settled, as her par
ticipation in the movement, if secured,
will aid in enlisting Others. After re.
ceiring the English reply they will 90
to Austria, Germany and Russia, in that
order.
James Maudsiey, secretary of the co.
operative spinners, has forwarded to
Lord Salisbury petition representing
$50 labor organizations in all other In.
dustries urging Great Britain to CO.
operate with other governments in the
movement now on foot to secure stable
par exchange for gold and silver.
Director Preston on Silver Prices.
Washington, Aug. 1.-THE bullion
value of the American silver dollar. ac
cording to Thursdays market price OF
silver, is just 43 Clio CENTS" said Mr.
Preston, the director of the mint, Fri.
| day. This makes the commercial ra tic
between silver and gold 1876 to one in.
stead OF sixteen to one," continued Mr.
Preston. "1n order to make our silve,
dollar equal to a gold dollar, at this rate
it would have to contain $50 fine grains
OF silver. If the alloy were added, the
total would be 953 grains"
How do you account for the recen,
decline in silver?" Mr.. Preston was
asked. He said:
Simply the lack of demand for 1t. see
no future for silver whatever. Thursday:
market quotations made it Sc cents al
| ounce. 1t is my honest opinion that within
| six months silver will fall to 40 cents al
| ounce. There Is no demand for it anywhere
| China Is not buying any. Japan Is out o.
| business, and there seems to be no demand
| for 1t In any country to any extent, ever
| for use as subsidiary coinage 1t is tru,
that in the bazars of India 1t is traded 1,
| as merchandise, but the famine and hare
times In that country have reduced tn,
demand to a minimum. The output of goli
Is steadily increasing. / think that tn,
| worlds product for this year will be abou
$240, 00O, 900. The United States will con
tribute about s60,0O0O0O to the supply.
base my predictions Of an increased world
output upon the fact that the supply ha
not fallen off in any country. Here come
the klondyke now with still further ad
ditions to the gold supply of the world
The extent of the Klondyke's output
problematical. depending largely upon eli
matte conditions"
Mny Result in Decreased Production
Denver, Col, Aug 1.-THE effect of tn
decline in silver to 55A cents an ounc
and the probable further fall to a
low as 50 cents, which seems to b
conceded by those in the best pos!
ton to judge, is the current topic o
conversation among mining men, an
while some are greatly discouraged a
the outlook for mining in Colorado
the general opinion seems to be tina
the decline of silver will have no yer
serious effect upon the mines, becaus
there is comparatively little silver no,
mined in the state except in conne'
+, ton with copper, gold and lead. Their
is possibility that some of the Aspe
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