The herald., 1898-02-13

ness and will no longer trade betweel
Shanghai and San Francisco. And tn
same Is true II he undertook to sell In /
neutral market. where the Shanghai ex
porter would meet him in competition H,
would be obliged to take just as much les,
IN silver as was represented by the decline
In the exchange. On the contrary, the ex.
porter from Shanghai would receive. if hi
were able to take $4,000 In San Francisco
for his cargo, 10 per cent, and he would dc
the same with his silver that he could be.
fore the fall in the exchange. NV friends
this has been the chief difficulty so far as
the English discussion of 1t is concerned
with the gold standard. 1t has ruined al.
most the commerce of Great Britain with
the silver using countries. You have seen
Anuia' ana then Japan, and now China.
usurping the place of the British manu-
facturer and exporter and SO II must ron
tinue TO be seen until the gold standa ri
OF the world Is absolutely ruined. or until
this disparity between the gold and the sill
yer excnange has been nationally cured
by return Of the coinage of silver upon
the same terms as gold (Appause)
INTERNATIONAL. AGREEMENT
Ihese facts have been known, I say. for
twehty-iour years. Ono great interna-
tlonal conference after another has met
10 undertake an investigation of the means
Oh restoring the coinage of silver. No
sooner mad the great nations in 1873 taken
.his action excluding silver from the mints,
oepriving it in increasing measure, one
aiter another the rights OF full power in
the payment OF debts than the nations be-
sun 10 leel the constructing force of the
appreciating money measure, and by 1896
,hrea years after 1t had been done, there
met IN this country a silver commission
ana there was appointed in England a sill
yer commission to inquire into the causes
Oh the disparity in the value OF gold and
-.
ulihculty might be surmounted. In 1878
TWO years afterwards, an international
conference met, to try to get rid of the
single gold standard. They failed. Why?
because Great Britain. the great creditor
nation of the world, the nation to whom
all the world pays tribute, and pays it in
commodities and upon an appreciating
money measure. pays onstantly more and
more commodities for the same amount of
interest or of principal of the debt Great
Britain said. it is for our advantage as the
consuming nation. to have low prices on
what we eat and wear. 1t is to our interest
as the creditor nation. to get as many of
the commodities of other places for orr
money as possible. and therefore we will
not consent to change in the reasinp
purchasing power of the gold unit of coin
age ana we therefore are opposed to any
international agreement Whatsoever. In
1881 they tried 1t again. and with the same
result. In 1889 they met at Paris during
tHe exposition. and met with the same re-
SUIT In 1892 they tried 1t again, and the
posltion or Great Britain caused failure
again TO be recorded, and for the same
identical reasons; and notwithstanding all
these demonstrations of the absolute f,1-
unty or attempting to secure the concur
renee OF Great Britain in an international
settlement OF this question, the Republi- |
can administration of 1896 appointed a COM |
mission. consisting of Senator Wolcott. |
General Payne and ex-Vice President
stephenson humbly visited the court of
Great Britain to PROSTATE themselye once |
more In the dust before that autocrat and |
asked humbly that they would permit the |
people OF he United States, by a rational |
reform OF their money system to get them |
selves out from this industrial bondage
(Applause)
THE FOLLY OF 1T
why my friends. an appeal to the mercy.
10 the gentility OF robber is always in
vain. You must assert your own rights.
or you will not have any on the present
tappause,. And the grand old Republi-
can party, the party SO many of us have
loved so long, the party that We believed
In, the party that had our allegiance next
10 our country, was the first party to get
together in solemn national convention In
the United States and pass deliberate
decfaration that the American people were
tN'iiis oh Note 10 govern themselves, |
Ihey never expected the international
agreement to be achieved. Nay more. they
never desired that 1t should be achieved. n
(Applause) And l state, with full re-
sponsibiity for what I say that the powers
that be in the control of the Republican
party nave determined to back out of those
negotiations IL they look like success at
any stage of the game. (Applauseo Do
you want proofs? Consider for a moment
this.
SENATOR WOLCOTT'S POSITION
few weeks ago the distinguished sem
ator from Colorado. Mr. Wolcott, made a
speech In the senate of the United States
that was keen disappointment to himself.
TO his friends. and to those who would like
to be his friends but whom he has prevented |
from being so for the last three or four
years. Senator Wolcott had, of course to
acknowledge present defeat. After elab-
orately cutting all the ground from under
MS 1eet IN regard TO an International
agreement in favor of the restoration of
silver coinage, he had to stand upon the c
ground that he had already swept awav 7
lie showed that 1t was impossible to declare t
an international agreement, and then de- t
clared himself for it. He showed that the -
administration was against it, and then \
declared his faith in the admins tration
He showed Great Britain had refused to
entertain 1t, and then declared he proposed .
~ wait uutii SHe ulu. In the course of l.
that statement he undertook to recite the =,
causes that had interfered to prevent a y
successful event of those negotiations
Among them he said that he encountered y
In France letters and interviews but note a
the significance of the first word-letters-I " =,
from the secretary of the treasury of the y
United States government, inimcal to the -
success and purpose of the negotiation. de- =,
claring that the administration was on :,
posed to international and every other e
kind of bimetallsm. Said the sem :,
htor: Il hope, and desire to believe (sub -
stantially that that those declarations =,
were forgeries." But Senator Wolcott 4,
knew better, and think it is no breach of ;,
confidence to declare that the senator to- N
nay Is absolutely convinced, and has been "
over since he was in England, that the let n
!ers which he saw in France were only ~
duplicates, or similar in their tenor toilet n
ters winch have been sent by the same au- n
lhority 10 the powers that be in Great n
britain in the midst of the negotiations ~
lApplauseo Then he said that he found ~
IN England several agents of great banking ~
houses In New York who declared. under ~
heir breath, but in the places of power 4
~here tnose to whom those negotiations ~
we're addressed should be sure To heart -,
mat the administration itself was insin' -
,ere IN its attitude to international bimetaI- h
ism. He need not have gone to the extent ~
y visi.ing this upon the agent paid other al