The San Francisco call., 1897-10-23
WoIcott Explained That Sue
cess Depended Upon Great
Britain'S Attitude.
OPENING INDIAN MINTS
WAS URGED.
Then Came the Reply From the
Government of That Country
Declaring Against Silver.
Special Dispatch to The CALL

Special Dispatch to The CALL
LONDON, Oct. 22.-The correspondence
in regard to the bimetallic proposals OF
the United States Monetary Commission
was issued by the Foreign Office this even
ing. The following account OF the ne
eotiations is taken from the official publi-
cation:
At the conference held at the Foreign
Office on July u the Premier, Marquis OF
Salisbury; the Secretary OF State for
India, Lord George Hamilton; the Chan
cellor of the Exchequer, Sir Michael
Hio ks Beach; the First Lord of the Treas
ury, A. J. Balfour; the United States
Fm bassador, Colonel John Hay, and the
United States Monetary Commissioners
Senator Edward o. Wolco>t OF Colorado
e1-Vice- President AdIai Z. Stevenson of
Illinois and General Charles Jackson
Fayne of Massachusetts, were present
On the invitation of the British Premier
Senator " olcott explained that the OBJ
ject of the mission was to ascertain in ad-
vance of an international conference The
views of Inc Govern ments, and the ENJOYS
had determined 10 ascertain the views OF
the French. British and German Govern.
ments on the question of reaching an in
ternational bimetallic agreement They
had been to France, where they reached
complete and satisfactory understanding
with the French Government, and the
envoys would have the cooperation in
this m after OF the French Em ba sssdor 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 10 open
the Indian mints as its contribution TO
the attempt to restore international bi-
metaIlism, with France and the United
States cooperating in an attempt 10 that
end.
The Marquis of Salisbury asked if
free coinage, and Senator Wolcott replied
Yes"
The Premier thereupon inquired at what
ratio France would open her minis. Sena-
tor Wolcott SAID at 151z to l, adding that
the American ENJOYS had accepted this
ratio.
The Senator then presented the follow
ing list OF contributions. which among
others, he suggested Great Britain might
make:
First The opening of the Indian mints and
the repeal OF the order making the sovereign
legal tender in India
second. Placing fth of the bullion in the
issue department Of the Bank of England in
silver.
Third. Raising the legal tender limit of sill
yer to flO, and issuing 20-shilling notes based
on silver, hich sha all be leg Il tender, and the
retirement, in graduation or otherwise, of the
10-shilling 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.
Fifth. The opening of the English mfnts to
the coinage of rupees and the coinage of
British dollars, which snail be full tender in
the Straits Settlements and other silver STAN
dard colonies and tender in the United King
dom 10 the limit of silver legal tender.
sixth. Colonial action and the coinage OF
silver in Egypt
Seventh something having the general
scope OF the Huskisson plan.
The meeting then closed, and ii was un-
derstood by the parties that, owing to the
absence of the French mpassador from
the proceedings, they should be regarded
as informal, and second conference was
held on the 10Th, at which, in add to
those already mentioned, the French EN-
bassador and NJ. Goffrey, the councillor of
the French En- bassy, were present
The French En- bassador was invited to
declare the position of the French Gov
ernment, and he said France was ready to
reopen her mints to The coinage OF silver
same course, and he advocated at great
length the ratio of 15I to l. But, he ex
planned, France would not consider the
reopenlng OF the minis of India alone as
being sufficient guarantee 10 permit the
French Govern ment to reopen the French
mints to The free coinage of silver
Sir Michael Hicks Beach ten an.
nounced definitely that Great Britain
would not agree to open the English
mints to the unlimited coinage of silver
and that whatever views he and his col
leagues might separately hold regard ing
bImetalism, he could say that they were
united on this point.
Baron de Courcel said, as a personal
suggestion, that among other confribu.
tions he thought Great Britain should
open the Indian mInts and also agree to
purchase annually f10, ,eU0, 600 of silver for
a series of years.
Senator Wolcott accepted the proposal
that the British Government should make
his purchase with proper safeguards and
prov tsions as TO the place and manner of
its use.
Since this conference the British Gov
eminent has been CONSIDERING the nro-
posals, and nnally made the reply hand ed
the United Sales Embassador Yesterday.
The reply of the Government of india
uron which Lord Salisbury based his de-
cisior is long document, giving an en-
phatic negative to he proposal 10 reopen
the Indian minis 1t says:
The FIRST result of the suggested measures. If
tney were to succeed even tenn porarily N their
Object. would be an intense disturbance of
Inalsn trade and industry. There would be a
sudden rise u Exchange which, if the ra ito of
1914 TO l wers adopted. would be about 3
pence the rupee. Such a rise would be enough
TO XIII our export trade for a time 1t least
until the pubic were convinced that the
arrangement would be permanent and have
the effect intended.
1x-Si- Of 10
prolonged and wou Be accompa MED by acute
individual suffering. None OF the advantages
expected would be attained, and the country
would pass through critical period which
would reIard its progress for years. The posi-
tion would be disastrous alike 10 the state, to
individuals ana 10 trade generally. The ex-