The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-26
STATEMENT FHosl WOLCoTT.
The Senator's View of the Action TAX
en- by ia as tn GOId.

WASHINGTON. March Ex-senator VOL
colt. who has interested himself so much
In International bimetallism. expressed the
opinion to-day that the recent action of
Japan in attempting TO depreciate silver
would hasten International action to re-
store the equality of the two metals and
made the following statement giving his
reasons fer this belief:
The monetary situation i'm Japan is not
only interesting, but most far reaching and
perhaps not generally understood. The re-
suit which Japan seeks is to make per-
manent the depreciation OF silver in relation
10 gold and to preserve thereby the adj
vantages which this depreciation naturally
gives to Japanese agriculture and Japanese
industries and IL is not in any sense an at
tempt to equalize values. There was a time
in the history of the United States when
we might have taken a step identical with
that which Japan now proposes. IL. during
the years of our civil war. when orr money
was worth but 80 per cent. of the gold
cellar, we had by law declared that hence
Iofth our dollar should be of the value of
~ cents only in gold. our legislation would
nave been parallel with that which Japan
exidently intends We chose to follow a
Inherent path. The action of Japan ac-
cords in a measure with that of Austria a
Few years since. and with the action pro-
Jected in Russia with this difference: Aus
tr1a forced the permanent depreciation of
It's money. measured in gold. TO the extent
of some l6 per cent: Russia will establish
a reduction or about 3 per cent. i'm the
value of its rouble. while japan proposes
to permanently depreciate its exchange.
relative to gold. so as to lower the value
OF the yen to about As cents on the dollar.
The action of Japan must not be construed
as an attempt to establish and maintain a
gold standard; 1t is simply an attempt TO
preserve the economic advantages which
she at present enjoys because of the gold
premium which exists in Japan. and this at
the expense of the great commercial coun-
tries of the world which have heretofore
maintained the stability Of their coinage as
We'll as their financial integrity. OF course.
at the present price of silver measured by
gold. the result OF the action Of Japan
would be to drive all it's silver out of that
country. 1t Is premature. however. to at
tempt to forecast the full effect of her ac-
tion in this respect. The course of japan
must, in my opinion. only serve TO hasten
some agreement between the leading COM
mercial nations of the world looking To a
settlement of this question upon an inter
national basis"
Senator Jones. of Arkansas. chairman of
the Democratic national committee. has re-
Gently received two letters from England
regarding the prospects OF bimetallism by
1nternatlonal agreement. One of them says
the gold STANDARD is more firmly fixed i'm
England now than ever before and the
other says that the times seem to be very
favorable for bimetallism and expresses
the Defef that in case the United States
should make the proper effort that bimetal-
ism might be brought about.