Mower County transcript., 1898-01-19
EXPLAINED IT'S WORK Il

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CHAIRMAN woLcoTT OF The 81.
METALLIC COMMISSION
Tells the Senate OF tho Work Done in
Europe-Also Announces His Retire.
meDt From Membership Of That Rody.
Agreement May Be Secured.
WASHINGTON, Jan. i8.-One Of the
features of the days proceedings in
the senate was the speech delivered by
Senator Wolcott of Colorado, chairman
of the bimetallic commission, upon the
negotiations Of the commission with
European countries relative to interna-
tional bimetallism. In anticipation of
the speech the galleries were crowded
at an early nour. Quite unexpectedly
Senator Hanna appeared at the open
ing of the days session. Mr.. Foraker,
the senator from Ohio, presented Mr..
Hanna's credentials and escorted his
colleague to the desk where Vice Presi-
dent Hobart administered the oath.
At the conclusion of the morning
business Mr.. Wolcott, at 1850, was
recognized to begin his address. He
was in fine voice and commanded the
earnest attention Of his auditors.
Mr.. Wolcott introduced his subject
by saying that he was glad to make a
statement respecting certain phases of
the work Of the recent bimetallic com.
mission, but that in doing so he spoke
unofhoially, mot committing his asso-
ciates in the slightest degree, either to
his opinions or deductions"
He stated that the commission had
been Of one mind as to the desirability
of an international agreement, and that
they had not been hampered by instruc-
tions from the administration. They
had also received great assistance from
American ambassadors abroad.
Mr.. Wolcott then detailed the nego-
tiations with France by which it was
agreed that the suject of conference
should be presented to England jointly
by that country and the United States.
They were officially received, he said,
ity, and their statements given full
consideration.
Some Of the Obstacles.
Mr.. Wolcott next enumerated the
obstacles with which the commission
had to contend, in which he inolnded
the remarkable drop in the price of
silver, the coinoident tariff legislation
in the United States, and the state.
ments of New York bankers in Eng
land who, he said, sought access to
English officials and assured them that
any sentiment which had formerly ex-
listed in the United States in favor of
bimetallism was dead. Other state.
ments made by the bankers, according
to Mr.. Wolcott, were the following:
That the mission was sent solely as a
sop to few Western Republicans; that
the country generally favored the gold
standard, and that the people of the
United States shared this view.
Question of Future Negotiations.
"Questions of possible future negotia.
lions between France; the United
States and other countries, and the
question Of change of ratio, are for the
moment held in allegiance. While we
hope for continued joint action, France
owes no further duty to us. She stood
shoulder to shoulder with US in our at.
tempt to secure from England even the
concessions she voluntarily offered a
few months ago. In days when the
influence of the money lender is potent
in almost every capital OF the world,
and dominates courts and national pol
icies, the ministry of France stood fear
lessly by the interests of the whole peo-
pie, and counted the welfare of its
hundreds of thousands of small holders
of land dependent for their existence
upon the fruits of the soil, as para
mount to that of the powerful class
which wants money dear and grain
cheap"
Will Retire From the Commission.
Here Mr.. Wolcott announced his in.
tention to retire from the commission.
He said:
lit is my sincere conviction that an
international bimetallic agreement is
still feasible, by the terms of which cer-
tain countries will join US and open
their mints to the unlimited coinage Of
silver, and others will contribute to the
plan of enlarged use of that metal as
money; and say this the more freely
because shall give way upon the COM
mission to somebody more fitted for
such negotiations, and better able to
give them his constant time. This re-.
suit cannot be brought about without
the expenditure of both time and pa
tience, and the persons entrusted with
the duty of negotiation must have back
of them the hearty support of the pres
ident and of congress-"
The Attitude of Secretary Gage.
At this point he referred to the atti-
tude of Secretary Gage on the financial
question, contrasting it with the presi-
dents position.
He again emphasized the presidents
devotion to the cause of international
bimetallism, and regretted that it is
necessary for the administration to be