Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-22
ARE STIRRED
LETTER FROM SENATOR TELLER
ARoUSES BANKERS.
Writes Noted Bimetallist in London
Favoring Commission Plan OF
Exchange With India.

NEW YORK, December 2c-Something
like a sensation has been Created in Wall
street circles and others interested in the
financial world by the discovery in a
financial weekly published in Paris.
L'Economiste European. Of letter said
to have been written by Senator Henry
NJ Teller of Colorado. a member of the
.A'drich currency commission. to Moreton
Frewen, the we'll known bimetallist of
London, in which Senator Teller seems
plainly to indicate that the commission
has under consideration plan to issue
circulating notes secured by silver, If the
government of India will cooperate.
In his letter which is published in
French by the Economists in its issue Of
December 4. Senator Teller is quoted as
saying that he is personally in favor Of
the issue of small notes of limited legal
tender secured by silver, but that since
the purchase Of silver to secure such notes
would advance the price Of the metal to
figure where the government of India
might decide to melt down his rupees and
sell the metal. it is necessary for the cur
rency commission here to know what the
attitude Of the Indian government would
be. He says on this point:
Financing Of India.
W III Indl tlHuldD interest
itself officially in other inquiry to ques-
ton of the highest Importance for the
financing of India? Naturally, / ask this
Of you in an entirely informal way. We
will make the proposal officially if you
learn that 1t will be well received. but
we do not wish to expose ourselves to an
absolute refusal
The possibility that the Aldrich mis-
sion had been In any way considering the
issue of notes secured by silver. thus
bringing up again the old silver question.
set bankers in the financial district to
investigating the situation. What they
wanted to know most of all was whether
Senator Teller, who always has been
looked upon as an ardent champion Of
silver. actually has. as he seems to imply
in his. letter to Mr.. Frewen. the support
direct advances to the government OF
India upon a plan seriously considered,
to add to the circulation of the United
States silver notes.
Not Sanctioned by Commission.
Inquiries made by bankers to ascertain
whether Senator Teller's negotiations
with Mr. Frewen had the sanction Of
the entire Aldrich commission developed
the contrary to be the case. From men,
bers OF the commission. with whom these
bankers got In touch, the following
statement of the situation was obtained:
THE commission knows nothing Of Sem
ator Teller's correspondence with Mr..
Frewen. 1t never has even heard of the
letter published in Paris. which advocates
the issue of notes secured by silver and
seeks Mr.. Frewen's good ojces with the
government of India Mr.. Teller Is acting
absolutely Independently and alone"
Senator Teller, when seen today said
that in his letter to Mr.. Frewen he had
inadvertently used the pronoun we. He
added that his letter to Mr.. Frewen was
entirely personal and had been written
without consultation With the commits
sion. but he said that 1t was inevitable
during its labors, consider the question
Of exchange with India, which subject
was the basis Of his letter.