The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-18

CidlS anu assured Inem tnaC any SEN
timent which had formerly existed In
the United States in favor of bimetaI-
ism was dead. Other statements
made by the bankers, according to Mr..
Wolcott. were the following: That the
mission was sent solely as a sop to a
few far Western Republicans; that the
country generally favored the gold
standard, and that the people Of the
United States shared this view.
INTENDS TO RETIRE.
Here Mr.. Wolcott announced his in
tention to retire from the commission.
He said:
1T is my sincerest conviction that an inter
national bimetalllc agreement is still feasible.
by the terms OF which certain countries will
coinage of silver and others will contribute
as money; and I say this the more freely
sion to somebody more fitted for such negotia-
tons and better able to give them his con-
slant time. This result cannot be brought
and patience, and the persons entrusted with
the duty of negotiation must have back Of
them the hearty support OF the president
and OF congress-"
He thought it might be necessary to
change the ratio to something like 20
to 1.
At this point he referred to the at
titude Of Secretary Gage on the flnan-
cial question, contrasting it with the
presidents position. his words on this
point being as follows:
When congress convened, the 7th of
last month. the president, in his references
to the subject of international bimetalism.
spoke earnestly and anxiously of his desire
to see an international blmetallic agreement
consummated. His assurances gave re-
newed hope to bimetallists all over the
answer to those who had claimed that the
president was not in earnest IN his efforts
towards international bimetallism. For my
self, l needed no such proof. 1 had again
and again been made to know how genuine
was the presidents devotion to this settle
ment OF the vexed question. Within fort
which would change existing conditions. the
secretary Of the treasury, in support OF a
bill which he has prepared respecting the
currency. said as follows to a committee OF
congress: (Here he quoted the remarks Of the
secretary Of the treasury The two state
ments are utterly at variance and contradic-
ciled. This Is not the proper occasion to
analyze the bill of the secretary. 1t will
reach limbo long before it reaches the SEN
ate. He proposed to capitalize the premium
OF our bonds sold recently and TO make
them. with others to be issued, a security
definitely payable in gold. He forgets that
in dire distress, we We're compelled to pay
s9,OoO,OOo for the privilege of keeping the
word gold out Of some of these very bonds.
PRESIDENTS BILL.
HE ought not to forget for the bank of
which he was president got it is said. some
of tho bonds and received from the proceeds
of the deplorable transaction. But l do not
intend to discuss the bill which the presi-
dents message specifically does not indorse,
and 1t is premature to criticiSe the Secretarys
Republicanism for his advent into the party
and the cabinet were practically contempora-
neous. We must accept the situation. In my
opinion the great majority Of the members
of the Republican party are bimetallists. and
the fact that they are misrepresented by
cabinet officer Is not pleasing. but it is en-
durable. The selection of the members OF his
official household is the presidents own
affair, and long he stands upon the
question of bimetalism where he has ever
stood there is serious ground for appre-
hension. But even in the inconceivable event
that the chief magistrate of this people should.
in the exercise of his judgment, determine to
countenance the final fastening upon this
country of the burdens of the gold standard,
l trust we may still find warrant Tor faith
and hope in the pledges of the party and the
wisdom of it's counsels. We will cross our
bridges when we come to them. The time
when this country will submit to the final i'm
position of gold recommendation is far away.
Whatever 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 hinder the
Of bimetallism in the United States, and
efforts to secure it ought to receive the cordial
support of every citizen, who is opposed to
gold mcnometallism. International bimetallism
is not a myth. The people of Europe are,
even as we. are. struggling to keep their heads
above water and seeking blindly for that
which may make for prosperity and for
progress.
Much of the recent legislation in Europe
looking to the increase of gold holdings and
the depreciation of silver, finds its origin in
the exigences of situation where readiness
for war is the paramount necessity. There
is hardly a statesman in Europe who be-
lieves the last word has yet been said upon
tha nf he tiZati of ciI1yar
~and hardly one who would not welcome an
effort to settle the question internationally.
Only a few days ago. just before Christmas
in debate in the French chamber Mr.. Me-
line again declared from the tribune, that the
French government was at with the
United States on the. question Of bimetallism.
I'm the face of such declaration, it Is as
cowardly to abandon hope it is false to
talk about failure. International bimetallism
is to the gold monometallists stumbling
block. and to the silver monometallists fool
ishness. but it is nevertheless splendid pos
sibility: its ACCOMPLISHMENT would be the
greatest blessing that could befall our Deo-
pie, and to achieve it might we'll afford
to sink for the time the hostilities of party
and the chickering's of factions