The times., 1898-01-18
W0LC0TT TO THE SENATE
Colorado Man Tells of His Visit
Abroad.
A CONSERVATIVE STATEMENT
Sha arply Critioises the British Press,
which Was Discou rteous, and the
New York Bankers, who Were
officious and Mendacious-2O to L
Basis Proposed.

The very large gallery crowd which
assembled yesterday to hear the speech
of Senator Wolcott experienced a dis
appointment 1t had been given out
that he would relate his experience as
member of the triumvirate of inno-
cents abroad. who were used by this
administration as a sort of guarantee
OF good faith TO its silver adherents.
incidentally. for some reason, Mr..
Wolcott was expected by many persons
to attack the power which had created
the bimetalIic commission and accuse
1t of bad faith This he did not do.
On the contrary, he was careful TO
avoid any expression that might not
comport with his position as deputy
10 the President in the distribution of
Colorado offices.
What Mr.. Wolcott did do shortly after
the Senate opened was to arise an mis-
seat and, after addressing the chair,
read carefully prepared account OF
what he and his colleagues did not ac-
complish on the other side
Afper reviewing in detail the appoint
ment OF the commission, the feel
MS ~ht4oIS fNtilubilCdt senators 1nat
the pledges of the st. Louis convention
should be carried out, and assuring his
hearers that the commission had earn
est Administrative support, and re-
ferrlng in general to the terms of the
interviews with leading European
statesmen, and the action of various
bodies abroad, Mr.. Wolcott raped the
British press severely, which he char
acteTized as both brutal and hostile.
f,a.r
and American representatives. On this
point he said:
The newspapers of London, like
The newspapers of many of the capi-
tails of the world. are dominated by,
and allied with, the banking element.
and reflect their views and often their
expressions. The business of money
lending is an engrossing pursuit, not
always tending to the cultivation of the
amenities of life. and il is not to be
wondered at that the London newspa-
pers, voicing that industry, should. in
their hostility to a policy which they
disapproved, forget for the moment
that courtesy which is due TO the
stranger within the gates, especially
when he comes upon invitation, and
that they should be led to characterize
proposals as impertinent which We're
made only upon request of their own
government"
Senator Wolcott declared next that
the vital point in the negotiations with
Great Britain was India, and then went
into an elaborate explanation of the
different proposals. the substance of
which has heretofore been given in the
press All other proposals. he thought, /
We're insignificant in comparison with /
that of reopening the mints of India (
to the unlimited coinage of silver.
After discussing most comprehen- |
siVely the financial, industrial and So /
eial conditions of India, and relating |
the stubborn opposition there and in /
Great Britain to the proposition. Mr.. I
Wolcott continued:
ITO us. the India situation is mex
plicable. Millions of people, most of |
them extremely poor, have for years /
invested all their savings in silver |
These accumulations a few years ago |
We're worth a thousand millions of |
dollars and more. Today they are /
worth less than half that sum. BY the
closing of the India mints and the ar
tificial gold value given in silver. In
dia is at a great disadvantage with
the neighboring countries, the exports
Of which are stimulated by the higher
premium of gold, and they are robbng
India of much of her manufacturing
and export trade
The Senator further along in his
statement insisted that il was unfor-
tunate that coincident with the nego-
tiations of the bimetallic commission
tariff legislation in the United States
was necessary, but The commission
steadily declined TO discuss bimetallism
and tariff together. or To make one in
the least degree dependent upon the
other. The French ministry. he said.
did not attempt to make the one con-
troll the other. and every civilized ma
ton recognizes that the question of
tariffs is one to be determined eNclu-
sively by the country imposing the
duty.
Future negotiations he believed. re-
specting bimetallism must to Il certain
extent take account of tariffs. Radi-
cal tariff changes, the effect Of which is
TO destroy the industries of a friendly
nation, breed hostility and ill-feeling:
and an alliance that would ordinarily
become unpopular and undesirable. He
admitted there was much ill-feeling on
This account in both Germany and
France. 1t was largely from sentiment 5
'ather than the duties imposed. but this
vas not the case in Great Britain He
ia not think sentiment played the
slightest part in the latter kingdom
Referring to sentiment and schemes
n our own country, Mr.. Wolcott spoke S
Is follows:
We were also somewhat embarrass- (
I'd by the statements of representa- ,
ives of New York bankers in England
Who sought access to English officials
md assured them that any sentiment
which had formerly existed i'm the
-nited States in favor of bimetaHism I
vas dead; that the mission was sent
olely as a sop to a few far Western
that the country gener-
lily favored the gold standard. and G
hat the President of the United States II
haired this view. The statements were b
Untrue, of course, but in support of b
hem these people assumed TO present
Interviews and statements of the Direc-
or of the Mint, hold-over from the =
asst Administration: the late Comm :
roller Of the Currency. an equally