The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-14
THAT MONETARY FiASCO
THE COMMISSION TO TRY TO
chuRN UP A CONFERENCE.

But There Seems Little Hope. and the
Work Will Probably Be Confined
to Diplomatic Negotiation.
Washington, April 13.-The naming Of
three commissioners by President Mchm-
ley under the act Of the last Congress TO
promote bimetallism was the sub]ect
of considerable discussion about the cap
itol to-day. Almost without exception
the selections were commended. Sena-
tors regardless of party were pleased
with the selection of eX-Vice-Presldent
Stevenson. 1t appears that this selec-
ton was the Presidents own, no one APP
pearing. to urge his appointment. Inc
President desired Democrat who stood
high in his party and who was an earnest
silver man. He sent for Mr.. Stevenson
and after talking the subject over with
him decided to make him a member OF
the commission. PRESIDENT Mckinney
desired that the subject of international
bimetallsm should be lifted above party
politics and that the men selected should
he these who would work in harmony to-
ward bringing about an agreement. 1t
was also believed by the President that
the name Of Mr.. Stevenson would give
the commission great weight abroad.
Opposition to the scheme for interna-
tional bimetalhsm has developed from an
unexpected source. Morton FTewen, OF
England who has given great deal
Of attention to the subject and who mas
visited this country several times in the
interest Of silver, is now opposing an
international agreement and declares
that the money question is one which
each nation must settle for itself. Mr..
Frewen will oppose any agreement and
use his influence against the new COM
mission when It goes abroad.
Senator Wolcott said to-day that gold
standard countries would oppose any
further depreciation of silver and that
efforts were now being made to prevent
any further fall of silver in India; also
that the demand for gold by Japan IN
establishing gold standard, would cause
a drain Of gold from Europe which would
be resisted by gold countries. In the
United States, Senator WolcOtt antlci-
pates little opposition to bmetallsm
What opposition there is, Mr.. Wolcott
says, comes from the German bankers OF
New York, who are already fighting b.
metallism and whose opposition the COM
mission will meet when it goes to Eu-
rope.
Senator Wolcott further said that there
appears to be a mistaken impression that
the commission is appointed with the pur-
pose in view of having it represent the
United States at a conference only.
While the commission might be utilized
in that way, if a conference should be
held, its first work is to be of purely
diplomatic character, looking entirely to
securing European cooperation. Whether
there shall be conference at all Will
all depend upon how the advances of the
commissioners are received by the prln-
cipal powers.
ADLAI WILL DO HIS BEST.
Bloomington. ILL.,, April 13.-Ex-Vice
President Stevenson said to-day when
questioned about his appointment on the
Commission for the Promotion of an In
ternational Agreement:
Il appreciate the compliment paid to
me by the President, and will cheerfully
render what assistance | lcan to ac-
cOmplish the object of the Commission.
Il am bimetalist. | regard the re-
storation of silver to its proper money
function as the supreme question in our
own country and throughout the world.
The Importance of the question cannot
be overstated In this country the in
crease in the volume of business is be-
yond computation. In the light of these
facts the rehabilitation of silver is Il
prime necessity. Should its demonetiza-
ton become the settled policy, the evil
days upon which we have fallen but
dimly foreshadow consequences yet TO
come.
whatever our views may be as to thu
ability of our government to maintain the
free and unlimited coinage of silver with
out the cooperation of the leading coun-
tries of Europe, it may be safely as
sumed that every friend of silver in our
country will welcome international BIZ
metallism.
''As to the impossibility of the sue
cess of this commission, it is known that
the trend of public sentiment in Euro
pean countries, as well as our own, is
undoubtedly favorable to bimetallism.
MANY of the publicists of England
and Germany are in earnest accord with
our government upon this question.
Should public sentiment in those cOun-
tries justify, an international conference
would undoubtedly De calieu anu dclIOI
taken that would be deemed proper.
IONDONERS ARE PLEASED.
London, April 13.-The appointment
of Senator Il. 0. Wolcott, of Colorado,
the Hon. Charles J. Payne, of Boston,
and ex-Vice- President Stevenson, as COM
missioners to an international monetary
conference, under the act approved on
March last, ''for the promotion Of an
international agreement for bi-metallism'
has been received with the greatest sat
isfaction by the London bi-metaIlists who
anticipate solid progress through their
efforts, although Mr.. Stevenson is I'M
known here as a monetary expert
CONCLUDES HIS SPEECH.
LII lNon11or,t fon