River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-01-20
HE TELLS OF IT'S WORK.
Senator Wolcott's Story of Doings
of Bimetallic Commission.
Furtherance of Its Plans Blocked by
Great Observation-Disclosures Internal
tionaI Agreement Can sim
he Brought About.


he Brought About.
Washington, Jan. is. = Senator Ed
ward Wolcott, of Colorado, addressed
the s-pate Monday on the subject of the
bimetallic commissions trip to Europe.
Following is part of his speech.
1t was perfectly realized from the be-
ginning, he said. that bimetallsm for Eng
land was out of the question. india was
the vital point of all the negotiations with
England, and all other proposals were
Insignificant In comparison with that re-
specting the reopening of the minis OF
India TO the unlimited coinage OF silver,
and the repeal of the order pertaining to
gold to be paid for government dues anS
to be exchanged for government rupees"
Mr.. Wolcott spoke at some length upon
the conditions in India, explaining the
value of the rupee since the closing of the
mints TO silver in 1898 The closing OF the
mints had, he said, created wide dissatis-
faction, and there was a general impress
sion that the Indian government would be
glad to retrace its steps.
ITO u.s. Mr.. Wolcott continued, tho
India situation is inexplicable. Millions
81 people, most of them extremely poor,
have for years invested all their savings
| In silver. These Accommodations a few
years ago were worth s.. 600 000.0 600 and more.
To-day they are worth less than half that
sum. BY the closing OF the India mints
and the artificial gold value given to sill
yer India is at great disadvantage with
tho neighboring countries, the exports OF
which are stimulated by the higher pre-
MUM on gold, and they are robbing In
dia Of much of her manufacturing and eX-
port trade. The present policy infiicts upon
India, as WELL the evils of an insufficient
and steadily lessening currency. evils
which the vicissitudes of that dependency
during the past u months have served TO
emphasize.
THE world has heard much of the famine
/ n India and OF the great funds subscribed
| for its victims. 1t has not been. however,
| 30 generally known that the famine was
| one of money rather than food; that the
contributions were chiefly foEwarded to
India In the form of money and not grain,
and that during the whole period of the
famine rice was abundant where men were
starving and its price was but trife over
a cent pound less than the price Of wheat
in England. For all these evils, the loss
In the value Of the savings of the people,
| the disadvantage Of different purchasing
value for silver in India from that which
prevailed In China. the evils Of an insult
ncient volume of money and the enormous
| injury which commerce suffers through
violent fluctuations in the rate OF eX-
| change, we offered what we believed to be
4 remedy. Our offer was refused, and the
| refusal must be considered as final until
the failure of the experiment upon which
| the Indian government has entered shall
be demonstrated"
| Here Mr.. Wolcott announced his inten-
ton to retire from the commission. He
| said:
at IS my sincere conviction that an in
/ ternational bimetallic agreement Is still
/ feasible, by the terms OF which certain
! countries will join US and open their mints
| to the unlimited coinage OF silver. and
others will contribute TO the plan an en-
larged use of that metal as money, and ]
! say this the more freely because ! shall
! give way upon the commission TO some
body more fitted for such negotiations and
better able to give them his constant time.
This result cannot be brought about with
| put the expenditure of both time and pa
tience, and the persons intrusted with the
| duty of negotiation must have back Of them
he hearty support Of the president and OF
/ congress"
He thought il might be necessary to
change the ratio to something like twenty
TO one.
At this point he referred TO the attitude
IF Secretary Gage on the financial ques-
| ion. contrasting it with the presidents
position, his words OH this point being as
! tollows
when congress convened on the 9TH OF
! asst month, the president, in his references
/ 10 the subject of international bime tallism,
! spoke earnestly and anXiously OF his de-
/ tire to see an international bmetallic
agreement consummated. His assurances
gave renewed hope to bimetallists all over
! The country, and seemed final and conclu-
4 siVe answer to those who had claimed that
/ he president was not in earnest in his eff
/ forts toward international bimetallism
/ For myself ! needed no such proof. l had
again and again been made to know how
/ genuine was the presidents devotion to
! this settlement Of the vexed question.
( Within a fortnight after this, with no
/ event meanwhile which would change ex-
sting conditions, the secretary of the treas
I airy in support of a bill which he has
No. =
/ follows to a committee of congress"
! (Here he quoted the remarks of the Sec
/ .etary of the treasury
THE two statements are utterly al va
/ rance" he continued, land contradictory
I o each other They cannot be reconciled.
This is not the proper occasion to analyZe
The bill of the secretary. 1t will reach
4 limbo long before it reaches the senate
! Continuing his presentation OF the de-
SRA bility of an international agreement,
/ which had been depressed from to score
/ the treasury, Mr.. Wolcott said: What
ever differences Of opinion may exist as
/ TO the ability of this country to maintain
alone the parity between silver and gold
there is no question that the concurrence
of other nations would help and not him
( der the cause OF bmetallism in the United
States, and efforts TO secure II ought to
receive the cordial support of every citi-
zen who is opposed TO gold monome tallsm
/ International bimetallism is not myth, a
/ chlmera The people Of Europe are, even
as we are, struggling to keep their heads
/ above water and seeking blindly for that
which they may make for prosperity and
/ progress
/ Much of the recent legislation In Eu-
4 rope looking to the increase of gold hold
\ lngs and the depreciation of silver finds
/ its origin in the exigencies of a situation
where readiness for war Is the paramount
| necessity. There is hardly a statesman
/ In Europe who believes the last word has
yet been said upon the question OF the re-
monetizaton of silver, and hardly one
who would not welcome an effort to settle
/ the question internationally. Only few
I days ago. Just before Christmas. in de-
! bate in the French chamber NJ Meline
French government was as one with the
( lism.
IN the face OF such a declaration it is
( as cowardly to abandon hope as it is false
/ to talk about failure. l-te-aa tiona BIZ
metallism is to the gold monometallists a
stumbling block and to the silver mono
metallists foolishness, but 1t is ueverthe-
/ less a splendid possibility; its accomplish
ment would be the greatest blessing that
could befall our people, and to achieve il
we might well afford to sink for the time
| the hostilities OF party and the chickering's
| Of factions"
Buys Five Hundred Reindeer.
/ Washington, Jan. 1S.-A telegram
was received at the war department
/ from DR.. Jackson at Trondhjem, Nor
IN.