The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-18
NO REPLY TO wOLCOTT.
British Cabinet Has Not Yet Spoken
on the Silver Question.


LONDON, Oct. 1.-THE Daily News, in
an editorial headed 1.-The Bimetallist Con-
spiracy," says this morning: I'VE do not
know what authority there may be for the
statement that the government has agreed
to continue the negotiations, nor can we
see what the United States or any other
country has to do with the matter. But
there must be an end to the conspiracy of
silence in which the government is involved.
Our financial credit is far too serious
subject to be bartered with foreigners or
handled in the dark" After severely re-
proving the chancellor of the exchequer and
the governor of the Bank OF England for
their share in the transactions, the Daily
News pointedly demands explanations from
Mr. Bafour, the first lord of the treasury,
and says: There are those including our
selves, who regard it as a public scandal
that the first lord of the treasury should be
a bimetallist. They argue that foreign
critics may justly doubt the sincerity of our
monometallism when they see man at the
treasury who would if he could, destroy the
whole of our monetary system" After in
sinuatng that the question has been left
open with a view of influencing the two
forthcoming parliamentary bye elections in
Lancashire, the Daily News reiterates it's
demand for full publicity, and calls partic-
ularly for the letter written by the chan
cellor of the excheQuer, Sir Michael Hicks
Beach to the governor of the Bank of Eng
land.
The Daily Telegraph, dealing editorially
with Saturdays Cabinet meeting, says:
sAs the Cabinet has separated not to re-
assemble until the normal date next month,
and as Mr.. Balfour has returned to Scot
land the ministers must be in complete
agreement. If there had been any dissen-
sions other meetings Of the Cabinet would
speedilv have followed. We may conclude,
therefore. that everything remains as be-
fore 1t is impossible that any momentous
change in the currency system coulq pe set
tied at a single meeting or Ine CaDlnel-
The Daily Graphic says: All the clrcum-
stances lead us to believe that the govern
ment will give no undertaking TO reopen the
"GoId may yet again be current in INDIA,
if the policy of 1895 is boldly pursued Then
the single gold standard would rule through
ont the empire That is our interest both
as nroducers and lenders of gold. We are
not going to throw it away in order 10 put
money into the pockets OF 1olordoo Iilne
electioneering difficulties. -, - -
The Times in it's financial article says, II
believes that the Cabinet has decided 10 de-
c1ira TO reopen the Indian mlnts or 70 enter
an International monetary conference. II
ssWe do not know s&dctly what VI.
WoIcott proposed; but there is no DOUBT
that the opening Of the Indian mlnts was
tha concession most seriously pressed. The
Tn6ian government, supported by the Indla
Gaire Strongly protested against this pol
icv. and the home government must nave
foi+ bound in this year of serious trouble
60. Trdia to indorse this position. In order,
tCua1er to meet the views of sympathlzers
nitb himetaIlism in the Cabinet, an intma-
ZION NAV very likely be given that the gov
ernraenfs is prepared to consider any turther
tive
The Times. commenting edltorlally III ap-
proval of the government DECISION, says
s.PresideDt Mckinley has now redeemed MS
election pledges and may turn with pleas
ant sense Of discharged responsibility 70 the
serious work of financial reform. AS 10 the
Governments offer 10 consider alternative
proposals we may perhaps be allowed to
hone that an indulgent attitude Will not be
abused and that before again distract
inrr the government and the public bimetal-
lists will be careful 10 see that they have
invented something really novel and prac-
ticable Closure of the Indian mints has
rracticaIv no defenders on the ground OF
absfract principles, and the fact that its
results are not quite what were desired may
serve to temper dogmatic speculauons con-
cerning the prospects Of gold currency for
India The question the government had to
settle, however, is one of political and
financial expediency rather than of prin-
ciple and there can be no doubt in any rea-
sonable mind that they have answered it In