, 1897-11-17
OFFICIAL REPORT.
A STATEMENT OF FACTS PRE-
SCENTED SHOWING WHY
COMMISSION FAILED.
Great Britain Placed the Burden of the
Responsibility Upon the Indian
Government and That Government
Did Not Wish to Assume the Fear
full Responsibility Entailed.

- ". II III
report. of the correspondence in regard
to the bimetallic proposals Of the Unit
ed States monetary commission to the
government of Great Britain, together
with the report of proceedings at the
conference of the British premier, the
secretary of state, the first secretary
Of the treasury, and the chancellor of
the e~xchequer with the French am
bassador and Il commissioners has
reached this country. 1t fully confirms
the reports cabled to the Associated
Press on October 81 and %. The nego-
tiations fell through. Notwithstanding
the expressed willingness OF the French
government to open it's minis, owing to
the rejection by the British govern
ment of the proposition to again open
the Indian minis to the free coinage
of silver. None of the other PROPOSE
lions were replied to because one Of the
most important concessions requested
Of Great Britain could not be acceded
to. Great Britain in making her an
swer deferred TO the wishes OF the gov
eminent OF India. to which the propos-
al was referred, and the reply Of the
government Of India, therefore, is the
most important communication In the
correspondence. 1t is a lengthy docu-
ment, in which the advantages pro and
con to india are argued. and a very
strong case from their standpoint is
made out in favor Of the rejection of
the proposal. The disturbance Of val
ues in India with the attendant paraly-
sis OF trade at least temporarily the fall
of silver prices in India, concurrently
with the increase Of gold prices in Eu-
rope and America, ETC.. are advanced,
but the most potent reason urged
against the proposition is that the bur
den Of failure. II failure should come
from the experiment for the re-estab-
lishment Of bimetallism by France and
the United States must inevitably fall
on India. Both the United States and
France, the reply argues. with their
supply Vi oIu tOutu " d STtdltT VI
less extent protect themselves IL the
experiment did not succeed. In other
words, the Indian government, as a
preliminary proposition, declared 1t
could not risk the success of the sug-
gested measure. This definite and alb
solute rejection Of the proposal was
fully set forth in the cable reports OF
the correspondence, but the document
contains a reservation which would
seem to indicate that If the scope of the
proposed experiment was sufficiently
broadened, India might be willing al
least to reconsider her refusal. That
paragraph in Lord Elgin's letter is as
follows. I'VE note that the proposals
Of the governments Of France and the
United States are subject to the proviso
that they are satisfied that they will re-
ceive assistance from other powers in
increasing the demands for silver. We
believe that a limited increase of the
quantity Of silver used as currency will
exercise a very trifing influence II any
in raising the gold price of silver, and
that the only assistance from other
powers which can be Of any real value
would be the addition OF other coun-
tries to the bimetallic union of France
and the United States. II, however, as
surances of a really substantial coop
Grafton should be secured from other
countries we shall be glad to learn the
exact nature Of the assurances, and
we shall then consider whether the
promised cooperation changes the
problem or adds materially to the
chances of success"