Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1898-01-21
WOLCOTT SPEAKS.
Tells of Labors OF Himself and Colleagues
Abroad.

Tells OF Labors OF Himself and Colleagues
Abroad
Washington, Jan. Ex-senator VOL
colt of Colorado, chairman of the BIZ
metallic Commission, in a speech In
the senate, detailed the work of that
failure. In it he did not represent the
commission officially, but said later in
the session an official document would
be presented.
He expressed appreciation of cordial
assistance extended the commission in
its labors by I'm bassadors abroad and
by the administration, and charged
failure to the bad faith of England.
midas 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 minis to silver in 1898.
The closing of the mints had Greater
wide dissatisfaction, and there was a
general impression that the Indian
government would be glad to retrace
its steps.
There was a general OPINION, not
limited to England that the India
government would be quick to avBil
itself of an opportunity to reopen its
mints, and | am sure that | violate no
confidence when | say the answer OF
the India government protesting
against reopeniag the India mint is was
as much a surprise to the English min
istry as it was disappointment to us.
While the protest was made final and
while the English government in Lon
don could have overruled the objection
from India. yet such action would have
been contrary to all precedent.
To us, Mr.. Wolcott said, the India
situation is inexplcable. Millions of
people, most of them extremely poor,
have for years invested all their saw
ings in silver. These accumulations
few years ago, were worth thousand |
of dollars and more. Today
they are worth less than half that
sum. BY the closing of the India minis
and the artificial gold value given t.
silver, India is at great disadvant age
with the neigh boring countries, the
exports of which are stimulated by the
higher premium on gold and they are
robbing India of much of her manu-
and export trade. The pres
INT policy inflicts upo1 India as well
rs the evils OF an insufficient and
steadily lessening currency, evils which
he vicissitudes of that dependency
Turing the past twelve months have
erved TO emphasize.
The world has heard much of the
anime in India and of the great funds
u bscribed for it's victims. 1t has not ,
'een, however, generally known that
he famine was one of money rather
han food; that the contribution were ,
hiefiy forwarded to India in the form
f money and not grain, and that dur
lg the whole period of the famine rice
Tas abundant where men were starv- ,
lg, and its price was but trife over
cent pound, less than the price of
heat in England. For all these evils,
lie loss in the value of the savings of =
lie people, the disadvantage of a diff
rent purchasing value for silver In
ldia from that which prevailed in
nina, the evils of an insufficient vol c
ne of money and the enormous injury
hich commerce suffered through VIC
mt fluctuations in the rate of ex- Ii
iange, we offered what we believed IL
be remedy. p
Our offer was refused, and the re- u
sal must be considered as final until d
e failure of the experiment upon
hich the India government has en- IL
red shall be demonstrated. al
Noted Outlaw at Large.