Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-01-26
woLcoTT TALKS OF HIS WORK.
He Relates to His Colleagues His Mis-.
sion, Its Efforts and Failure.


In the Senate Monday rator Wolcott
took occasion 10 make his first statement
as to the recent mission in Europe of the
monetary commission, charged with the
effort to bring about an agreement with
the trans Atlantic nations for the further
use of silver in the money of the world.
Wolcott introduced his subject by say.
ing he proposed to make a statement re-
specting certain phases of the work of the
recent bimetallic commission of which he
was member. He would speak unofi-
cially, not committing his associates to
his opinions, and avoiding so far as pos
sible everything which Diight give rise to
controversy.
He said that all three members of the
commission were bimetallists--a fact fully
known to the President when he selected
them. Whatever measure of success or
failure the commission met with it had
been hampered by no lack of authority
or sanction or administrative support. The
commission had been of one mind through.
out. 1t had been given full powers. and
it had not been hampered in the exercise
of them. Our ambassadors had co-operat-
ed with the commission under strict in
structioIs from the home government
And the President of the United States
extended TO the mission his answering
support in all efforts to bring about an
international agreement.
There has been no moment in which
we have not known that back of our eff
forts was the earnest desire of the chief
executive to carry out in its integrity the
Of fbA, ~. a.. 4
iican party, pledging ii TO every effort to
bring about an international bimetallic
agreement
lie said the commission went first to
France, because of the large silver circu-
lation there aud the French premier's
belief in bimetallism. An agreement was
reached with that country. and with the
representatives of that country the COM
mission proceeded to Lonaon. where in
dications were veiy favorable. The COM
mission had 40 expectation that Great
Britain wou.d abandon the gold standard,
but lad reason to suppose it would open
the mints of India to free coinage.
Ii the commission had succeeded in this
1t would have had an agreement in behalf
of the nations using more than half the
age before an international bimetallic con-
ference was called. The official treatment
of the commission by tho British Govern
ment was most courteous throughout. but
he characterized the utterances of some of
the London press as brutal" and he as
serted that these papers were dominated
by the allied banking element 1t might
be, he added, that political considerations
made the reply of tAe Indian Government
obJecting TO reopening of the Indian
mints to silver, not unwelcome to the
British ministry, but he did not believe It
dictated that reply. The position taken
by the Indian Government greatly sur
prised the commission, which had reason
to believe that India would welcome the
reopening of her mints TO the white metal.
He believed it was equally surprising to
the English ministry.
The position of the Indian Government
is inexplicable. That country's savings
are mostly in silver and had been halved
by the closing of the mints. She Is at a
disadvantage with neighboring nations in
the matter of exports; her currency is in
sufficient and steadily decreasing and the
recent famine was one of money rather
for the starving were in money. rather
than in grain. Rice was abundant
throughout the famine period at a trifie
over cent a pound, or cheaper than
wheat in England
Among the obstacles with which the
commission had to contend was the re-
markable drop in silver and the coincident
tariff legislation, together with the state
ments of New York bankers in England
to the effect that the American people do
not favor bimetallism, and the commits
sion was merely sent as sop to few far
westerners; that bimetallism In the Unit
ed States was dead and that the Presi-
dent was really a gold standard man. The
commission was also attacked by the ex-
treme free silver men, who predicted fail
ure.
All these, however, he did not believe
affected the outcome. He expressed the
opinion that an international bimetallic
agreement is hopeless for the present, es-
pecially while the nations OF Europe are
piling up gold. With certain modifica-
tions, however, he believed such an agree
ment was still feasible. 1t might be nee
essary to change the ratio to, say, 20 to /.