Daily Republican. [volume] ([Wilmington, Del.]) 1874-1890, 1886-01-07
senator Gray ON silver.

The Silver question being called upl
for consideration in the Senate on
Wednesday. Senator Gray made an
able defence of the Presidents position
In favor OF o suspension of the coinage
of moro OF the Bland silver dollars. The
resolution offered by Mr.. Beck being
read, Mr.. Gray said he would vote for
it, but for reasons very different from
those which actuated Mr.. Back and
those who thought with him. Review
ing the history of our coin legislation,
the act of 1873, Mr.. Gray said, was
tentative. 1t was based on the idea
that silver would shortly reach an
intern ationsl ratio with gold. 1t was
the hope Of attainment of this inter.
national ratio that actuated many
thoughtful mon In voting for that bill.
This hope had been disappointed the
object OF the bill had been defeated, and
the dollar worth so cents in 1878 was
now worth less thsn:S0 cents. Passion
ate invec;ive OF the part OF silver men
would not enhance the value Of the
silver dollar.
The tiOns and ec1mmendations OF
| the President and Secretary of the Trea.
sury ON the silver question were right.
He (Mr. Gray) was not here to defend
any one, bat economic laws were al
ways the same. he was neither a
bond holder nor the son OF a bond hold
or, but he was for paying the bond.
holder Ia honest money. The true issue
in the question was whether the true
relstion Of gold and silver could be
REACHED by the continuance of the pres
ent plan OF silver coinage. He asserted
that this could not be done. Silver
coinage had served useful purpose as
Subsidiary ooin, but no country de-
sired basis of silver coin alone, and II
gold were supplanted by silver we
would have a silver basis. The gold
standard hkd kept US in easy relations
with the rest Of the world. Bi metallism
could not be reached by any one coun-
TRY alone. France had long ago stopped
her silver coinage, and should we, by
continuing our present course, drive
Iout of the country several hundred mil
lions OF gold coin? If we did 80 w
should have contraction indeed.
The act Of 1873, having failed to raiE'
the value Of silver. persistence In oul
present plan Of silver coinage woult
bring us to q silver standard. WI
would be descending to the basis OF ~
80 cent dollar, and thus the govern
m6nL OF Inc y ultou ObADob WOuiu Al
fact be scaling it's own debt. Thi
would be public misfortune, as evi
dencing a condition Of public dishon-
esty, which, to say the least, va
equally reprehensible with individua
dishonesty. Many Of those who favor
ed the silver coinage were not, In MI
. Gray's opinion, the solid conservativ
business men, but those OF Q specula
+ tive turn.
He desired to see silver in circulation
concurrently with gold, but the failur
a Of the bett efforts TO get IL into that cor
dition was sufficient proof that on
:, continued coinage would be Of no ava
In that direction. We were all embark
y ed on the same great voyage-debte
% and creditor,-one fate awaited us oil
J. We should therefore honestly endeavt
- TO adjust our differences In order tn;
- y the interests OF all our people may
70 honestly and fairly advanced.
~. Mr.. Gray was listened to with uni
~ sual attention. His voice was clea
yesonant and well sustained and
~ the close OF his remarks he received u
40 - congratulations Of several Of his Sen
y torial friends. Mr.. Mcpherson follow
. ON the same subject.