New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-18

/
them extremely poor have FOR years invested all
their savings in silver. These Accommodations 2
dollars and more To-Day they are worth less than
and the artificial gold value given 10 silver India
IS at great disadvantage with the neighoorlng
countries the exports Of which aIe stimulated ~
the higher premium on sold. and they are ro5bing
India OF much OF her manufacturing and export
trade. The present policy in!cts upon india as
well tho evils Of an insufficient ana steadily lessen
ing currency evils which the vicissitudes OK that
dependency during the last twelve months nave
served TO emphasize .
a and %0T Of a he sf.af S'
victims. 1t has not been. however, so generatny
known that the famine was one OF money rathcr
than food. that the contributions were chlehy ior-
wared to India N Inc iS S v 81 OF tb
famine rice was abundant where men were slarN-
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 dsadvaniage Of diner
which prevailed in China. the evils Of an insult
which commerce suffers through violent huctua-
lions in the rste OF eAchange-we oneIeu W. S We
believed TO be a remedy our oner was relust .i
and the refusal must BE- considered a. ma, InlI
the failure Of the experiment upon which the lnolan
Government has entered shaH De HeinolstIa',l
There was one oyeiss1i II ie ws,
distinctly unGeisiocd az al! our lnteIN's"s !" ~
condition Of the assen, OF any country 10 y agree
plan proposed. becauss Of the adhesion OF SUN,
cieni number Of other nations or otherwise woaH
Had this been fully understood IT l., PGsse;e;;
answer would have been returned from lndlA
THE OBSTACLES ENCOUNTERED.
Mr.. Wolcott next enumerated the obstacles with
which the Commission had 10 contend, In Wnlch
he included the remsr ka bic drop in the price OF
silver. the concdent tariff legislation In the Onitei
States and the statements Of New-York bankers
in Eng and who. he said. sought access TO EnSi+h
officials and assured them that any sentiment
which had formerly existed in the United States IN
favor OF bime,alism was dead. Other statements
made by the bankers according to Mr.. Wo.cott.
the following. That the mission was sent
solely as a sop to few western kepunlcans' that
the country generally favored ne So.d siairdldf
this view. The statements were" Mr.. Woicott
sid, of course. untrue. but in support Of them
statements u the Director Of the Mint, nodover
from the asi Administration. the ate Controller
O. he Currency. an equally precious egacy now
Out OF Tho public service and translated 10 chr
cago bank. and pretended statements IN letters and
interviews from the Secretary Of the Treasury 20
the effect that there was no chance for nterna-
ucna or other netaliism, and 70 oriHg the per
nauent adoption OF the god standard NOBODY IN
thought or said. nobody This country cares,
but the alleged stLtenenls o. me Secretary OF ING
Jews ac,tio1s and trust thev were for II was
seek 10 undermine The efforts Of mission sp-
cordially ana zeaous.y scronding
The Commission was. he said. also attacked from
time 70 time by statements from extremists In he
other direction insisting that our efforts were
pectation OF success; that the president was So
cre,ly opposing us. that Il was disgrace 10 our
fONltf. tudt We were ptrWltlFd 10 NNlt ClitT
Illuminating that were even consulting any other
q new and somewhat Iudicrous view. Of the silver
question that made II humtiating that this
try should invite other countries Ike France 0
on g IN Pe hd G H o n mae w her ho
sand million ounces of silver in bullion and orra-
ments changing hands IA the 0azaars az bullion
value, aDd ger i've hundred and seventy million
ratio OF - 70 L. He excepted Senator Jones. oi
Arkansas, chairman Of ne Democratic National
was unfortunately true that the bitterness OF the
last campaign blinGcd the vision Of many meH 20
came 70 hope would be impossible All Of these
% 5 did nS fS y he thsy 50
far Ak there has been up TO this time an outcome
THE SITUATION AT PRESENT
Mr. Wolco,t summarized the present situation by
saying that II is apparent that for the time being
it is useless to count on any cooperation from
Great Britain toward d bimeiallic agreement. and
tina While France actively desires to see silver
restored 10 its old position standard OF value
Co-onera,io to- some extent Of o,hfr i.a,i,pe cor,
mercia nations OF the world.
tween France The tinted states and other cou0-
/ tries. the question OF change o. ratio. for
1 the moment held IN allegiance. While We hope for
daty 70 US She Stood shoulder TO shoulder WITH
Us IN our attempt 10 secure from England even
ago in DAYS when ne influence OF the money lende~
L. potent almost IN every cspi,al Of the world. ana
dominates courts ana National policies. the Nj
istry OF France stood feariessly 10y the Interests
OF ne whole people ana count The welfare OF ~
hundreds or thousands or small holders OF !and
dcpenden, for THEY existence upon the fruits OF the
sol as paramount 10 mat or re powerful class
which wants mon! dear and grain dear.
Hele Mr. Wc..o;t annou"Igfd his .niGaiion TO re-
ceIe conviction that international bnctallc
agreemcu, is stlu feasible. by the terms Of which
to The unlimited coinage OF silver. and others W.
con butte plan OF enlarged 81 that metal
M So he
| shall give way upon the commission % some
boy moe Nii Sc '9' t.r ts pe
cannot be- brought about without the expenditure
%. Se' with the du1y Of negotiation naye
back ~ them the hearty support o. ne President
ssrv 10 change the ratio 10 something Ike - 10 J.
SECRETARY GAGE CRITICISED.
A. mis- point he referred the attitude Of Secre-
ts~y Gaze on the financial question, contrasting IL
with the Presidents position. his words on tins
roint being a. follows: When Congress convened
on the 9Th OF last month the President in his refer
euce 10 the subject Of international bimetalisrn.
spoke earnestly and anxiousiy Of his desire 10 see
an international Uneta!-c agreement consum-
mated Ills assurances sase renewed nope ~ H.
metallsts all over he country ahc seemed NAL
that the President was not ~ arrest IN nS eiof's
toward international blmetalism. F0' mysCi
re.ded no such proof. had again and again been
made 70 know how genuine "ss rne .eS.,i,s
Within fortuiehi after tAis, WIN 10 event Hehl
while which Wculc "LAnSe eAlSt4IB toiUl' C'l-. .it
S-"retarv Of the Treasury H. support Of bin
which he has prepared respecting the currency.
ed ms follows 10 Il committee Of Congress. lHeie
he quoted the remarks Of The Secretary OF the
Treasury The two statements are utterly al
,,ariarce ne continued and contradictory 70 ca IA
other They cannot BE- roconciled. This i not ne
rroper occasion TO aralyze NE bill OF the S"ci etary
!, ,si req h limbo before II reaches the Senate. lie
proposes 10 capitalize the premium on our nono5
Sod recently. and 10 make them, with others 10 ne
iss.ed a e,-caIlty definitely payable liz gOi4 III
eorscts that only tew months ago Nh-a IN
country Was in dire distress. were competed 10
pav nine millions Of dollars for the privilege or
ke-p.ug the word gold Out - some OF these very
bonds He ought not 10 forget for the bank Oh
wtlrn h. was president got. II IS said some ~ IN,
bonds and received some OF the proceeds OF mat
deyOrGb.c transaction. go. - 49,,
.'Ba, 30 not intend n discuss the bill watch ne