The record-union., 1898-01-18

interviews from the Secretary of the
Treasury, to the effect that there was
no chance for International or other
bimetallism, and favoring the perma-
nent adoption Of the gold standard.
Nobody in Europe cared rap what
the two minor prophets thought or
said, as nobody in this country cares,
but the alleged statements Of the Sec
retary of the Treasury were different
matter. We insisted that the letters
must be forgeries and the interviews
fictitious, and I trust they We're, for it
was 'inconceivable that member of the
Cabinet would seek to undermine the
efforts of a mission appointed by the
President, and whose efforts he was
cordially and zealously seconding.
the commission was" he said, "also
attacked from time to time by state
ments from extremists in the other di-
rection, insisting that our efforts were
pretended, that we had no hope or ex-
pectation of success; that the President
was secretly opposing US; that it was
disgrace to our country that we were
permitted to invite other countries to
join us in opening nints; that it was
l3liS tlidl we were even consult
ing any other country on that. sub
Ject; that failure was inevitable, and
the sooner we came home the better
1t was a new and somewhat ludicrous
view of the silver question that made
it humiliating that this country should
invite other countries like France to
join in opening mints or made it un-
important to ascertain the attitude of
India, with her thousand million ounces
OF silver in bullion and ornaments
changing hands in the bazars at bullion
value and her five hundred and sew
enty million ounces of silver in silver
coin doing duty at the ratio of about
% to l."
He excepted Senator Jones of Arkan-
saS, Chairman of the Democratic Ma
tlonal Committee, from the charge. but
concluded that it was unfortunately
true that the bitterness of the last cam
paign blinded the vision of many men
so that the thing they believed to be
impossible they came to hope would be
impossible
All of these occurrences, however. dis
turbing as they We're, he said, did not
probably affect the outcome so far as
there has been up to this time an out
come of the negotiations.
Walcott summarized the present sit
uation by saying it is apparent that for
the time being it is useless to count
on any cooperation from Great Brit
ain toward bimetallic agreement, and
that while France actively desires to
see silver restored to it's old position as
standard of value, equally with gold,
she insists that the problem is one
which demands international action and
the cooperation to some adequate ex-
tent of other leading commercial ma
tions of the world.
Questions Of possible future negotia-
tiors between France, the United States
and other countries and the question of
change of ratio are for the moment held
in allegiance. While we hope for con-
tinued joint action. France owes no
further duty to us. She stood shoulder
to shoulder with us in our attempt to
secure from England even the conces-
sions she voluntarily offered a few
months ago. In days when the influ-
ence Of the money lender is potent in
almost every Capital of the world and
dominates courts and national poll
cies, the Ministry of France stood fear
people, and counted the welfare of it's
hundreds Of thousands Of small hold
ers of lands, dependent for their ex-
istence upon the fruits of the soil, as
paramount to that of the powerful
classes which wants money dear and
grain cheap.
Here Wolcott announced his intention
to retire from the commission He said:
.r-x -,
international bimetallic agreement is
feasible, by the terms of which certain
countries viii join and open their mints
to the unlimited coinage of silver, and
others will contribute to plan an en-
larged usage Of that metal as money;
and l say this more freely because I
shall give way upon the commission
to somebody more fitted for such nego-
tiations and better able to give them
his constant time. This result cannot
be brought about without the expendi-
ture of both time and patience, and the
persons entrusted with the duty of ne
gotiations must have back of them the
hearty support of the President and of
Congress
He thought it might be necessary to
change the ratio something like 20 to /.
At this point he referred to the atti-
tude of Secretary Gage ON the financial
question, contrasted with the Presi-
dents position his words on this point
being as follows:
''When Congress convened on the 7th
of last month the President, in his ref
erence to the subject of international
bimetallism, spoke earnestly and anx-
iously of his desire to see an interna-
tional bimetallic agreement consum-
mated His assurances gave renewed
hope to bimetallists all over the coun-
try. and seemed a final and conclusive
answer to those who had claimed that
the President was not in earnest in his
efforts toward international bimet-
allisnr For myself, / needed no such
proof had again and again been made
to know how genuine was the Presi-
dents devotion to the settlement of the
vexed question. Within a fortnight
after this. with no event meanwhile
which would change existing condi-
tions. the Secretary of the Treasury, in
support of bill which he had prepared
respecting tn currency, said as follows
to a committee Of Congress:
(Here is quoted the remarks of the
Secretary of the Treasury
'.The two statements are utterly at
variance" he continued, and contra
dictorv to each other. They cannot he
reconciled. This is not the proper oc-
casion to analyze the bin of the Secre-
tary. IT will reach limbo long before
IT reaches the Senate He proposes to
capitalize the premium on our bonds
sold recently and to make them, with