CO129-265 - Public Offices & Others - 1894 — Page 175

Mr Farifiel

Sir R. Meade

Shall Jask 7.0. Jor Copy of this for rec here?

Gu9575

You Please. Oh 5.5. Virs. Mr. M. Recven in his letter lays

Medie beacpar a 5% dupl

bullion!

Ruu

COPY.

No.79.

COMMERCIAL.

WASHINGTON,

REC

C.O.

9435

169

Red 31 MAY J4.

April 13th 1894.

My Lord,

I have the honour to enclose, herewith, a

report, taken from the Congressional Record, of a

debate which has just taken place in the Senate upon

a resolution introduced in that House by Senator

Wolcott on the 2nd instant, to empower the President

to open negotiations with Mexico with a view to the

coinage of Mexican dollars in the United States.

The greater part of the speech delivered by

Senator Wolcott in support of his resolution was devoted to pointing out that owing to the development

of Chinese Commerce there was an increasing demand in China for Mexican dollars, that the supply from Mexico was limited by the capacity of her mints and could not meet that demand, and that therefore the adoption of his plan would be of advantage to China, would not cause any injury to Mexico and would at the same time afford an opportunity to the United States to utilize its bullion and foster its silver mining interests.

It was simply a commercial matter and had no relation to the Silver question on the principle of

bimetallism.

The Senator, nevertheless then proceeded to criticize at some length the policy of the Indian Government in closing the Mints in India, and he observed that the result of that measure was that

while