The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-18

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the evils of an insufficient volume of money
and the enormous injury which commerce
suffers through violent fluctuations in rate
OF exchange, we offered what we believed
TO be remedy. Our offer was refused.
and the refusal must he considered as final
unui the failure of the experiment upon
Whleh the india government has entered
shall be demonstrated. There was one over
sight III communicating the so-called pro-
posals 10 the. India government. 1t was
distinctly underst pod ct all of our inter-
views 10 be a condition of the assent OF
any country TO an agreement that IL should
De entirely satisfied that the plan was pro-
posed, because OF the adhesion of suf1-
eIent number of other nations or other
wise would secure the maintenance of the
parity proposed Had this been fully un-
derstood ii is possible though not probable.
that q somewhat different answer would
nave been returned from India.''
BRITAIN IN THE WAY.
Mr.. Wolcott summarized the present situ-
alton by saying that il is apparent that
for the time being it is useless to count on
any cooperation from Great Britain to-
wards bimetallic agreement, and that,
while France actively desires to see silver
restored to its old position as standard of
value equally with gold she insists that the
problem is one which demands international
action and the cooperation, to some ade-
quate extent. of other leading commercial
nations of the world.
Questions of possible future negotiations
between France, the United States and
other countries and the question of change
of ratio are for the moment held in abey-
ance, he said. while we hope for con-
tinued joint action. France owes no further
duty to us. She stood shoulder to shoulder
WIN us in our attempt to secure from Eng
land even the concessions she voluntarily
oHered a few months ago. I'm days when
the influence of the money-lender is potent
ifol of 8 md
dominates courts and. national policies, the
Ministry OF France stood fearleSsy by the
interests of the whole people and counted
the " eifare OF its hundreds of thousands of
small holders of land. dependent for their
existence upon the fruits of the soil, as
paramount to that of the powerful class
winch wants money dear and grain cheap"
Here Mr.. Wolcott announced his inten-
ton TO retire from the commission. He said:
1t is my sincere conviction that an inter-
national pimetaliic agree ment Is stlll feas-
lble, by the terms OF which certain coun-
tries VIII join us and open their minis to
the unlimited coinage OF silver and others
will contribute to the plan an enlarged use
CT that metal as money and / say this the
more freely because | shall give way upon
the commission to SOMEBODY more fitted for
such negotiations and better able to give
them his constant time This result cannot
be brought about without the expenditure
or both time and patience, and the persons
intrusted with the duty of negotiation must
have back of them the hearty support of
the PRESIDENT and Congress; He thought
to some thing like twenty to one.
At this point ne referred to the attitude
Of Secretary Gage on the financial ques-
ton, contrasting it with the Presidents po-
sition, his words on this point being as fol-
lows: when Congress convened on the 7th
of last month, the President, in his refer.
metalsm spoke earnestly and anxiously
or his desire @ see an International BIZ
metallic agreement contaminated His as
sur2nces gave renewed hope to bimetaiiiSts
all over the country, ana seemed final and
conclusive answer to those who had claimed
that the President was not in earnest in
his efforts towards International bimetal
ism. For myself / needed no such proof.
| had again and again been maze to know
how, genuine was, the Presidents devotion
Within q fortnight after this, with no event
meanwhile which would change existing
conditions, the secretary of the treasury
in support of bill which he had prepared
respecting the currency, said as follows to
a committee OF Congress-" Here he quoted
the. remarks Of the secretary of the treas
ury.
CAGES PLAN CRITICISED.
The two statements are utterly at vari-
ance," he continued, land contradictory to
each other. They cannot be reconciled.
This is not the proper occasion to analyze
the bill of the secretary. 1t will reach linn
DO long before it reaches the Senate. He
proposes to capitalize the premium on our
bonds sold recently and to make them.
with others to be issued, security def
nitely payable in gold. He forgets that only
a few months ago, when the country, was
in dire distress, we were compelled to pay
$9,00O,O0O for the privilege of keeping the
word gold out of some of these very bonds.
He ought not to forget for the bank Of
which he was president got, it is said, some
of the bonds and received some of the pro-
ceeds of that deplorable transaction. But
dot not intend to discusSEthe bill which the
dorse, and it Is premature to criticise the
secretarys Repubiicanism, for his advent
into the party and the Cabinet Were prac-
tlcaily contemporaneous. We must accept
the situation. In my opinion, the great ma
jorfty OF the members of the Republican
party are bimetallists, and the fact that
they are misrepresented by a Cabinet Off
Ger is not pleasing, but it is endurable. The
selection of the members of his official
household is the PRESIDENTS own affair, and
so long as he stands upon the question of
bimetallism where he has ever stood there
is no serious ground for apprehension. But
even in the inconceiVable event that the
chief magistrate of this people should, in
the exercise Of his judgment. determine to
countenance the final fastening upon this
country OF the burdens OF the gold stand
ard l trust we may still find warrant for
faith and hope in the pledges of the party
and the wisdom of its counsels. We will
cross our bridges when we come to them.
The time when this country will submit to
the final imposition of gold monometallism
as far away
ability of an international agreement
which had been diegressed from to refer to
the secretary of the treasury, Mr.. Wolcott
said: Whatever differences of opinion may
exist as to the ability of this country alone
TO maintain the parity between silver and
gold, there is no question that the concur
renee of other nations would help and not
hinder the cause of bmetaliSm in the
United States and efforts TO secure 1t ought
to secure the cordial support of every citi-
zen who is opposed to gold monometallism
International bimetallism IL not a myth. IL
chimera. The people of Europe are, even
as we are. struggling TO keep their heads
above 3vtter and seeking blndly for that
which may make for prosperity and for
progress. International bime tallism
is to the gald monOmetalsts q stumbling
block and to the silver monometallists fool
ishness. but ii is, nevertheless. a splendid
possibility; it's accomplishment would be the
greatest blessing that could befall our peo-
pie. and to achieve ii we might well afford
TO sink for the time the hostiities of party
and the chickering's of factions"
At the close of Mr.. Woicott's speech, the
immigration bill was taken up and disposed
of. Consideration of bills on the calen-
dar was next in order. Among the meas
Ures &C MS dered was one called up by Mr.
Hansbrough, amending Section 1894 of the
Offices and receivers Of public moneys for
be liable under their bonds for all moneys
received by them for the sale of Indian
lands. The bill was passed.
4 Biscuit Trust Deal.