The Elk Mountain pilot., 1900-04-17
WOLCOTT'S SPEECH
ON THE NEW FINANCIAL BILL
And the Bimetalic Amendment-A Full
and Frank Statement of the Real Bi-
MstaliistS-Bryan and HIS Party Have
Done More Harm to the Silver Cause
Than Any Other Agency.

bill. The reasons why ne supported it
are given fully in the subjoined speech,
which will be concluded in next weeks
issue.
under consideration have no direct rela-
ton to the question of bimetallism, and
In no respect affect its present aspect or
the possibilities of its future attainment.
Nevertheless, in the public mind all cur
rency measures. because of recent party
issues, assume political hue and are
popularly supposed to have some bearing
upon. what is known as he silver ques-
an opportune time. in addition to few
words respecting the scheme and pur-
pose of the pending bill, to express brief
ly. some views upon the general principles
of bimetallism. especially as affected by
of the two political parties in this coun-
try upon this important and far-reaching
The bill as it came to us is radically
changed and modified. and a substitute
ebae @ until p be 5ee b IL Il pa
shall return from conference. argument
is alone applicable to the Senate bill, for
will undoubtedly bear upon 1t the stump
and impress which the finance committee
that bill alone is under practical consid-
The Senator from Rhode Island [Mr.
AIdrichl. chairman of the finance com
mittee. in opening the debate gave us in
and scope of the bill. With much that
he said nearly every senator on this side
er conclusions some of us can not share.
For instance. the first section of the bill.
age and wholly needless. l refer to the
PROVISION reciting the contents of the
continue to be the standard unit of val
ne. OF course it will. and it would so
continue If this section were eliminated
from the bill. We might as well grayelX
pass a law providing that a yard shall
that in the future, as in the. past an
acre OF land should contain l6O square
Hsi single respect esp Existing law, and its pres,
ence in the bill can only be ,accourntefa ri,,fi
men are like Children and need TO be fre.;
quently reassured that everything is all
right as the idea formerly prevailed nedn,a IN
slept better II they were aroused at mid;
night by the town crier ringing his bel bel
and that all was well. The section has
been. the law. since 1873, and is hardly
The following section of the bill in
creasing the gold reserve and effectually
the banks and individuals to draw out
at will the gold in the treasury through
now reissued soon as received. is, in
my opinion. an excellent provision and
pletion of the gold in the treasury in
those times. of depression and panic
and 1t should assist In avoiding the ne
cessty of issuing additional bonds TO pro-
The silver and silver certificates.
provided Cor in the bill rest upon foot
Ing entirely separate and apart from the
Their legal-tender quality is left to them.
There Is diserminatioGn, e9nderping tng
against them. The terms of redemption
upon which they were issued are not not
Ps m is % sSa be 'fa Issued b2 any o
and the burden OF all the small bills OF
Thnr 10 no nhipTtinn
provision. 1t does not injure or affect in
the slightest degree the negotiability. the
the standing of the silver certificates.
There IS. however, one Limitation re. re,
opinion, have to legislate respecting.
of all characters by the government in
Guiding the silver certificates now out be
as / compute it. II the increase comes
to the national-bank circulation that
tion within the next few months provid-
fund out Of which further silver certih-
Gates shall be issued or rso some h, RronisaIh nnp
cable TO some otner notes Of issue or
some other fund now in the treasury.
The provision requiring the payment @ of
bonds in gold represents. l think, a mis-
taken view ist as to our a no99n az erenl1
| the provision is serious only in that 1t is
an apparent discrimination in favor OF
| the one metal and against the lawful
| money of the country. Upon the re-es-
| tabl,shment of a bimetallic basis it can
| make difference as to the terms em-
| ployed or the metal named in the bond
| for the two metals will be Interchange
able. 1t is true that the government is
but following n fashion which has pre-
vailed in this country for nearly a score
bonds, aggregating n far greater sum
than the aroount contemplated IN TINS
| bill the bonds of almost evNry industrial
| and county loans all over she land. and
are, by their terms specifically payable
in gold. The trainers of the bill assert
bonds can be fioated at a lower rate of
interest than would otherwise be requir-
Sd What wdsf maS of 9e the fS monSeyiending S beit
but 1 can but express my regret that the
commttee telt d tnat tns ot rom 5e
the terms heretofore used in government
obligations. 1900. --
pride to every citizen in this land, to
whatever party he may belong, to realize
into the markets of the worid and place
their securities at par at lower rate OF
nearest, and her consols, now selling
must not be forgotten that these bonds
are issued at tn time when money si, Is s., In
| ever before. In Germany, where there
is to-day wonderful prosperity, so great
| is the demand Tor money lidt itr
| sian bonds. drawing three per cent, an
| unquestioned security, sell in the markets
| at 50 or less, and the new Saxony bonds.
also lrawing three per cent, and an
| equally good bond. We're marketed at 80.
| 1t must be admitted that in the ability
to place the new two7per-cent bonds at
| par we are greatly aided by the provi-
sions of the bill making them attractive
| to the national banks of the country:
but that we can accomplish 1t under any
| of popular confidence in our institutions
| and our nnancial integrity
The other important feature of the bill
! is the one providing for the exchange of
| the bonds for those now. outstanding and
permitting more favorable terms for their
use by the national banks of the country
as basis for national-bank circulation.
The national banks had their rise