The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1898-01-21
woLcoTT SPEAKS.
rsils Of Labor- Of Himself and Colleagues.
Abroad.

TELLS Of Labors Of Himself and Colleagues
Abroad.
Washington. Jan. 49, Senator VOL
colt Of Colorado. chairman 81 the Bi-
metallic Commission. in a speech ia
the senate. detailed the work Of that
body and assigned some reasons for is
failure. In It he did not represent the
commission officially. but said later In
the session an official document would
be presented.
lie expressed appreciation Of cordial
assistance extended the commission In
its labors by IN bassadors abroad and
by the administration, and charged
failure to the bad faith OF England.
lndia's reply. he charged, was in.
spired In London.
Mr.. wolcott spoke at some length
upon the conditions in India. explain.
Ing the value Of the rupee since the
closing Of the miuts TO silver In 1893.
The closing Of the mints had created
wide dissatisfaction, and there was n
general impression that the Indian
government would be glad 10 rctracc
ils steps.
There was general opinion, not
limited TO England that the India
government would be quick to avull
itself Of an opportunity TO reopen its
mints. aud am nurc that violate no
confidence when say the answer Of
the India government protesting
against reopening the India minis was
rs much a surprise 10 the English min.
istry as Il was a disappointment 10 us
While the protest was made final, and
while the English government In Lon.
don could have ovcrrulcd the objection
from India. yet such action would have
been contrary to al precedent
To us. Mr. Wolcott said. the India
situation Ia incNplicablc. Millions Of
people. most 81 them extremely poor.
have for years invested all their saw
ings In silver. These accumulations n
few years ago. were worth thousand
millions Of dollars and more. Today
they are worth less than half that
sum. by the closing u the India mints
and the artificial gold value given 20
silver. India II ~ n great disadvantage
with the ncighboring countries, the
exports ~ which are stimulated by the
higher premium on gold, and they are
robbing India Of much Of her manu-.
featuring aud export trade. The pres.
emit policy inhicts uroi Indla as we'll
a. the evils Of an insufficient and
steadily lcssculng currcncy,cvils which
the vicissitudcs OF that dependency
during the past twelve months have
served 10 emphasize.
The world has heard much Of the
famine In India aud Of the great funds
subscribed for It's victims. II has not
hcrn however, generally known that
the famine was one Of money rather
than food. that the contributions W o
chiefly forwarded 10 India In the form
OF money and not grain, aud that dur
Ing the whole period Of the famine rico
gas abundant where men were atarv-
Ing, aud it, price was but tribe over
n cent n pound, less than the price Of
wheat In England. forall these evils,
the loss In the value Of the savings OF
the people, the disadvantage of dif.
fciont purchasing value for silver In
India from that which prevailed In
China, the evils Of an insufficient vol
ume Of money and the enormous injury
which commerce suffered through VIC.
lent fluctuations In the rate Of ex.
change, we offered what we believed
To be n remedy.
Our offer was refused, aud the re-.
fnsal must be considered as final until
the failure Of the experiment upon
which the India government has en-.
tered shall be demonstrated.