The Monte Vista journal., 1898-01-22

| uSohASAk tAtot COutehS - 0oN ~
the stranger within the gates, especial
ly when he comes upon invitation, and
that they should he led to character
ixe proposals as 'impertinent' which
were made only upon the request OF
their own government.
ut was perfectly realized from the
beginning" he said Tint bimetallism
for England was out of the question.
India was the vital point OF all the me-
gOtiatiOns with England. and all other
proposals were Insignificant In COM
parison with that respecting the re-
opening of the mints 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.. Woicott 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 1Ses.
The closing OF the mnts had, he said,
created wide dissatisfaction and there
was n general impression that the In
dian government would be glad to re-
trace Its steps.
Many English mOnOmetallists OF
wide influence believe the policy to Ike
n mistaken one he said. land would
be glad to ace the Indian mints re-
opened. II II could be done without
stimulating the cause OF bimctallism
and ms separate and distinct action.
There was general opinion not
limited to England that the Indian
government would I've quick to avail
itself Of an opportunity to reopen It's
mints and would welcome another In
tcrnatiOnnl attempt towards bimetnl-
llsm That would raise the value OF sil-
yer. and would be glad to cooperate
with MS In such an attempt. This be-
lief found expression In the speech OF
the chancellor of the exchequer OF
March 18th. and am sure that viO-
late no confidence when I say the an
swer Of the Indian government pro-
testing against rcopcning the Indian
mints was MS much n surprise TO the
English ministry as it was n disap-
pointmcnt to u.s. 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-
trnry TO all precedent. As n matter OF
fact. the home government. II In 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-
sions to any international settlement
Of the currency question which would
recognize silver. and which threatened
a panic and the overthrow of any min
istry which attempted 1t. may have
rendered the reply Of the Indian gov
e,nment not wholly unwelcomc: but
the policy outlined In the letter of
September 10th signed by the viceroy
and his associates must stand as the
deliberate and unintiucnced Judgment
of that government"
"To u.s." Mr.. Wolcott continued, 'thc
India situation Is inexplicablc. Mil
lions Of people. most Of them ex-
treniely poor. hav. for years invested
all their savings in silver. These ac-
cumulatiols II few years ago were
worth n thousand millions Of dollars
or more. To-day they are worth less
than half that sum. by the closing Of
the Indian mints and the artificial gold
value given to silver. India is nt great
disadvantage with the ncighboriny
countries. the exports Of which are
stimulated by the higher premium on
0
much OF her manufacturing and export
trade The present policy infiIcts upon
India as well as the evils OF an unsuf-
ficIent and steadily lcsscning currency.
evils which ting vissIiudcs of that de-
pcndency during the past twelve
months have served to emphasize.
THE world has heard much Of the
famine in India aud Of the great funds
subscribed for Its victims. II has not
been. however. NO generally known
that the famine was one OF money
rather than food: that the contribu-
tlons were chiefly forwarded to India
In the form of money and not grain.
and that during the whole period OF the
/ famine rice WAS abundant where men
were starving and Its price was but a
trifc over n cent n pound. less than the
price OF wheat In England. For all
these evils, the loss In value Of the
savings of the people. the iIsadvan-
tag. 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 enor-
nous injury which commerce suffered
through violent fluctuations In the rate
OF exchange we offered what we be-
licycd Ia he n remedy.
I |s'Nf tUsf WIS Ft1ustu ana Inc re-
fusal must bc considered as final until
III. failure II the experiment upon
which the India government has enter.
.d shall he demonstrated.
There was one oversight In com
mrnica,Ing the ro-cnlied proposals 10
/ the Indian government. II was dis.
/ iinctly understood nt all OF our inter.
views to bc II condition of the assent
of amy country Ia amy agreement that
II shall h" entirely satisfied that the
plan proposed. because ~ the adhesion
Of n sufficient number ~ other mn niIons
or otherwise. would secure the main.
tnincncc IL the parity proposed. Had
this been fully understood. II Is nos.
sibic. though not probable. thnt n some.
what different answer would have ~.
turned from India"
| Mr. Wolcoit next enumerated the OBJ
siacl"s with which the commission has
to contend. In which h. Included the
remarkable drop Ia the price Of silver
the coincid.ni tariff 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 amy
scniimcn, which had formerly existed
In the United States for hiinctniiism
was dead. Other statement. made by
the bankers. according to Mr.. Woicoti.
were the following:
That the mission was sent solely ms
n sop Ia u few far western Rrpubii.
ems ihni the public generally favored
I