I did not state to Mr. Balfour exactly what I thought the
contribution of England to this result ought to be. He, on
the other hand, did not tell me what he thought she would
do. I did not, of course, expect that England would establish
the free coinage of silver for her own domestic purposes.
But I thought it quite likely that she would declare her cordial
approval of the proposed arrangement between the other countries,
and would reopen her India mints to the free coinage of the
rupee, and maintain the silver standard for the Queen's three
hundred million subjects in Asia. This contribution, I thought,
if Great Britain went no farther, would give great support
to silver, and would ensure the success of the concerted attempt
of the other commercial nations to restore silver to its old
place.
Mr. Balfour expressed his assent to my proposal, and entered
heartily into the scheme. He said he would be very happy
indeed to make such a declaration. I suggested to him that
I had been authorized to say, by one or two gentlemen with
whom I had talked, that, if he were willing, a deputation
of the friends of Bimetallism would wait upon him, to whom
he could express his opinion and purpose.
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