The Meeker herald., 1897-10-23
NO ENCOURAGEMENT :
BRITISH CABINET STILL oss y
Its Answer to the wolcott Connls11 No
Yet Ready. but 1t VIII Prosakb y
Negative.

I
Negative.
London. Oct. 16.-I'he British abi
/ net this morning held it's first askmr
meeting at the foreign Office. 4Tht
premier. Lord Salisbury, prz3ent
and all the ministers with the &cep
t1On OF Lord James, the chancelk oi
! the Duchy Of Lancaster: W(bun,
Cross. lord privy seal. and Mr.. Utter
Long, the president OF the bon oi
agriculture. were In attendance.
The meeting lnsted two hOuFs. Ut Is
understood THAT the question re.
opening the Indian mints for th@eoin-
age of silver was not decided, ht Il
b added the natter was discuBe& and
will shortly form the subject d fur
ther communications betwee3 the
chancellor OF the exchequer. Sir( Itch
! ael ks-Beach and the United hates
monetary commission.
In addition to discussing tiieSfiver
Question 10 is understood that I'll cab
iIet ministers were In delib<etion
over the Anglo French sftmth In
West Africa and in reviewing There
tan arrangements.
In spite Of the statement thata the
question of the reopening Of th4 In
dian minis for the coinage Of &ver
will form the subject of further om-
nunication between the cfancellf OF
! the eXchequer and the United Sites
monetary commission. 1t Is bel1ved
that the British government has
reached the decision not to entey3iIto
an international monetsry confSrtpce.
Further meetings with the AjMerican
| commissioners will be held simply be-
cause they were previously ARRANGED,
as cabled last week.
| In regard to India 1t may be re-
garded as certain ths the mtnts will
not be reopened at present. or until the
Indian authorities ar fully prepared.
and. though the DECISION rests with
Downing street. it ! certain that the
views of Simla willprevafl, and It is
, known that the Inttin authorities op-
pose the step.
II is understood that a stttement
will be issued next week to lf effect
that the British government 3Des not
intend to suggest hat the }ank of
England should hon its reser$ partly
| In silver
| No more definite .nformatiOd can be
| obtained with regad to the ftion of
the cabinet, but tli.re is eve4 reason
10 believe that the .governmht's de-
cision is as before stnted-tht II will
not enter into any hternatioSl none
| tary conference.
Messages received from I Ameri-
can commission say they havyretefvad
| no information with regard 4 the ac-
| ton taken at the cabinet ctntH to-
day. but they hear that tatment
| will he issued next week to be effect
that the government will mar ID sug-
cestion to the Bank OF EnglAd as to
any alteration OF its pressA5 5reerve.
The government cannot in &y event
do more than make a recOmr&4 &4fiatiOn
to the bank. so the statemenffhat the
cabinet had decided that tn bank
should maintain full gold ststtrri is
incorrect.
The Sunday Times. in a re4kw Of
the bimetallic agreement, myva
1T Ia an open secret that wh(cnR-
land was a~ked 10 join the
agreement the government repfteteh hat
public opinion did not favor any her
alton of the basis Of England'slur-
rency standard: but. having an &fr-
whelming interest in seeing a ME
tnry peace established in the word it
would be glad to assist in the d
work. and. basing its action ontle |
resolution unanimously passed byle |
House of Commons. offered w11atle |
Liberal government Of Mr.. Glad4tle |
offered before now. regarding silv}in |
the banks reserves and the reopehg |
OF the India mints to silver undeftr-
tain conditions. On this promise,fr
Wolcott set to work. His chancdof |
success seemed almost hopeless. fit |
he succeeded in obtaining the pro}se |
OF France and the United States ito |
operate by opening their mints tdf1- |
yer. In both respects the unexpded |
happened. The city revOlted. th3ks |
to the letter published at the te.
and. egged on by artful newsfter |
comments. an outcry was raised wt.h |
resulted. first. in meeting of he
clearing house bankers. and next. | |
petition To the chancellor of thek-
chequer. In spite Of all this uproake
do not think the protest has muc}n-
fiuence. 1t so clearly bore the inISss
Of class IDEAS that the governm t,
whose duty it is to safeguard thdn-
teresfs of the whole was not un&y |
impressed
Against this the cities Of I4anca1r.
weigh in their millions of workem II
well-disciplined. rlising cruhe
against what they termed the seih-
ness of the London bankers. WIN =
sumed TO dictate to the govern1k hit
upon what is really an imperial H.
tiOn and which they claim shall bd 1t
tied TO suit their interests.
unfortunately the government il
menaced with obstruction in A h..
unexpected quarter. In a long kte
paper the India government prtf3EtS
the r-nsvn- for II. reluctance NJ, ,avevs
sion that the Indian currency yneri-
ment has reached a point whent win
become n phenomenal s1ccess.
"An exchange rate of IA nee rev
rupee has already been touch and
will soon he permanently estnisf,ed
the rupee will cease to fiuctua and
that desideratum. gold sndar1i
without gold. will appear. ThIndia
government goes further and ileeea
that the reopenins OF its min with
France and the United States a HI
metallic rate Of 1915 to 1, wSd NJ
ruin to India. since a two-shflr m
pee would kill exports and rear our
dependency unable to compel wits,
thx, ri <.fsy ~ i I