Daily Kennebec journal., 1897-10-23
The Text Of the Correspondence at
London Now Made Public.
Great Britain's Reasons for Refusing 10 Con.
tinue the Negotiations.

Office on July II, the premier, the Mar
state for India, Lord George Hami!-
ton, the chancellor of the exchequer.
Sir Michael Hicks-Beach; the first lord
of the treasury Mr. A. j. BalfOur; the
United States ambassador, Col. John
Hay and the United States monetary
commissioners, Senators Edward O..
Wolcott of Colorado; exVive Presi-
dent Adlai Stevenson of Illinois, and
Gen. Charles Jackson Paine of Massa
chusetts, were present. On the invita-
ton of the British premier. Senator
Wolcott explained that the object IF
the mission was to ascertain in ad
vance of an international conference
if one could be called, the views of the
governments and the ENJOYS had de-
termined to ascertain the views of the
French. British and German govern
ments on the questions of reaching an
international bimetallic agreement
They had been to France. where they
reached a complete and satisfactory
understanding with the French govern
ment and the ENJOYS would have the
cooperation in this matter of the
French ambassador in London.
The senator then explained that the
success of the mission depended upon
the attitude Great Britain would take
and he requested Great Britain to
agree upon the English mints as it's
contribution to it's attempt to restore
international bimetallism with France
and the United States. cooperating to-
gether in an attempt to that end.
The Marquis of Salisbury asked if
4 70 hat- 1ty,te -
free coinage, and Senator Wolcott re-
Piled: Yes" The premier thereupon
inquired at what ratio France would
open her mints. Senator Wolcott said
at 1879. adding that the American en-
voys had accepted this ratio.
The senator then presented the fol-
lowing list of contributions. which
among others. he suggested Great Brit
ain might make: ..
First, the opening of the Indian
mnts and the repeal Of the order max
ing the sovereign legal tender in India.
Second, placing 1-5 of the bullion in
the issue in the department in the
Bank of England in silver
'Third-Raising the legal tender limit
of silver to say e10 and issuing 20 shill
ing notes based on silver, which shall
be legal tender and the retirement. in
graduation or otherwise of the 10 shill-
ing gold pieces and the substitution of
paper based on silver.
"Fourth-An agreement to coin an
nually so much silver, the amount to
be left open.
"Fifth-The opening of the English
mints to the coinage of rupees and to
the coinage of British dollars which
shall be full legal tender in the straights
settlements and other silver standard
colonies and tenders in the United
Kingdom to the limit of silver legal
tender.
"Sixth-Colonial action and the COIN
age of silver in Egypt.
notwithstanding having the gen
eral scope of the Huskisson plan.
The meeting then closed and it was
understood by the parties that the alb
sence of French Ambassador Baron
DeCourcel. from the proceedings,
should be regarded as informal and
second conference was held on the 18th,
at which, in addition to those already
mentioned, the French ambassador and
M. Geoffray, the counsellor of the
Il IeHCIl embassy, were pTeSeill.
The French ambassador was there
invited to declare the position of the
French government and he said France
was ready to reopen her mints to the
coinage of silver if the commercial ma
tions adopted the same course, and he
advocated at great length the ratio of
1512. but, he explained. France would
not consider the reopening of the mints
of India alone as being sufficient guar
antee to permit the French government
to reopen the French mints to the free
coinage Of silver.
Sir Michael Hicks Beach then an
nounced definitely that Great Britain
would not agree to open the English
mints to the unlimited coinage of sill
yer and that whatever views he and
his colleagues might separately hold
regarding bimetallism, he could say
that they We're united on this point.
Baron DeCOurcel said, as a personal
suggestion, that among contributions
he thought Great Britain should open
the Indian mints, and also a great pur-
chase annually e10,0O0OOO sterling of
silver for a series of years.
Senator Wolcott accepted the pro-
posal that the British government
should make this purchase with proper
safeguards and provisions as to the
place and manner of it's use.
Since this conference the British gov
ernment has been considering the pro.
sails and finally made the reply handed
to the United States ambassador, yes
terday, and cabled exclusively to The
Press.
The reply of the government of India
upon which Lord Salisbury based his
decision. is long document giving an
emphatic negative to the proposal to
reopen the India mints. 1t says: 1.-THE
result of the suggested meas
ures. if they were to succeed even tenn
porarily in their object would be an in
tensely disturbance of Indian trade and |
Continued on page 2.)