XXX DIVERS PUBLIC FUNCTIONS 83 



meet them by authorising and arranging that the 

 Bank of England should hold part of its reserve 

 in Silver — for which opinion he was taken sharply 

 to task by his old friend and colleague, Lord 

 Farrer. 



Abinger Hall, Dorkino, 

 1 October 1897. 



My dear Lubbock — If you really think that the 

 Bank ought under present circumstances to hold part 

 of its reserve in Silver, and that we ought to open the 

 Indian Mints to Silver if France and U.S. open their 

 Mints to Silver at 15| to 1, I do not see how it is possible 

 for us any longer to act together. The latter proposal 

 would be just as much Bimetallism as if England opened 

 her Mints to Silver, and we should through India be 

 parties to it. — Sincerely yours, Farrer. 



To this, Sir John opposed the following 

 defence : 



RusHMORE, Salisbury, 

 5/A October. 



My dear Farrer — I confess I see no reason to change 

 the opinions we expressed in the Report of the Gold and 

 Silver Commission. 



At the same time much has happened since then, and 

 as I quite agree with you with reference to the un- 

 desirability of change in any currency, I should not wish 

 to express a public opinion without more consideration. 



I do not myself for a moment believe that France and 

 the United States will reopen their Mints at 15| to 1, 

 and have been reluctant to show any division in the 

 Monometallic Camp, so that I have said nothing, and 

 do not for the present contemplate saying anything. 



If, however, our Committee wish it, I would prepare 

 a memorandum for their consideration, and place myself 

 in their hands. — Believe me, yours very sincerely, 



John Lubbock. 



The Lord Farrer. 



Lord Farrer went so far as to issue a circular 

 saying that Sir John's views were inconsistent 

 with his position as President of the Gold Standard 



