Rensselaer Semi-Weekly Republican, Volume 19, Number 24, Rensselaer, Jasper County, 26 November 1897 — REPORT ON BIMETALLISM. [ARTICLE]

REPORT ON BIMETALLISM.

Official Documenta Concerning th* Subject Are Received. The official report of the correspondence in regard to the bimetallic proposals of the United States monetary commission to the Government of Great Britain, together with the report of the proceedings at the conference of the British premier, the secretary of state for India, the first lord of the treasury and the chancellor of the exchequer, with the French ambassador and our commissioners, has reached this country. It fully confirms the reports cabled to America Oet. 21 and 22. The negotiations fell through, notwithstanding the expressed willingness of the French Government to open its mints, owing to the rejection by the British Government of the proposition to again open the Indian mints to the free coinage of silver. None of the other propositions were replied to, because that one, the most important concession requested of Great Britain, could not be acceded to. The Government of Great Britain, in making her answer, deferred to the wishes of the Government of India, to. which the proposal was referred, and the reply of the Government of India, therefore, is the most important communication in the correspondence. It is a lengthy document, in which the advantages pro and cod 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 values in India, with the attendant paralysis of trade, at least temporarily, the fall of silver prices in India, concurrently with the increase of gold prices in Europe and America, etc., are advanced, but the most potent reason urged against the proposition is that the burden of failure, if failure should come from the experiment for thei re-establishment of bimetallism by France and the United States, must fa> evitably fall on India. Both the United States and France, the reply urges, with their supply of gold could to a greater or less extent protect themselves if the experiment did not succeed. In other words, the Indian Government, as a preliminary proposition, declared that it could not risx the success of the suggested measures. This definite and absolute 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 were sufficiently broadened India might be willing to reconsider her refusal.