Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1898-01-27
HE TELLS OF ITS WORK.
Senator Wolcott's Story Of Doings
of Bimetallic Commission.
@urtherance of It's Plans Blocked By
Great observation-disclosures Interna-
tional Agreement Can still
BE Brought About.

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.
IT was perfectly realized from the be-
hfnning he said, that bimetallism 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 min.s Oh
India to the unlimited coinage OF silver,
and the repeal of the order pertaining to
wold to be paid for government dues and
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 1893. The closing of the
minis had, he said, created wide dissatis-
faction, and there was general impress
sion that the Indian government would be
glad to retrace Its steps.
ITO u.s." Mr.. Wolcott continued, 1.-The
india situation is inexplicable. Millions
Of people, most of them extremely poor.
have for years invested all their savings
In silver. These accumulations few
years ago were worth $1,000 10000 and more
To-day they are worth less than half that
sum BY the closing Of the India minis
and the artificial gold value given to sill
yer, India is at great disadvantage with
the 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 II months have served to
emphasize.
'sThe world has heard much of the famine
N India and Of the great funds subscribed
tor its victims. 1t has not been. however.
go 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 and its price was but trifie over
q 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
hcient 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
q 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-
tion to retire from the commission. He
said:
''It 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 minis
to the unlimited coinage of silver. and
others will contribute to the plan an en-
3arged use of that metal as money, and I
say this the more freely because l shall
give way upon the commission to some
body more fitted for such negotiations and
batter able to give them his constant time.
This result cannot be brought about with
out the expenditure of both time and pa
thence. and the persons intrusted with the
duty of negotiation must have back Of them
The hearty support of the president and of
congress-"
He thought 1t might be necessary to
change the ratio to something like twenty
to one.
At this point he referred to the attitude
Of Secretary Gage on the financial ques-
ton. contrasting it with the presidents
position. his words on this point being as
follows:
when congress convened on the 7th of
last month, the president, In his references
to the subject of international bime tallism
spoke earnestly and anxiously of his de-
sire to see an international bimetailic
agreement conSummated. His assurances
gave renewed hope to bimetallists all over
the country, and seemed final and conclu-
sjve answer to those who had claimed that
the president was not in earnest In his eff
forts toward International bimetallism
For myself / needed no such proof / had
again and again been made to know how
genuine was the presidents devotion to
this settlement of the vexed question.
Within fortnight after this, with no
event meanwhile which would change ex-
3sting conditions, the secretary of the treas
Ury in support Of q bill which he has
prepared respecting the CURRENCY, said as
follows to committee of congress"
m tnn thA
Rotary of the treasury
The two statements are utterly at va
rance" 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
limbo long before 1t reaches the senate.
Continuing his presentation of the de-
sirabllity OF an international agreement
which had been digressed 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 bimetallism in the United
States, and efforts to secure 1t ought to
receive the cordial support of every citi-
zen who Is opposed to gold monometallism
international bimetallism Is not a myth a
chimera. The people of Europe are, even
as we are, struggling to keep their heads
which they may make for prosperity and
progress.
Much of the recent legislation in Eu-
rope looking to the increase of gold hold
tngs 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
I'm Europe who believes the last word has
yet been said upon the question of the re-
monetization of silver, and hardly one
who would not welcome an effort to settle
the question internationally. Only a few
days ago, just before Christmas, in a de-
bate In the French chamber NJ Meline
again declared from the tribune that the
French government was as one with the
United States on the question of bimetal.
lism.
"In the face Of such a declaration 1t is
as cowardly to abandon hope as It is false
to talk about failure. International BIZ
metallism is to the gold monometallsts a
stumbling block and to the silver mono.
netallists foolishness, but Ii is neyerthe.
less splendid possibility; it's 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.