The Elk Mountain pilot., 1900-03-13
WOLCOTT'S SPEECH
ON THE NEW FINANCIAL BILL
And the Bimetalic Amendment-A Full
and Frank Statement of the Real Bi-
MetaIlists-Bryan and His Party Have
Done More Harm to the Silver Cause
Than Any Other Agency.
Conclu1ed from last weekly

that if Mr.. Bryan were to-day President
of the United States, and If a majority of
they UrsisS Would % never % % dare Geek to impose
upon this country the responsibility of
ana pary s the po1 old Tao
! Those of us who hold pronounced
ard intend to remain in the ranks Of the
Republican, party; Sl and VINO, VIII WITH ,ai the
Ing for this BIN. do not ask you to face
that possibility or to embark upon any
uncertain sea. We only ask you to de, lie,
the world your willingness to consider
with them the question of the restoration
Initiative will probably. and should. come
from them and not from us. but il. is our
| they seek an entrance and not to close
1t against advances which. in my opinion
Long usage and experience have
taught us that the precious metals are
ence has also taught us that the two
metals circulating eoncurrently tend ths
SisturbaSees Shs 1G Naturally @ % caused Sc by an ab.
normal over or under prod1cuon OF
dba ethbep ahq tS them S'ao'e par u
II has also been abundantly demon
strated that whenever there Is a con,
money. or whenever its supply fails to
keep pace with the increased needs for
ening commerce. the development of new
countries and the growth of population.
depression in trade, poverty and suffer-
ing.
The wonderful discoveries and enor-
mously increased product of gold which
the last three years have witnessed fur
nish the latest proof of the truth of this
become automatic And, Mr.. President,
II this, great output of gold shall contin-
will go a long way toward making per-
manent that general rise in values which
Is now bringing the world prosperity.
President.
turn in that region now devastated by
war. should quadruple it's output; II the
klondyke and Cape Nome shall rival the
Rand in wealth; and the wonderful gold
out our mining regions continues and
Increases, as there Is every reason to
civilized gold-using country which relies
upon agriculture or which may compete
Dor employed in its mills and malufac-
tories will still suffer great and de. de.
ratio the two metals again marcn side
by side.
country whose people are intelligent;
alert. educated. and Interested in al
globe, closely connected with each other
BY railways, and enlightened by thou
lands Of printed newspapers TO deomdpreff
pillions of human beings who psople OF
India and Asia; Il their life and habits
enigma to us. ours are far greater mys-
,ery, to them. For more than 80 years
made hardly an impression upon its life
and people.
The great empire of China il to the
whole world practically unknown. They
| know nothing and care less for our civ,
llization. Theirs is to them grander and and
with ancient traditions and customs.
from father to son they know no change.
| The coin that succs to remunerate their
labor to-day has been the measure of
their pay for generations. our com
I r,aaN los satNV
have hardly touched the surface of their
fivos. Our commercial intercourse with
calm waters of their national existence
than do our argosies upon the trackless
after shall be buried in oblivion those
great masses of humanity Will continue
untouched and unaffected by our modern
civilization.
Their grain witt. which this country
actively competes, the fruit OF their con-
stanty increasing looms and manufac-
tories which are sold side by side with
volume now. but each year in steadily
increasing quantities. for gold and ex-
for one. Will still be produced at cost
| measured by silver, not as 1t is valued
chasing power it had thirty years ago.
The question assumes even greater i'm,
1 philippines. Here are 100000 of people
knowing only silver living y. the region
are to deal for whom we must furnish
/ a means of exchange recognized by the
merchants of the whole world and Sc
cured as well by the faith and credit OF
She United States. and we can never i'm
pose upon them a gold standard and "a a
ability to compete with the other coun-
tries of the Orient.
1t used to be said. when silver was
largely. overproduced in proportion, to
gold, that there was not enough gold in
the World to make 1t certain tain tina that silver n,ai
es monometallists term it. and drive out
The gold from circulation; Every dollar
sens this danger. which was apparent
4 and not real, and the greater the supply
World the more essential it is that the
possibility of its fiuctuation should be
as money of its sister metal. 1t is said
that in the Rand alone there are up
wards of two thousand million dollars OF
prospect may seem, you may yet lind 1t
the two metals that gold shall not
fan in value below The ratio: .,a. .,o
question is national and not one equally
affecting the other commercial nations
of the world and inviting their active CO.
country is without foreign commerce the
character of her money Is a matter Of
tion deals with the other countries Of
the world and has debts to pay and cred
its to receive, the character and volume
! OF the money of the countries with which
she trades become of immediate import
| change. The vast gold product of the
Rand is coined in foreign mints, but an
! unappreciable amount of 1t reaches ours,
( and yet the increase in metallic money,
because of the added available gold prod
| uct is largely accountable for our pros
! perity and for the recent increase in the
] price of both goods and wages. Our dis
| tributive share comes TO and is de-
| pendent not alone population, but
well upon the character and extent of
! tions and upon the habits pf cur people
respecting the amount of actual money
we use.
| Year after year our relations with other
countries becoming more closely
| interviewer; we are Intimately con-
cerned in their welfare; the markets
to-day reflect the advance or the checks
lnf British armies in South Africa. a