Rensselaer Semi-Weekly Republican, Volume 19, Number 42, Rensselaer, Jasper County, 28 January 1898 — WOLCOTT TALKS OF HIS WORK. [ARTICLE]

WOLCOTT TALKS OF HIS WORK.

He Relates to His Colleagues IHs Mission, Its Efforts and Failure. In the Senate Monday Senator Wolcott took occasion to make his first statement as to the recent mission in Europe of the monetary commission, charged Avith the r effort, to bring, about, an ugreemeut with ; the trnns-Atlantic nations’for the further use of silver in the money of the world. Wolcott introduced his subject by saying he proposed to make a statement respecting certain phases of the work of the recent bimetallic commission of which he was a member. He would speak unofficially, not committing his associates to his opinions, and avoiding 90 far ns possible everything which might give rise to controversy. He said that all three members «f the commission Avere bimetallists—a fact fully known to the President when he selected them. Whatever measure of success or failure the eommissiou met with it had “been hampered by no lack of authority or sanction or administrative support. The commission had been of one mind throughout. It had been given full powers, and it had not been hampered in the exercise of them. ,Otfr ambassadors had co-operat-ed Avith the commission under strict instructions from the home government. And the President of the United States extended to the mission his unswerving support in all efforts to bring about au international agreement. “There has been no moment in which we have not known that back of our efforts was the earnest desire of the chief executive to carry out in its integrity the provisions of the platform of the Republican party, pledging it to every effort to bring' about au international bimetallic agreement.” He said the commission went first to France, because-of the large silver circulation there and the French premier’sbelief in bimetallism. An agreement Avas reached with that country, and with the representatives of that country the commission proceeded to London, where indications /were very favorable. The commission, had no expectation that Great Britain would abandon the gold standard, but had reason to suppose it would open the mints of India to free coinage. If tlie : V«»nnission had succeeded in this it would have had an agreement in behalf of the nations using more than half the silver money in the world for free coinage before an international bimetallic conference was called. The official treatment of the commission by the British Government Avas most courteous throughout, but he characterized the utterances of some of the London.press as .“brutal” and he asserted that those papers Avere dominated by the allied banking element. It might be, lie added, that political considerations made the reply of the Indian Government objecting to a reopening of the Indian mints to silver, not umvelcome to the British ministry, but he did not believe it dictated that reply. The position taken by the Indian Government greatly surprised the commission, which had reason to believe that India Avotild welcome the reopening of her mints to the Avhite metal, lie believed it Avas equally surprising to the English ministry. The position of the Indian GoiA’ernment is inexplicable. That country’s saA T ings are mostly in silver and had been halved by the closing of the mints. She is at a disadvantage with neighboring nations in the matter of exports; her currency is insufficient and steadily decreasing and the recent famine Avas one of money rather than of food. Contributions forwarded for the starving Avere in money, rather than in grain. Rice was abundant throughout the famine period at a trifle over a cent a pound, or cheaper than Avlieat in England. Among the obstacles with which the commission had to contend was the remarkable drop in silver and the coincident tariff legislation, together with the statements of NeAA r York bankers in England to the effect that the American people do not favor bimetallism, and the commission AA'as merely sent as a sop to few' far AA'esterners; that bimetallism in the United States Avas dead aud that the President AA-as really a gold standard man. The commission Avas also attacked by the extreme free silver men, who predicted failure. All these, hoAA'ever, he did not believe affected the outcome. He expressed the opinion that an international bimetallic agreement is hopeless for the present, especially Avhile the nations of Europe are piling tip gold. With certain modifications, however, lie believed such an agreement Avas still feasible. It might be necessary to change the ratio to, say, 20 to 1.