The Irish standard., 1898-01-22
N0CO17 Talks SILVER.
The Colorado Senator Reports on
the Work of the Monetary
Commission.
PLANS BLOCKED BY GREAT BRITAIN
national Agreement In Feasible ut
q Ratio of Twenty to One-Thinks
1t Would De the Greatest Blessing
That Could Defall Our People.

Washington, Jan. 10. - Senator Ed.
ward Wolcott, of Colorado, addressed
the s~aate Monday on the subject of the
bimetallic commissions trip to Europe.
Following is part of his speech.
ginning. he said. that bimetallism for Eng
land was out OF the question. india wa.
the vital point Of all the negotiations with
England. and all other proposals were
specting the reopening Of the minis Of
India to the unlimited coinage of silver
and tho repeal Of the order pertaining to
gold 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
minis to silver in 1898. The closing OF the
minis had. he said. created wide dissats-
sion that the Indian government would DO
glad to retrace its steps.
Present Situation.
Mr.. Wolcott summarized the present site
uation by saying that 1t Is apparent that
for the time being it's useless to count
on any cooperation from Great Britain
toward bimetallic agreement, and that
while France actively desires to see sill
yer restored to its old position as stand
ard Of value equally with gold. she in
eists that the problem is one which de-
mands international action. and the CO.
operation to some adequate extent Of other
leading commercial nations Of the world.
Will Retire from Commission.
Here Mr.. Wolcott announced his inten-
ton 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 mints
to the unlimited coinage of silver, and
others will contribute to the plan an en-
larged use Of that metal as money, and
say this the more freely because l shall
give way upon the commission to some-
body more fitted for such negotiations and
better 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.
international Agreement Desirable.
Continuing his presentation of the de-
STABILITY Of an international agreement,
which had been digressed from to score
the treasury, Mr.. Wolcott said: what.
ever differences of opinion may exist az
ito the ability OF this country to maintain
alone the parity between silver and gold.
there IL 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 It ought to
receive the cordial support Of every ctti.
zen who Is opposed to gold monometallism,
international bimetallism Is not myth. a
chimera. The people Of Europe are, even
as we are, struggling to keep their heads
above water and seeking blindly for that
which they may make for prosperity and
progress.
Much of the recent legislation in Eu.
rope looking to the increase Of gold hold
1ngs and the depreciation Of s!lve: finds
Its origin In the exigencies Of situation
where readiness for war is the paramount
necessity. There is hardly statesman
in 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
tho question internationally. Only few
days ago. Just before Christmas, in a de.
bate In the French chamber M. Meline
again declared from the tribune that the
French government was as one with the
United States on the question Of bimetal-
lism.
"1n tho face of such declaration 1t 10
as cowardly to abandon hope as 1t is false
to talk about failure. International b.
nletalism Is to the gold monometallists q
stumbling block and to the silver mono.
metallsts foolishness, but It Is neverthe-
less splendid possibility: its accomplish
ment would be the greatest blessing that
could befall our people. and TO achieve Il
we might well afford to sink for tho time
the hostilitios Of party and the chickering's
of factiOnS."