The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-23
ENGLAND REJECTS SILVER.
THE CORRESPONDENCE ON THE VOL
C0TT PROPOSALS..
The Indian Mints to Reunin C~losed-Frnuce
Willing TO Try FREQ Coinage ut the Rattle
or 1Hip TO l-Omission OF Definite Pledges
as to the Action or tho United States.

willing TO Try FREQ Coinage ut the Ratio
OF 1Hh TO n-Omission OF Definite PLEDGES
as TO the Action or tho United States
Special Gable Despatch to THE sun.
LONDON, Oct. 22.-The Foreign Ohlcc to-day
issued tho full correspondence, together with
reports Of the proceedings, in reference to the
proposals made by Senator Wolcott OF the
American Monetary Commission to the British
Government. -
1t Is n peculiar feature of the documents
that they do not contain any definite announce
mont by tho American ENJOYS that tho United
States would commit themselves to open their
mints to the free coinage OF silver in the event
Of England accepting tho p~ropoals made by the
commission.
Baron do Courcol. the French Ambassador,
acting in behalf OF France. did so commit him
self. naming tho ratio Of 15io to 1. In tho
language of the memorandum OF the meeting
held at the Foreign Office on July L., Mr.. VOL
colt informed Lord Salisbury that the United
States was inclined to yield this point and 40
cept this as the proper ratio"
This was the nearest approach Of the United
States to agreeing to FREQ coinage, with France
alone, on condition that Great Britain adopt
the proposals OF Mr.. Wolcott, but it is quite
clear that Lord Salisbury understood that tho
American ENJOYS fully committed the United
States to free coinage on tho foregoing Condi.
tions. The absence of definite language on this
| point Is, perhaps. explained by the last limo Of
the memorandum Of the two meetings held on
July IL and IS, which reads: Lord Salisbury
requested Mr.. Wolcott to prepare q resume of
tho proceedings Of this and tho preceding meet
ing"
Tho report Of the two meetings which tho
Foreign Office issues to-day rs tho official rec
ord Of the action Of Great Britain was made.
I thereforp nv Mr. Wolcott II ia exceedingly
strange that 1t does not contain any definite
statement OF what tho United States would be
willing to do, and IL Is inconceivable that no
such statement was made. when the French DO
sition is stated in the clearest language.
The correspondence shows that the United
States made the following proposals to Lord
Salisbury on July 81 last:
The opening Of the Indian minis to tho free
coinage of silver; the repeal Of tho order max
ing the sovereign n legal tender in India; tho
placing of one-ffth of the bullion in the Issue
Department of the Bank OF England in silver;
the raising of the silver legal tender from Go
to ElO; tho issue of Ell notes based upon silver;
the retirement of the half sovereign of gold and
the substitution OF paper therefor based upon
silver; an agreement to coin annually a sum
not mandolin silver or the purchase Of n sum
not mandolin silver annually; the opening OF
the English minis to the coinage of rupees and
the British dollar. which shall be a legal ten,
der in the Straits Settlements and other silver
colonies, and in Great Britain up to the limit OF
the silver and legal tender action by the colo
MES and the coinage OF silver in Egypt, and
finally an agreement upon something having
the general scope of tho Huskisson plan.
on july ~ and 10 to ii the propusals With
tho American ENJOYS. the French Ambassa'
dor participating in the discussion; France an
nounced her Willingness to open her mints to
unlimited free coinage OF silver at Il ratio OF
l5lt TO / il Great Britain would cooperate
colt announced that the United States Govern,
ment WAS inclined to accept this ratio. upon
Baron dc Courcel. the French Ambassador.
suggested 4lo. 600 900 AS the sum OF the British
annual purchase OF silver to fill the blank in the
proposals.. and Senator Wolcott approved the
Sir Michael Hicks-Beach announced that the
heads OF the Government OF Great Britain were
unanimous in their refusal to open the English
mints to the free coinage Of silver.
The question of the reopening of the Indian
minis was referred to the Indian Government
which. on Sept. 10. returned a long and elabo
ommendation to refuse to entertain the sugges
ton. This reply, was indorsei at the Cabinet
council held on Sept. ~.
Ambassador Hay said that it was unnecessary
to discuss the Eemainins pr2po;als nntil he
and France had been modified by the decision
not to reopen the Indian mints. ant whether
they desired to pursue their negotiations under
the circumstances, and also whether they had
gained Il more accurate estimate OF the amount
Of assistance they had expected from Other
powers.
Lord Salisbury's reply does not mention a
monetary conference or allide to any other pro
posal.
The Standard. in m editorial article on the
Governments attitude to the silver question
will say tomorrow that widespread satisfaction
will be felt because OF the deadly blow
the bimetallic craze has received and the de
cisivcness with which the British Government
has eXtricated itself from a conference tina
would have been a mere waste OF time.
The Daily Nelcs will say that the despatch o
the Indian Government puts an end 10 the bi
metallic craze in this country. and adds tina
the amazing thing is that the home Govern
ment should have required 80 much clcmentar!
instruction from India.
PARIS. Oct. 22.-The Temps, commenting
upon the rejection by Great Britain OF the hi
metallic proposals, says that, in view of Eng
lands attitude, an international monetary con
ference would simply involve the risk OF foster
ing ,grievous ILLUSIONS. Nobody, can say thi
much simplihed for France.
Tho Times will say: " When the extent AM
significance OF the American proposals are gen
orally understood we shall be surprised /
even the bimetallists will venture t
contend that they could have been accepted
as the basis Ct any serious intsrna tn n "a
like to use so harsh n word as impertincnt-tha
some gentlemen from the United States SHOULD
come over to tell us how to improve our meth
DDS OF banking and our currency. American
must be very ignorant of the ways and require
ments of British trade and finance IL they in
attraction for us. or that regular state .pui
chascs of silver to meet no public need would b
tolerated by public opinion in this country"
"