The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-10-27
SILVER is HIT HARD.
Great Britain's Rejection Of Our
Bimetallic Proposals.
Omcfal Account of the Conference
France Agrees to a Ratio of Is 1-2
to 1-Indfa's Strong Argu-
ment Against the Plan.

in regard to the bimetallic proposals Of
the United States monetary commits
sion was issued by the British foreign
Office Friday evening. The following
account of the negotiations is taken
from the official publication: AT the
conference held at the foreign Office on
July IL the premier, the marquis of
Salisbury; the secretary of state for
India, Lord George Hamilton; the chan
cellor of the exchequer, Sir Michael
Hicks-Beach; the first lord of the treas
ury, Mr.. A. j. Balfour; the United
States ambassador, Col. John Hay, and
the United States monetary commits
sioners, Senator Edward o. Wolcott, of
Colorado; ex-Vice President Adlai E.
Stevenson, of Illinois, and Gen. Charles
Jackson Payne, of Massachusetts,, were
present.
Senator WoIcott Explains.
On the invitation of the British pre-
mier Senator Wolcott explained that
the object of the mission was to ascer-
tain in advance of an international con-
ference the views of the governments.
and the ENJOYS had determined to as
certain the views of the French, Brit
ish and German governments on the
question of reaching an interna tional
bimetallic agreement. They had been
to France, where they reached a COM
plete and satisfactory understanding
with the French government, 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 depend
ed upon the attitude Great Britain
would take, and he requested Great
Britain to agree to open the English
minis as its contribution to the attempt
to restore international bimetallism,
with France and the United States CO.
operating together in an attempt to
that end.
The marquis of Salisbury asked if
France was ready to open her minis to
free coinage, and Senator Wolcott re-
piled: yes" The premier thereupon
inquired at what ratio France would
open her minis. Senator Wolcott said
at 151s, adding that the American en-
voys had accepted this ratio.
What Is Wanted of Great Britain.
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 minis
and the repeal of the order making the
sovereign legal tender in India.
Second. Placing one-fifth of the bull
lion in the issue department of the Bank of
England in silver.
'sThfrd Raising he Ieoo1 fepdar
Of silver to, say, G10 and issuing 20-shilling
notes based on silver, which shall be legal
tender. and the retirement, In graduation
or otherwise, Of the ten-shilling gold pieces
silver.
Fourth. An agreement to coin annually
SO much silver, the amount to be left
open
Fifth. The opening Of the English minis
TO the coinage Of rupees and the coinage of
British dollars, which shall be full ten
der in the straits settlements and other
silver standard colonies, and tender in the
United Kingdom to the limit of silver legal
Sixth. Colonial action and the coinage of
silver in Egypt
Seventh Something having the general
scope Of the Huskisson plan"
The meeting closed, and IL Is understood
by the parties that the absence Of the
French ambassador, Baron de Courcel,
from the proceedings should be regarded
held on the 18th, at which in addition 20
those already mentioned, the French am
bassador and NJ. Godfrey, the councillor
Of the French embassy. were present.
Position of France.
The French ambassador was invited to
declare the position of the French govern
ment, and he said France was ready to re-
open her minis to the coinage of silver if
the commercial nations adopted the same
course, and he advocated, at great length,
the ratio of 151s But, he explained. France
would not consider the reopening of the
minis of India alone as being sufficient
guarantee to permit the French govern
ment to reopen the French minis to the free
coinage of silver.
Great Brftain's Reply.
Sir Michael Hicks-Beach then announced
definitely that Great Britain would not
agree to open the English minis to the un-
limited coinage of silver, and that whatever
views he and his colleagues might sep
arately hold regarding bimetallism he
could say that they were united on this
point.
Baron de Courcel said as personal sug-
gestion, that among other contributions he
thought Great Britain should open the In
dian minis and also agree to purchase an
nually s1o,0o0.000 Of silver for series of
years.
Senator Wolcott accepted the proposal
that the British government should make
provisions as to the place and manner of
its use.
Since this conference the British govern
ment has been considering the proposals,
and finally made the reply handed the
United States ambassador. The reply of
the government of India, upon which Lord
Salisbury based his decision. is long doc
ument, giving an emphatic negative to the
proposal to reopen the India minis. 1t
says:
Would Paralyze Trade and Industry.
1.-The first result Of the suggested meas
ures, II they were to succeed even tenn
porarily in their object, would be an intense
distrustance of Indian trade and industry.
There would be sudden rise in exchange,
which. IL the ratio of fifteen and one-half
to one were adopted, would be to about three
pence the rupee. Such a rise would be
TO kill our export trade for time, at least
unless the public were convinced that the
ARRANGEMENT would be permanent and have
the erect intended. The paralysis of trade