Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-18

out conference and on the eve of adjourn
ment. 1t would be better for Congress to
eonfine itself to the business in hand "But
1 wish to point OUT said Mr.. sherman.
that in every act every loan, every sale
of bonds since 1869 this government has de-
manded gold.
obligations in the same coin We received
for them. T. this question Is fairly pre-
scented and Understood by the people, no
honest man will Say we should pay in any
coin other than that We received
Mr.. Sherman read the law of 90 solmnly
pledging the faith of the government COVER TO
pay in COIN What coin, ne asked, was eX-
listing at that time, and what coin was
which was at that time the only standard
coin. Silver was not then standard coin.
Gold was the only possible coin In con-
temptation at that time.
Mr.. Sherman took up the Az bonds issued
by Secretary sof ,the Treasury Morrill, ana
read the language that the proceeds from
them were to be paid in gold The same
provision was made as to the bonds issueu
Treasury. To say that such bonds, IoI
which gold was received, Shouiu not NC paiu
in gold was not honest.
"And let me say to Senator'S. declares
Mr. Sherman, earnestly these bonus VIII
never be worth less than their value when
they We're sold We received goid LOT 'iieili
we will pay gold for them. Inc peoPie VI
the United States will resent any 'nsioi n',i
I
obligations in money of less value thai'
that we received"
The President Has No Power.
Mr.. Sherman turned his attention to the
President and Secretary of the Treasury.
1.-THE Senator from Delaware Gray)'
said Mr. Sherman, seeks to defend the
President. But why should this be neces-
sary? The President has no power over
bonds He has no business Witn thel,i:
The Secretary of the Treasury is the ohls
one authorized to issue bones or " ooli
duct negotiations The President mas no
more power as to bonds than he mas 10 SIT
in the Senator's seat in the Senate cha"-
Der"
Mr. Gray expt.ined that he had .lrd meant cant
to refer to the Secretary of the treasury
as well as the president. the former neihs
the appointee the President: ).
Mr. Sherman said it was important 10
emphasize the fact that the secretary VI .ils
sponsible officer concerning 3ohds. lie re-
ferred to the noted controversy between
Hamilton and Jefferson IN Wfllch the
former. as Secretary of the treasury, was
the only one heard Of President NashliS-
ton not figuring in the TRANSACTION.
The Recent Contract.
Referring to the recent bond contract,
Mr. Sherman said: Il must say-and L 90
not like to say it, for 1 have the highest
personal regard for the integrity of the
President and the Secretary of the Treas
rry-but | must say. this last contract was
most faulty for the United States
Mr. Sherman pointed out the market
rates of other United States bonds ana
showed how the new thirty-year bonds
ought to have been vastly more valuable.
To deliver them at the rate given was at
least fmprovident Within the next thirty
years we would be able to redeem these
bonds at one-half the rate of interest we
had bound ourselves to pay. The Senator
from Delaware Gray had been solicitous
as to the Presidents getting gold w n.y.
said Mr. Sherman, there was no dlnicuity
IN aettinr gold from London or Berlin.
And show" asked Mr.. Gray, lis the
gold to be got except by buying 1t with
bonds?