The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-10-23
France Was Ready for the Free
Coinage of Silver.
INDIA WOULDN'T HAVE IT
The Proposals Made by the Commits
sioners to the English Cabinet
Opening OF the India Mints
and Silver Reserve.

this evening. The following account OF
the negotiations Is taken from the oiii-
oial publication:
AZ the conference held al the foreign
office on July IL the premier. Marquis
Of salisbury; the secretary OF state for
India. Loid George Hamilton. the
chancellor of the excheouer. Sir Michael
Picks Beach: the first lord of the treas
uiN. A. J. Balfour; the United States
ambassador. Col. John Hay. and the
United States monetary commissioners,
Senator Edward q. Wolcolt of Colo
fado. ex-Nicc President Adlai T.. Stcy
enson Of Illinois, and Gen. Charles
jackson Payne of Massachusetts were
pIOent.
on the invitation or the British pre-
mier. senator Wolcott explained that
the object OF the mission was To as
certain In advance of an international
conference the views Of the govern
menis. and the ENJOYS had determined
to ascertain the views Of the French,
British and German gov ernmcnts ON
the question Of reaching an interna-
tional bimeiallic agreement. They had
been to France. where they reached
complete and satisfactory understand
ing with the French government. and
the envoys would have the cooperation
in this matter Of the French ambassa-
dor in London.
The senator then explained that the
success of the mission depended upon
the attitude GIeat Britain would take
and he requested Great Britain to agree
to open the India mints. as it's contribu-
tion 10 the attempt la restore interna-
tional bimetallism. with France ami
thc United States cooperating to-
gelher i'm an attempt Ia that end. The
Marquis of Salisbury asked If France
was ready la open her mlnts Ia free
coinage. and senator Wolcott replied.
"Nes."
The premier thereupon inquired az
what ratio France would open her
mints. senator Wolcoit said at l5l. to
I. adding that the American ENJOYS
had accepted this ratio.
The .ommis-ionsIs' Proposals.
The senator then presented the fol-
lowing list of contributions. which
among others. he suggested Great
Britain might make:
"First-1he opening of the Indian
mints and the repeal OF the order maxi
ing the sovereign legal tender In India.
"Second-Placing one-iifth of the bull
ll"n In the issue department OF the
Bank OF England in silver
'Third-Raislne the legal tender limit
81 silver To- clo and Issuing 20-shillinc
notes based on silver which shall be
legal tender and the retirement, In
graduation or otherwise. of the lo-shill-
ing gold pieces and the substitution OF
paper based on silver.
"Fourth-An agree ment To coin an
nually so much silver. the amount to
be left open
"Eifih-Thc opening Of the English
mints to the coinage of rupees and the
coinage of British dollars which shall
be- full tender In the S.raits settlements
and other silver STANDARD colonies and
tender In The United Kingdom 10 the
limit of silver legal tender.
"Sixth-Colonial actibn and the coin
age of silver In Egypt
"Seve venth-Something having the
general scope of the Huskisson plan.
a second topi-rrnc"
The meeting then closed and IL was
understood by the parties. that, owing
to the absence of the French ambassa- :
dor from the proceedings they should
be regarded as informal. and a second
conference was held on the 18th. at
which. I'm addition to those already
mentioned. the French ambassador and
NJ. Godfrey, the councillor of the
French embassy. were present.
The French ambassador was invited
tu declare the position of the French
government and he said France was
ready Ia reopen her mints 10 the coin
age Of silver N the commercial nations
adopted the same course and he ad-
yocatod at great length the ratio al
l5;2 TO !. But. he explained. France
would not consider the reopening ol
the mints OF India alone as being sur
ficient guarantee Ia permit the French
government To reopen the French mnis
to the free coinage ~ silver.
Sir Michael Hicks Beach then an
nounced defipitely that Great Britain
would not agree To open the English
mints To the unlimited coinage of sill
Yer and that whatever views he and
his colleagues might separately hole
regarding bimetallsm, he could sa.
that they were united on this point.
Baron Dccuurcel said. as personal
suggestion. that among other contribu
,ions he thought Great Britain should
| open the Indian mints and also agrel
to purchase annually 10000. .0O0 pounds
sterling Of silver for number of years
Senator Wolcott accepted the propose
that the British government SHOULD
make this purchase with proper safe
| guards and provisions as To tht plac,
| and manner of It's use.
Since this conference the British gov
ernment has been considering the pro
posals ana finally made the repl,
| handed the United states ambassador
| yesterday and cabled exclusively to tin
| associated press The reply of the gov
ernment of India upon which Lord Sal
! ishury based his decision If a long doc
ument. giving an emphatic negative t.
the proposal to reopen thc India
mints. 1t says;
india. Objections.
The first result NJ tn suggested
measures. II they we're to succeed even
temporarily In their objects. would
be- an intense disturbance of Indian
trade and industry. Thcro would bC
| sudden rise Ia exchange which. II the
ratio Of ibis TO ! were adopted, would
b" about 3 pence the rupee such 3
/ rise wWlld he enough To kill "ui eN-
| port ttade for time al least untll
! tho public were convinced that The ar
rangemcnt would De permanent and
have the effect intended
'rhc paralysis ~ trade and industry
would be- prolonged and could he ac-
snmpanied ny acute individual suffer
I ug. None of the advantages explained
would Il" attained, aud tit country
would uaSs through "A critical period