Crawford avalanche. (Grayling, Mich.) 1879-19??, 1898-01-27
woLcoTT TALKS OF HIS WORK.
He Relates to His Colleagues His Mis-
sion, Its Efforts and Failure.

sion, It's Efforts and Fsilure.
In the Senate Monday Senator Wolcott
took occasion to 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 transatlantic 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 unofh-
cially, not committing his associates to
his opinions, and avoiding SO far as pos
sible everything which might 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 il 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
structions 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 ef-
forts was the earnest desire OF the chief
executive to carry out in its integrity the
provisions of the platform OF the Repub-
lican party, pledging it to every effort to
bring about an international bimetallic
agreement"
He said the commission went first to
France, because of the large silver circu-
lation there and 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 London, where in
dications were very favorable. The COM
mission had no expectation that Great
Britain would abandon the gold standard,
but had reason to suppose it would open
the mints of India to free coinage.
If the commission had succeeded in this
| 1t would have had an agreement in behalf
OF the nations using more than half the
silver money in the world for free coin
| age before an international bimetallic con-
ference was called. The official treatment
of the commission by the 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 the Indian Government
| III IN % ha
| 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 Mt 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
than Of food. Contributions forwarded
for the starving were i'm money, rather
than in grain. Rice was abundant
throughout the famine period at a trifie
over a 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 a sop to few far
westerners; that bimetallism in the Unit
ed States was dead and that the Presi-
dent was really 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 1.