The silver star., 1897-10-14
BRITAIN AND SILVER.
rwo SIDES TO THE QUESTION.
Great Industrial Centers Outside Of London
and the Laboring Elements Generaiiy
Heartily In Favor of Bimctallism.

Chicago. Oct. GA special to the
Record from Its Washington CORE
spondent says:
1t is about time for Senator Wolcott.
Adlal Stevenson and Mr.. Payne, our
bimetallic ambassadors to Europe, to
receive from the Marquis of Salisbury
. final answer to their invitation to a
monetary conference and their ap-
peals for some concessions from Great
Britain In behalf of silver. In july
last his lordship. the British premier.
gave Colonel Hay and the French am
bassador to understand that the Brit
ish government would no longer con-
tfnue its stubborn opposition to the re-
monetizatiOn of silver and assured
them that he would send delegates tn
q conference with definite Instructions
which might not be entirely satisfac-
tory, but would at least be gratifying
TO the friends Of the white metal. Sew
eral propositions were suggested and
discussed, but IL definite answer was
deferred until the government In India
could be consulted. In the meantime
an emissary was sent to Calcutta and
Bombay. who should have returned
before this date. and the United States
commissioners have returned to Lon
don to receive the communication that
was promised in October.
The three principal propositions that
were discussed during the summer, and
referred to in letter from London at
that time. We're Q) the reopening of the
Indian mints for limited amount of
coinage; (2) the retirement Of the 10
shilling gold piece of British coinage,
and the issue of corresponding
amount of silver in it's place. and (3)
the withdrawal of One-fifth of the gold
reserve of the Bank of England and
the substitution of silver bullion
1t Is not proposed to open the mints
of India to the free and unlimited coin
age of silver. but financial and COM
mercial affairs in that great empire are
so unsatisfactory and there Is so much
discomfort with the present fiscal con-
ditions and policy that something must
be done to Increase the volume of cur
rency. Public sentiment is in favor OF
limited amount of silver coinage
annually-say f3.OOO.OOO or "a .OOO, 600
but the India government will not re-
| open its mints without the support of
other nations. and will require an
agreement with the United States,
France. Belgium. Italy and all the
members of the Latin union that they
Will reopen their mints also to limit
ed coinage and assist in maintaining n
fixed and stable ratio between silver
and gold. The mints of India were
closed because this could not be Sc
cured. and before they are reopened
there must be permanent agreemnt.
or an agreement for a term OF years, to
take effect simultaneously and include
several nations.
There Is no objection among the Lon
don business men to the resumption OF
silver coinage in India. provided the
amount Ia limited. Nor Is there any OBJ
lection to the second proposition. be-
cause the bankers admit that the little
1Gshilling gold piece Is a nuisance and
a constant source of loss The abra-
sion is much greater than with larger
money. The coin Is so small that it Ia
easily lost and overlooked: and 1t will
slip through a crack that Is not much
wider than hair.
But the proposition to replace one
fifth Of the gold reserve OF the Bank of
England with silver bullion. even II 1t
We're purchased at current rates. awoke
n storm of protests from the direction
Of Lombard and Threadneedle streets
which has already been reported in
your cable dispatches. In order to
draw fire and accustOm the public to
the idea. the Marquis OF Salisbury, ac-
cording to his usual habit. threw out
a feeler in the form Of an editorial in
the London Times. Then the chancel-
lor Of the exchequer addressed letter
to the governor of the bank. Then the
governor of the bank wrote reply.
In which he said:
"rhe Bank of England is prepared
to carry out what IL laid down as per-
mlssible In the bank charter. viz: To
hold one-hfth OF the bullion held
against the note Issue In silver: pro-
vlded, always. that the French mint il
again opened for the free coinage OF
silver. and that the prices at which sill
yer is prOcurnble and salable are salts
factory"
The publlca ton OF this note made a
profound sensation In financial circles.
II was the first tangible evidence that
the government ana the banks intend
ed to do what the newspapers had pre-
olcted. A unanimous protest was re-
ceived from the clearing house. the
stock exchange and several other flnan-
cial bodies. Some of the strongest cor
porntions In Great Britain. whose
transactions amount to millions OF
bounds n month. gave notice that they
would withdraw their deposits from
me Bank OF England II 1t admitted all
yer bullion into Its vaults or disturbed
"s reserve in any manner.
TO console these critics the governor
o. the Bank OF England replied that
MS consent to the proposition OF the
government. as would he seen from nm
examination of his note. was bused
upon conditions that could not bc full
MED. There WIS no possibility OF the
.lee coinage OF silver at the French
nilnts etc. The excitement was al-
sy, Myea, but the approximations Of the
pnDiic were not satisfied, because the
SsopositIons OF the Marquis Of Sails
S.wury are sustained and commended by
.ne we labor unions. several manufactur-
~ ass0ciatlons and many manufacture
and merchants who are engaged
uade with India. South America.
1exlcO md ntlar ailvor ss,trut rioa The