The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-13


Venezuela:
Rear Admiral w. r. Sampson. Captain
II. c. Taylor, Captain +. A. Cook, Cap
tain c. ID. Sigsbee. Captain f. L. Chad
wick Captain C. +. Goodrich, Command
er W. w. Mead, Commander j. II. Day
ton, Commander +. NJ. Symonds and
COMMANDER c. C.. Todd.
MIR. WoLCOTT'S SPEECH.
Mr., Wolcott, whose position as Chair
nah of the International Bimetallic
Commission made his utterance of more
than usual Importance. then spoke. Re
ferring to the first section of the Senate
Bill declaring the gold dollar should
continue to- stand as the standard unit
of value, Mr.. Wolcott said:
"Of course it willard it would ST.
continue if this section were elimina-
ted from the BILL The section has beer
the law since 1878 and is hardly worth
discussing now.
THE provision requiring the payment
of the principal and interest of the new
bonds, i'll gold, represents. | think. q mis-
taken view as TO our national credit /
cannot but express my regret that the
committee felt that the eXigencies of the
money market required departure from
the terms heretofore used in Government,
Obligations
Adyerting to national banks and to
the provisions of the bill which affords
them opportunity to increase their cir
culation to the par value of all Govern
ment bonds deposited, Mr.. Wolcott said:
Succeeding years have more firmly
implanted them as an integral part OF
'our hnancial system. not to be uprooted
without a more radical change OF policy
than any party or administration should
care to attempt
1T is estimated that within the next
few months at least 200000.00 of addi
ti0nal national bank circulation will fol-
low the passage of the bill.
THE enactment of this measure into
law without ut the same time accom-
panying it with Il reafiirmance of the
position Of the Republican party respect
ing international bimetallsm would he
an apparent abandonment of the princ-
pies and policy of the party; and the
amendment reported by the Finance
Committee conveys a positive assurance
to the world that tbs country. able to
hold its own among the nations OF the
EARTH with gold as its standard, is stu
ready to meet and treat with the other
leading commercial country's looking TO
an international agreement to open the
mints of the world to silver as well as
gold.
I'm this country bimetaIism has re-
ceived its greatest injury and suf-
fered its severest blow. mt the hands of
the Bryan Democracy
I'm Gose alliance with the Popul;st
party, which still demands an irredeema-
bic and inflated paper currency clamor-
ing for free silver at Is to 1 by the United
States alone TO the exclusion of any other
settlement of the question, advocating
openly deprecated money. ridicul:ng all
idea of international agreement, associat-
ing their demands with snarlng protest
against every policy which seeks the en-
fOrcement Of law and order and the main
tenance of the honor of our country and
the fulfillment of our obligations to man
kind: it is not surprising that they have
so clouded the minds of men that many
of them see no difference between the
free silver of Bryan and Ei-metallism. are
inclined to seek an end of the whole mat
ter and hesitate to deal with the subject
in any fo1m.''
He attacked the Chicago platform,
which he described as Il Heterogeneous
patchwork of negations and Populistic
notions. and omission of reference to in
temational bi-metalliSm in the pending
measure would minimize the contrast be-
tween the financial demands of the two
parties. which he deprecated as q great
mistake. Mr.. Bryan if he were President
and a majority of Congress shared his
views, would never dare Mr.. Wolcott
charged, to seek the imposition upon this
country of the responsibility of entering
unaided on the duty of maintaining Il
parity at the old rate.
Paying tribute to the cordial co-opera-
ton of the President with the commits
sion. of which he was chairman, he added:
''Certain Senators allied with Mr.
Bryan's cause sought to throw DOUBT and
lidtcule over the attempt, although there
were notable exceptions among the Bry-
an Democracy"
He attacked Mr. Bryan's Louisville
speech and concluded:
1T is my sincere conviction that in our
day. and ! believe soon, a genuine and
united effort will be sought by the lead
ing commercial nations to restore the BIZ
metallic system"
BUFFERS SUBSTITUTE.
Mr.. Butler then spoke on Il substitute
TO the Senate bill entitled IAN Act to
Establish a Unit of Account" He main
taned that under the Constitution Con-
gress had unlimited authority TO manu-
facture money out of gold or silver or
paper or of either or all
He declared that there was but one
question i'll the making of money and
thar was how much" Congress had
authority 10 make the money out OF
anything it desired and it happened that
the wealthy classes always desired it
10 be made Of the dearer material. No
matter what the money was made of. he
said, the country would prosper provided
Congress would so regulate it's supply so
as to meet the demands of business.
In conclusion Mr.. Butler said his
provided that the greenbacK
the patriotic friend of the people-the
kind of money that did not desert the
ha