The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-01-22
HE TELLS OF IT'S WORK.
Senator Wolcott's Story Of Doings
OF Bimetallic Commission.
maintenance of Its Plans BIociScd by
Great Observation-Disclosures internn-
fIonaI Agreement Can SIN
lie Brought About.


ward Wolcott, OF Colorado, addressed
the s~nate Monday on the subject of the
bimetallic commissions trip TO Europe.
Following is part of his speech.
II was perfectly realized from the be-
ginning. he said. that bimetalllsm 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 10 the unlimited coinage OF silver,
and the repeal OF the order pertaining TO
gold 20 be paid for government dues and
20 be exchanged for government rupees
Mr.. WOlcou spoke at some length upon
the conditions IN India. explaining the
value OF the rupee since the closing or the
minis 20 silver In 1888 The closing OF tho
mints had. he said, created wide dissatis-
faction, and there was a general impress
sion that the Indian government would be
glad 10 retrace its steps.
ITO u.s." MIR. Wolcott continued, "the
india situation is lnexplicable. Millions
OF people. most OF them extremely poor,
have for years invested all their savings
fn silver. These denominations a few
years ago were worth s.. 900. ,OOC 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 sil-
yer. India is AT a great disadvantage with
the neighborug 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 iniicts upon
India, az well the evils or an in5ufncient
and steadily lessening currency. evils
which the vicissltudes Of that dependency
during the past II months have served 10
emphasize.
'~rhe world has heard much OF the famine
tn India and OF the great funds subscribed
for It's victims. IT has not been, however.
so generally known that the famine was
one OF money rather than food; that the
contributions were chiefly forwarded 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 ard its price was but trifie over
a cent pound less than the price OF wheat
in England For all these evils. the loss
In the value or the savings OF the people,
She disadvantage OF different purchasing
value for silver Ia India from that which
prevailed Ia China. the evils OF an insult
ncient volume OF money and the enormous
injury which commerce suffers through
violent fluctuations IA the rate OF eX-
change. we offered what we believed 10 he
a remedy. our offer was refused, and tho
refusal must be considered final until
the failure or the experiment upon which
the Indian government has entered shall
be demonstrated"
Here Mr.. Wolcott announced his iuten-
tion TO retire from the commission. lie
said;
"It Is my sincere conviction that an In
eernational bimetallic agreement Is still
feasible, by the terms or which certain
countries VIII join US and open their minis
Go the unlimited coinage Of silver, and
others will contribute TO the plan an en-
larged use Of that metal money, and
say this the more freely because / shall
give way upon the commission 10 some
body more fitted for such negotiations and
better able to give them his constant time
This result cannot be brought about with
out the expenditure OF both time and pa
tiencc, and the persons lntrusted with the
duty OF negotiation must have back Of them
the hearty support OF the president and Of
congress"
re thought II might be necessary to
change the ratio 10 something like twenty
20 one.
AZ this point he referred 20 the attitude
OF Secretary Gage on the financial ques-
tion. contrasting IL with the presidents
position, his words on this point being as
follows;
"When congress convened or the 7th OF
last month, the presidcnA IN his references
no the subject OF international bimetallsm,
spoke earnestly and anXiously of his de-
sire TO see an international bimetailic
agreement consummated. His assurances
gave renewed hope 10 bimetallists all over
the country, and seemed final and conclu-
Hive answer TO those who had claimed that
the president was not In earnest In HIS cf-
forts toward international bimetalllsm
Tor myself ] needed no such proof had
again and again been made 20 know how
genuine was the presidents devotion e.
this settlement OF the vexcd question.
Within "A fortnight after this, with no
event meanwhile which would change ex-
isting ccnuitions. the secretary OF the treas
ury IN support Of bin which he has
prepared respecting tte currency said az
follows 20 eommittes of congress-"
tiaere be quoted mo remarks OF the sec.
rctary OF the treastryl
The two statements are utterly al pas
Rance" he continued, land contradictory
60 each other. They cannot be 4ee arctlS1
This Is not the proper occasion n anAiyza
1he bin or the secretary. III Will reach
limbo long before Il reaches the senate
Continuing his presentation Of the de-
STABILITY Of an international agree cnt
which had been dgrcssed from tc core
the treasury. Mr. Molcott Said. WHAT.
ever differences Of opinion may exist as
20 the ability OF this country TO maintain
alone the parity between silver ana gold.
there Is no question That the concurrence
OF other nations would help and not him
der the cause or bimVtaiilSfn Ia the United
States. and efforts 20 secure II ought 10
receive the cordial support or every citi-
xen who IN opposed 10 sold mOnometailism.
international biinftalllsn is not a myth, a
-chimera. The people OF Europe are, even
as we are, struggling 10 Aeep their heads
above water and seeking blindly for that
which they may make for prosperity and
progress.
Much OF tho recent legislation In Eu-
rope looking TO the increase OF gold hold
tngs and the depreciation OF silver finds
It's origin IN the exigencics 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
days ago, just before Christmas Ia a de-
bate In the French chamber NJ Mollne
again declared from the tribune that the
French government was as ono with the
United stntos on the question OF blmetai-
liam.
IN the face OF such declaration II IN
as cOwardly 10 abandon hope "a II ~ false
20 talk about failure. International BIZ
metallism Is TO the gold monometalllsts n
stumbling block and 10 the silver mono-
mctailists foolishness, but II Is neverthe-
less a splendid possibility; It's accomplish
meni would be the greatest blessing that
could befail our people. and to achieve II
Nc might well afford TO sink for the time
the hostilities OF party and the chickering's
OF factions"
Duys Five Hundred Reindeer.