New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-06
SENATOR WOLCOTTS RECEPTION.

In cable dispatch which appears in another
column Of this paper the London correspondent
OF The Tribune conveys some interesting In
formation concerning the reception which Sen
ator Wolcott Is likely to meet In England. and
the difficulties he will encounter in his en-
deavors to revive the interest Of leading COM
mercal nations in the subject Of bimetallism
An unusually cordial reception is anticipated for
him, not only because Of the lately renewed
friendly relations between this and the mother
country, but on his own account personally. his
attitude in the Senate during the tendency of
the Venezuela dispute and his conservative
speech on that subject having commended him
to specially favorable consideration. The social
attentions which he Is expected to receive will
undoubtedly be gratifying to him while con-
tributing to promote increased friendliness be-
tween the two nations. Let us hope also that
they will serve to compensate him for any feel
ing Of disappointment he may experience at the
non-success Of what is generally spoken Of as his
mission" abroad. That MISSION as Is well I'M
derstood. and as he himself took pains to make
known before his departure. is entirely unofi-
cial Senator Wolcott is not authorized to repre-
sent in any sense either Mr.. Mckinley or the
sent any more than very small minority Of the
party responsible for the incoming Administra-
tion 1t is hardly necessary to say this, for Sem
ator Wolcott is too frank and outspoken to per-
nit moments doubt as to the fact to remain
In the mind Of any one.
Consequently when the London bankers ask
him, as Mr.. Ford anticipates they will at the
outset, what ratio between gold and silver he
has to propose tentatively on his own behalf or
sympathetically on the part Of Mr.. Mckinley, he
will be obliged to answer-if, indeed, he is pre-
pared to give categorical answer to so specific
an inqury-for himself alone. 1t Is just pos
sible that he may bear q commission from the
organization known as the Bimetallic League,
but If that or any other body Of bimetallists has
seriously considered any other ratio than the ut
terly impossible one Of 16 to 1t Is not publicly
known. When they ask what he has to offer
England in return for the abandonment or
compromise Of the principle of the single gold
standard, we apprehend that even Senator VOL
colts readiness of resource. ingenuity in argu-
ment and fertility in expedlents will be put to
quite impossible task. However that may be,
he will certainly enjoy the advantage Of an in
terchange Of views with men Of affairs, who
have made close study Of the principles OF
finance, and whose opinions are based upon ex-
tensive business experience without the admixt-
ure of POLITICAL in the sense Of partisan, or local
considerations In that clearer atmosphere 1t Is
not impossible that his own preconceived views
may undergo some notification
Our correspondents observations upon the pos
sible effect of continued strngency in the money
market at home and in India, and the consequent
export of gold as tending to more favorable
consideration Of the object of Senator Wolcotts
mission, will be read with interest. The three
concessions which have been discussed Mt in
formal conferences between the financial au-
thoritles of the British Government. the officials
of the Bank Of England and other prominent
bankers are not unimportant, since they indi-
cate willingness to reopen discussion. But the
changes proposed are so slight that they will
hardly be reckoned as concessions by even the
more moderate and conservative Of the bimetal-
lists represented by Senator Walcott. These con-
cesslons are the reopening OF the Indian minis
for silver coinage, the coinage Of f5OOOOOO
worth of silver in England, and an Increase Of
silver deposits in the Bank Of England to the
extent of o5 per cent Of the reserve.
As will be seen at glance, they 60 hut little
way toward satisfying the demands Of the hi
metallists: being hardly sufficient, in fact to fur
nish a basis for any new effort at an interna-
tional agreement. The most that can be said
Is that existing financial conditions in London
and In India are in a very slight degree more
favorable to such mission as that Of Senator
Wolcott than they have been for many years.
On the other hand, IL it be found that the pres
ent unusual pressure in the money markets has
not induced any material progress toward an
international agreement, It will go far to close
the question and permanently dismiss bimetal-
ism from the realm Of practical discussion.