The Meeker herald., 1893-06-24
SENATOR woLcoTT ON SILVER.
He Presents Strong Arguments in Favor
of Free Coinage.

of Free Coinage.
In recent issue OF Rarpers' Weekly Soma
ator E. o. Wolcott presented his views on the
silver problem in the following strong article:
''Limtatations of space in this article nec-
cssarily exclude illustration, reference to
authorities, or extended argument, and state
ments mny seem dogmatic because brcviiy
prevents elaboration. Warrant and authority,
however, are believed to exist for every asser-
Hon made.
"At the outset it must be assumed, because
1t is true that the advocates of the adoption
of bimetallism by the United States are AMI
mated by an unselish devotion TO the public
welfare as broad, as lofty, and as ardent as
the adhcrents of any other financial policy.
They do not seek to build up one section as
the expense of another. No monopoly OF pa
triotir desire for the well-being of the whole
countr! exists IN any portion OF it. The In
terest OF the East and West are interviewer in
countless ways, and must be practically iden-
teal. Your capital has made possible the de-
yelopment of our resources; our industry and
courage have opened a fertile field for your
Investments.
1.-THE far West-and I speak of the section
west of the Tooth mcridian-ls practically
unit IN favor of the free and unlimited coinage
Of silver, through information al agreement aud
adoption II possible, but If not, then by the
United States without European cooperation.
THE advocates OF the policy are found in
all the political parties. They have. rs BIZ
metallists, no necessity or natural affiliations
with the Populist party, so called, nor are
they TO be classed with cranks or socialists.
Adherence TO the conviction that silver should
be restored to its old position as n money
metal Is consistent with belief, as to other
questions, in the principles OF either of the
great political parties. The vast majority OF
the people cherishlng these convictions are
solvent, intelligent, thoughtful citizens, to
whom the national well-being and the stabli
ty of our institutions are as dear as life itself.
They have no sympathy with pnternalism, or
with any movement which shall rob human
effort of the fruits of industry aud ability.
The overwhelming vote which this great sec
ton polled for the Populist ticket at the last
election was not because Of its belief in or
sympathy with the general gospel of dscon-
tent which that party preached In its plat
form, but solely that It might emphasize its
protest against the indifference or hostility
with which bimetallism was treated by both
of the great parties.
"'Tmc ripens all things few years
ago the advocate Of free coinage of silver was
looked upon as belonging TO the army OF the
long g-haired. To-day probably nlne-tenths of
the American people are convinced of the In
suticiency of the gold supply and the wisdom
of b-metallism, and there is hardly writer
on political economy or n student of finance
who does not advocate it, Men differ widely,
1t Is true, upon the vital question AS to
whether the United States can safely embark
upon the policy OF free coinage without
European cooperation, ana rs To the Nlstst
method of inducing other nations 10 Join In
the establishment OF the two metals, but us
to the dcsirability of bmctallism there is little
disagreement. 1t l. doubtful at this moment
whether the Brussels conference the Amcrl-
can delegates TO which are gentlemen of great
ability will reach any definite agreement, but
as an educator OF the public mind the confer
ence has done and Will do iucalculable good.
"The people Of the West are not gov
erned in their demand for free coinage
nrc large producers of silver. 1t In true
that the mining industry Is most important
one, giving employment, directly, to more
than n million people, and that its destruc-
ton means vast disaster to many communl-
ties, railroads and manufacturing enter.
prises; and the realization of this undoubtedly
intcnsiiics the feeling of certain sections on
the subject The West believes In the free
coinage OF silver because its people have been
taught, as has the whole civilized world, out
aide Of the money cCntcrs that the stock OF
gold is insufficient for the needs OF the world
in the transaction OF its business, and that
the annual supply applicable for coinage by
no means keeps pace with the growing de
mands OF commerce and Increasing populn-
tion, the development Of vast areas OF coun-
try, new industries which invention and en-
terprisc are creating, and the Infinite and
constantly extending needs for money rs n
medium OF exchange In new communities re-
rrr,tc from old commercial centers. Inc
general fall OF values during the past twenty
years Is attributable to the appreciation In
the value of gold, owing to It's limited and
insufficient supply, and followed the general
decentralization of silver by some countries
and the closing Of the mints of other coun-
tries to the further coinage OF silver. This
general and continued fall In prices benefits
nobody, unless 1t be annuitants, of whom
there are few in this country, and Is the
cause OF vast suffering and impovcrishmcnt
the world over. The United States has suf-
fered less than other countries, because of
the additional circulation which silver pur-
chases have afforded us, but We share IN tAc
depression because Cf the intimate relation of
our markets with those Of Europe. Some
day, possibly after another generation OF
further decline Ia values, aud still greater
suffering and poverty, the wrong will he
righted, and silver Hgain assume It's shar, in
sustaining the needed volume of money. We
do not believe II wise to walt the day Of Eu-
ropean consent. We live In the open, where
all around us are the evidences of tho vast
progress already made, and the sure promise
of future growth and prosperity We are
builders Of the new; our eyes rest on count
less acres whose virgin soil knows yet no fur
-ow, and on hill and mountain where the iron
and coal lie waiting the energy of man and
the growing needs Of n vast people who shall
inhabit the land. We reflect that the product
of these United States two years ago aggrc-
gated in value thirteen thousand millions of
dollars, that no other land presents a tlthc of
our possibilities for the future; and We cher
ish the conviction that If this great people
shall restore silver TO the pedestal from
which II was treacherously oyerthrown, no
financial disturbance will follow. We are a
hard money people, believing in the coinage
of both gold and silver moUey-a coinage
contemplated by the constitution and sane
Toned by generations of usage. Legislation
degraded silver as It would degrade gold If it
should be demonetized Legislation must re-
store IL.
"The legislation since silver was demone-
tized, in the line of restoring its use, plcascs
nobody, and is vicious, IN that 1t makes silver
n commodity. The Sherman act of 1890 in
creascs the purchases, but the storage of sill
yer, uncoined, is menace TO Europe, which
fears that 1t may be dumped as merchandise
on the foreign market. Bad as 1t is, however,
the Sherman act has been of infinite benefit
to the country. The increased circulation it
afforded prevented widespread financial dis
aster when the Argentine losses and the Bar
ing failure occurred. Since It's passage we
have prospered greatly in comparison with
other countries, and It's repeal would mean
further financial embarrassment.
THE opponents of silver, on the theory,
probably. Of giving a dog bad name have
laid every financial trouble that has arisen
for years at the door of the white metal For
instance, existing silver legislation, or the
conditions which II has produced, has no
more to do with the present gold etrinpencv