The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-13
Mr.. WOLCOTP PROTESTS
He Contends That Currency Legis
latiOn is Useless.
The Country Already on n Gold Bnsis
-Passngc of the Bill Would Re-
national BimetaIlism - Mr.. butler
Also Speaks on His Amendment.

When Mr.. Wolcott of Colorado. rose
TO address the Senate yesterday. on the
Financial bill, he found a large and at
tentive audience both on the floor of the
chamber and in the galleries. His cham
pionship Of bimetallism and his position
as chairman OF the International Bimetal-
lie Commission made his remarks of un-
usual significance.
He confined his utterances largely to the
bimetallic feature of the currency ques-
tion. maintaining that SO long as this
country was already on a gold basis. 1t
was useless TO pass bill prescribing that
it should be on a gold basis. He con-
tended that such a course would be as
absurd as legislating that three feet should
make yard.
That MIR. Wolcott's influence is desira-
BILE is evidenced by the amendment to the
Currency bill introduced by Mr.. Aldrich,
on February g. 1t states that "the pro-
visions of this act are not intended to
place any obstacles in the way of the ac-
complishn ent of international bimetallism,
provided the same can be secured by con-
current action of the leading commercial
nations of the world at a ratio which shall
ensure perinanence of relative value De-
tween gold and silver" This amendment
will permit such advocates of bmetallism
as Mr.. wolcott, Mr. Carter OF Montana,
and Mr.. Shoup of Idaho. 10 consistently
support the bill now before the Senate
In opening Mr.. Wolcott stated that the
provisious of the measure had no direct
relation to the question of bimetailism
but because of recent party issues. all bills
relating TO the currency assumed poll
tical hue and were popular.v supposed to
have some bearing on the silver ques-
ton" For this reason, the speaker de-
clared he deemed it an oppGrtune time TO
discuss briefly the general principles OF
bimetallism.
A Mistaken View.
Senator wolcott continued.
The provision requiring the payment OF
the principal and interest of the new bonds
in gold, represents, 1 think, a mistaken
view as to our national credit From the
point of view of bimetallism the provision
is serious only in that it Is an apparent
discrimination in favor OF the one metal.
and against the lawful money Of the
country. Upon the re-establishmeDt OF
bimetallio basis ii can make no difference
as to the terms employed or the metal
named in the bond, for the two metals will
be interchangeable. 1t is true that the
Government is but following a fashion
which has prevailed in this country for
nearly score of years.
"Four-fifths Of our railroad bonds, ag-
gregating far greater sum than the |
amount contemplated by this bill. the |
bonds OF almost every industrial and man
ufscturing company, municipal. and county |
loans all over the land. and countless mort |
cages made by individuals are. by their |
terms specifically payable in gold. The
trainers of the bill assert that by the inser- |
tion Of this clause the bonds can be tioated 1
at a lower rate of interest than would
otherwise be required. 1t may be so. My
home is somewhat west OF the money /
lending belt. but cannot but express my 1
regret that the committee felt that the ex-
igencies OF the money market required a
departure from the terms heretofore used
in Government obligations.
The other important feature of the bill
is the ore providing for the exchange of
The bonds for those now outstanding and
more favorable terms for their
use by the national banks Of the country
as basis for national bank circulation.
An Ancient Argument.
The national banks had their rise when
this Government needed support in carry
fng out the resumption of specie payments.
BY means of them we succeeded where We
might otherwise have failed. Succeeding
years have only more firmly implanted
them an integral part of our financial
system. not TO be uprooted without more
radical change of policy than any party or
would care 10 attempt. The
whole argument is too ancient and thread
bare for me to enter into here. II this
Government were new and were to outline
Its financial policy. most of us. / take 1t,
would favor some plan akin to that fol-
lowed by the leading countries Of Europe,
or the issue of all its money direct by the
but the national bank system
has become SO intricately interviewer into
our financial fabric that there seems no
way but to accept them and to utilize them.
We provide that hereafter circulation may
issue TO the par OF all bonds deposited for
that purpose, thus at once giving US some
so. 900, 900 of addit'o 'onal circulation.
Il realize. Mr.. President, that these
Seem unpropitious days for us who cherish
a belief in bimetailism and faith in its
final triumph. These are prosperous
times. The enormous increase in the GOLD
output has revived industry and stimulat-
ed manufactures and business and raised
prices all over the world, and especially
tn this country, where we have had the
added stimulus of an excellent protec-
tive tariff and a wise and conservative
of public affairs. The pros
perity is real, is universal. and, trust,
may be long continued But the expert
ences OF generations have taught us that
cycles of depression and stagnation fol-
low periods OF prosperity as Inevitably as
the night follows the day.
principIs.s of BimetaIIi-m
THE principles of bimetallism are
- firmly implanted in the very foundation
OF the Republican party. For nearly a
quarter of century, with livery recurring
National Convention, we have renewed our
declaration of faith in the doctrine. The
amendment. together with the law OF 1897
creating commission FOR negotiating with
foreign governments. still in force, is in
accord and in line with its former declara-
tions, and furnishes TO the people of the
United States their only hope for an
honest effort toward a restoration OF a
parity between gold and silver. /: is
true there are doubt and hostility in GER
tain quarters. but the great mass OF the
voters of the country are bimetallsts.
provided always IL can be secured with
put impairment of the national credit.
The failure of the Republican party to
stand up for the principles it has al
ways advocated will bring 1t no addi-
tional votes. The Chicago platform offers
no hope for bimetailism. There are some
gold monometallists in The country OF
both political parties. They won't vote for
Bryan or Bryanrsm under any oircum-
In conclusion Mr. wolcott said: at Is
rny sincere conviction that in our day.