The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-23
MONETARY CORRESPONDENCE.
THE BRITISH FOREIGN OFFICE
MAKES PUBLIC ITS CONTExT.


actions since the July Conference.
senator WOIcott's suggestions as
to the Concessions Great Britain
Might Mnke-The Commissioners
Had Been to France and Made sat-
isfnctOry Arrangements With the
French Government - Open of The
Indian Mints the First of the List.
The Final Reply Of Great Britain
Published Yesterday.
London Oct 22-The correspondence In
regard to the bimetallc proposal of the
| United States monetary commission was
| issued by the British foreign office this
evening. The following account of the
negotiations is taken from the official pub
icatlon:
At the conference held at the foreign
office on July 70, the premier. the Marquis
of Salisbury; the secretary of state for
India, Lord George Hamilton; the chan-
cellor Of the eXchequer, Sir Michael Hicks
| Beach; the first lord of the treasury, A.
]. Bafour; the United States ambassa-
| dor, Col. John Hay, and the United States
monetary commissioners, Senator Edward
o. Wolcott Of Colorado. ex-Vice Presidents
|
| Charles J. Paine of Massachusetts, were
present.
on the invitation of the British premier,
| Senator Wolcott explained that the object
of the mission was to ascertain, in adj
vance of an international conference, tho
| views of the governments and the ENJOYS
had determined to ascertain the views of
the French. British and German govern
ments on the question of reaching an in-
| ternational bimetallc agreement. They
| had been 70 France, where they reached a
| complete and satisfactory understanding
with the French government, and the en-
voys would have the cooperation, In this
matter, of the French ambassador in Lon-
| don.
First-The opening of the Indian mints
and the repeal Of the order making the
| sovereign legal tender in India.
| Second-Placing one-dfth of the bullion
| In the issue department of the Bank of
| England in silver.
Thrd-Raising the legal tender limit of
| silver to. say so. and issuing 29-shilling
| notes based on silver. which shall be legal
| tender, ana the retirement, in graduation
| or otherwise, Of the ten shillings gold pieces
and the substitution of paper based on
| silver
Fourth-An agreement to coin annually
| so much silver, the amount to be left open.
| 4 Attil~A bt OittittiH VI NliS J}AlSIlHi HlntS
to the coinage Of rupees and the coinage
| of British dollars, which shall be full tens
| der in the straits settlements and other
| silver standerd colonies and tender In the
| united kingdom TO the limit Of silver legal
/ tender
sixth-Colonlal action and the coinage
| of silver in Egypt.
notwithstanding having the general
scope of the Husksson plan.
The meeting then closed, and 1t was un-
! derstood by the parties that the absence
| of the French ambassador. Baron de Cour-
| eel, from the proceedings should be re-
| garded as informal and a second confer
| ence was held on the 18th, at which, In
addition to those already mentioned. the
/ French ambassador and M. Godfrey, the
| counsellor OF the French embassy, were
| present.
The senator then explained that the sue
| cess of the mission depended upon tha
attitude OF Great Britain, and he requests
! ed Great Britain to agree to open the Eng
| lish mints, as its contribution to the att
/ tempt to restore international bimetallism,
France and the United States cooperating
| together In an attempt TO that end.
The Marquis of Salisbury asked If
| France was ready to open her mints to free
coinage, and Senator Wolcott, replied.
| yes"
The premier thereupo9. inquired at what
ratio France would open her mints. Sem
| ator Wolcott said at 1515, adding that the
| American ENJOYS had accepted this ratioa
| The senator then presented the following
| list of contributions which, among others,
| he suggested Great Britain might makes
| The French ambassador was then invft-
| ed to declare the position of the French
| government and he said France was ready
| to reopen her mints to the coinage Of sill
| YER If the commercial nations adopted the
| same course, and he still advocated at
| great length the ratio Of 15ia But, he
| explained France would not consider the
| reopening of the mints of India alone as
/ heing sufficient guarantee to permit the
French government to reopen the French
| mnts 10 the free coinage of silver.
/ Sir Michael Hicks-Beac then announce
| cd definitely that Great Britain would not
| agree 10 open the English mints to the
| unlimited coinage of silver, ard that what
ever views he and his colleague migha
| have separately held regarding bimetaI-
| lism, he could say that they were united
| on this point.
Baron de Courcel said, as a PERSONAL
! suggestion, that among other contributions
| he thought Great Britain should open the
/ Indian mints and also agree to purchase
annually 100000 pounds sterling of sil-
yer for a series of years.
Senator Wocott accepted the proposal
! that the British government should make
| this purchase with proper safeguards and
provisions as to the face and manner of
/ it's use .st
Since this conference the British gov
ernment has been considering the pro-
| posals and finally made the reply handed
| to the United States ambassador yester-
day and cabled exclusively to the Asso-
| ciated Press.
| The reply of the government Of India,
upon which Lord Salisbury based his de-
! cision, Is long document, giving an en-
| phatic negative to the proposal to reopen
! the Indian mints.
The correspondence concludes with Lord
/ Salisburys dispatch to Ambassador Hay.
the contents of which have already been
| cabled by the Associated Press.
|