Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-12

| Senator wo1cott.
| The section has been the law since 1873 and
| is hardly worth discussing now.
The provision requiring the payment of
| the principal and interest Of the new bonds
| in gold represents, i think, mistaken view
| as to our national credit. cannot but ex-
press my regret that the committee felt
| that the exigencies of the money market
| required departure from the terms here
| tofore used in government obligations
| Adverting to national banks and to the
| provisions of the bill which affords them
| opportunity to increase their circulation to
| the par value of all government bonds de-
posted, Mr.. Wolcott said:
The National Banks.
succeeding years have only more firmly
| implanted them as an integral part of our
| financial system, not to be uprooted with
out a more radical change of policy than
any party or administration would care to
attempt.
| 1T is estimated that within the next few
months at least 500, 100000 of additional ma
| tional bank circulation will follow the pas
sage of the bill. There is no department OF
human industry today in the United States,
and in the rest of the world as well, that Is
not suffering because of an insufficient vol
ume of money and which would not be
benefited by legitimate enlargement of
the currency. Under our existing gold
standard there seems to be no other avail
able method of giving us this greatly need
ed increase than the one favored by this
bin.
Looking to the currency problems of the
whole world all legislation of the charac-
ter contemplated by this bill is to those
who believe in the principles of BIN etallism
| unwise, because under the benefcent work.
| ing of the bmetallic system it would be
unnecessary. 1t Is but one more step to be
eventually retraced.
But the enactment of this measure into
law without at the same time accompany
ing II with a reaffirmance Of the position
of the republican party respecting inter-
national bimetallism would be an apparent
abandonment of the principles and policy
of the party, and the amendment reported
by the finance committee conveys positive
assurance to the world that this country,
able to hold its own among the nations OF
the earth with gold as its standard, is still
ready to meet and treat with the other
leading commercial countries looking to an
| international agreement to open the mints
of the world to silver as well as gold.
Il realize that these seem unpropitious
| days for US who cherish a belief In bimet-
| allism and faith in its final triumph These
are prosperous times. The prosperity is
real, is universal, and, 1 trust, may be long
continued. But the experiences of genera
| lions have taught US that cycles of depres
sion and stagnation follow periods of pros
| perity as inevitably as the night follows
| the day.
Bryan Democracy and Bimetallism.
IN this country bimetallism has received
its greatest injury and suffered its severest
| blow at the hands of the Bryan democracy.
| In close alliance with the populist party
| which still demands an irredeemable ard
| inflated paper currency, clamoring for free
/ silver at 10 to l by the United States alone
| to the exclusion of any other settlement of
| the question. advocating openly deprecated
| money. ridiculing all idea of international
| agreement. aSsociating their demands with
| a snarling protest against every policy
| which seeks the enforcement of law and
| order and the maintenance of the honor of
our country and the fultillment of our OBJ
| legations to mankind. it is not surprising
| that they have ciouded the minds of men
| that many of them see no difference between
| the free silver of Bryan and bimetallsm.
are inclined to seek end of the whole
| matter and hesitate to deal with the sub
ject in any form.
But we can be honest and win.
The failure of the republican party to
stand up for the principles it has always
advocated will bring it no additional votes.
| The Chicago platform offers no hope for
bmetailism There are some gold mono
metalIists in the country of both political
| parties. They won't vote for Bryan or
| Organism under any circumstances. Ac-
centuating the contrast in the financial de-
mands of the two parties by excluding all
| reference to international bmetallsm
| would only serve to throw into the shadow
the nesations and populistic notions and
| heterogeneous patchwork Of the democracy
now i'll the saddle, which they call a plat
| form. Our St. LOUIS declaration of faith
| and OF principles elected Mr.. Mckinley
| once. and ii will triumphantly re-elect him.
| and l must be pardoned for urging that II
\ is bad politics. as well as bad morals for
us to change the line of battle in the face
| Of once defeated enemy.
| 1t Is not necessary to discuss
| further that question. but it is my judg-
ment that IL Mr.. Bryan were today Presf-
dent of the United States, and IL majority
l OF Congress were of his way of thinking
| this country the responsibility of entering
| alone and unaided upon the duty of main
| tanning parity at the old rate.
Bimettaiiism's Greater Importance.
| Bimetallfsm assumes even greater i'm
pcrtance since Our acquisition of the Phil
| ippines. Here are five millions of people
| knowing only silver. and We can never-im-
| pose upon them gold standard and O gold
| currency without destroying their ability to
| compete with the other countries of the
| orient.
We are rapidly forging to the front. not
| oilly as the greatest commercial nation in
| the world, but as its financial center II
| ieaVeh Dresses US with one or two years
| more OF bountiful crops. We shall become
| lof all time creditor and no longer a
| debtor nation, and able TO influence the
worlds financial policy as never before in
our history
| Mr.. Wolcott summarized the work of the
\ international bimetalic commission of
| which he was chairman, and paid a trib-
| ute to the cordial cooperation of the
| President with the commission. He shen
said
| Certain Senators allied with Mr.. Bryan's
cause sought to throw doubt and ridicule
| over the attempt, although there were no.
table exceptions among the Bryan democ-
| racy.
But, I rejoice to say. there is a radical