The state herald., 1898-01-21

~ Wltll nv 'billtS uppi ihNiu'iOh' "h'
that they should he led to character
ize proposals as 'lmpertncnt which
! were made only uron the request of
! their own government.
ut was perfectly realized from the
beginning" he said that bimctallism
for England was out of the question.
India was the vital point of all the ne
gotiations with England. and all other
proposals were insignificant In COM
parlson with that respecting the re-
opening Of the mnts of India to the
unlimited coinage of silver, and the
repeal Of the order permitting gold to
be paid for government dues and to be
exchanged for government rupees
Mr. Wolcott spoke at some length
upon the conditions in India, explain
ing the value of the rupee since the
closing of the mints to silver in 1S'Ii
The closing of the mintS had, he said.
"crcntcd wide dissatisfaction and there
was II general impression that the III
dian government would he glad to re-
trace its steps.
MANY English monomctallists of
wide influence believe the policy TO be
II mistaken one" he said. "and would
he glad to see the Indian mints re-
opened If II could he done without
stimulating the cause of bimetnlllsm
and us II separate and distinct action.
"Thcre was general opinion not
limited to England that the Indian
government would he quick 10 avail
itself of nm opportunity TO reopen It's
mints and would welcome another in
tcrna,ional attempt towards bimclal-
lism that would raise the value of sill
yer. and would he glad to cooperate
with us In such an attempt. This be-
lief found expression in the speech of
the chancellor of the cNchcquer of
March 18th, and am sure that | rio-
late no confidence when | say the an
swcr of the Indian government pro
testing against rcopcning the Indian
mints was ms much n surprise to the
English ministry as II was n disap-
pointmeut TO us. While the protest
was not final. and while the English
government In London could have
overrulcd the objection from India,
yet such action would have been CON
trary To all precedent. As a matter of
fact. the home government. II is said,
unanimously upheld the report.
Frequent statements in our papers
assert that the answer of India was
dictated from London. II may be that
the blind and unreasoning fury Of the
city of London directed against my
suggestion of contributions or conccs-
slons to any International settlement
of the currency question which would
recognize silver, and which threatened
II panic and the overthrow of any min
istry which attempted II, may have
rendered the reply of the Indian gov
crnmcnt not wholly unwelcome: but
the policy outlined in the letter of
September 10Th signed by the viceroy
and his associates must stand ms the
deliberate and uniniluenccd Judgment
of that government"
80 us" Mr.. Wolcoti continued, "thc
India situation is incxplicablc. Mil
lions of people, most of them cN-
trcmely poor. have for years invested
all their savings In silver. These ac-
cumulatols n few wears ago were
worth thousand millions OF dollars
or more. To-day they are worth less
than half that sum. by the closing Of
the Indian mlnts and the artificial gold
value given to silver. India Is NJ great
disadvantage with the ncighboring
countries. the exports of which are
stimulated by tile higher premium On
gold. aud they are rohbing India of
much Of her manufacturing and export
trade. The present policy intlicts upon
India as well us the evils OF an unsuf-
iiccnt and steadily lcsscning currency.
evils which the vissiiudcs Of that de
lpcndcncy during the past twelve
months have served TO emphasize.
THE world has heard much Of the
famine In India and Of the great funds
subscribed for It's victims. II has not
been. however. So generally known
that the famine was one of money
rather than food; that the contribu-
iions were chiefly forwarded to India
in the form OF money aud not grain,
and that during the whole period of the
famine rice was abundant where men
We're starving and Its price was but n
trlilc over cent a pound. less than the
price of wheat In England. For all
these evils. the loss In value of the
savings Of the people. the disadvnn-
tagc OF different purchasing value
for silver In India from that which pre-
vailed In China, the evils OF an Insult.
Client volume Of money and the cnor-
nous injury which commerce suffered
through violent fluctuations In the rate
uf exchange We offered what We hc-
lipycd to he n remedy.
"Our OfTcr was refused aud the rr.
fusal must hc considered rs final until
the failure Of the experiment upon
which the India government has enter.
cd shall he demonstrated.
There was one oversight In com.
muulcatlng the so-csilled proposals Ia
the Indian government II was lia-
tinctly understood at all of our Inter
views In he n condition of the assent
of any country Ia any agreement that
II shall he entirely satisfied that the
lplan proposed. because Of the adhesion
Of sufficient number of other nations,
or otherwise. would secure the main.
tnincncc Of the parity proposed. Had
this been fully understood. II Is pos,
siblr. though not probable. that n some
what different answer would have ~,
turned from India"
Mr.. Wulcoit next enumerated the oh
siaclcs with which the commission has
To contend, In which he included tile
remarkable drop In the price of silver.
the cuincidcni mrlif legislation IN the
United States and the statements of
New York bankers In England. who.
he said, sought access io the English
officials and assured them that any
sentiment which Ind formerly existed
In the United States for blmcinlllHn
was dead. other statements made by
the bankers. according to Mr.. Woleott,
were the following;
That the mission was sent solely ns
a sop tn u few far western Rruuhli
ems that the nublIr generally favored