Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1895-02-18
GOLD and SILVER.
Spirited Discussion of the Bond Cues
tiOn in the Senate.
Senator Gray Forcibly Defends the
Course of the Administration
Plain Talk.

Washington, Feb. lS.-Ihe senate was
the center of interest to-day as result
of the warm discussion on the financial
question and personal criticisms of the
president. Senator Stewart called up his
resolution declaring that the government
had no legal authority to buy gold coin
in preference to silver coin for any cause
whatever.
Senator Stewart spoke of the humiliat-
ing position, the United States being
held by the throat by the gold commits
sion which had power, to coerce and
squeeze the country up to next October,
when the contract expired.
Senator Gray, who is recognized as
close to the officials of the administra-
tion, expressed surprise that the senators
from Massachusetts (Hoar) and Colorado
(Wolcott) had SO far gone out of their
way as to indulge in violent assaults on
the executive. The president had, he
contended, simply performed duty in
cumbent on him by law. That law was
such that the evasion of it would have
been plain dereliction of duty.
"No sooner had congress assembled
than the president appealed to con-
gress concerning the financial condi-
tions. A bill was framed on the lines
suggested in that message and the
house saw fit to reject it. Again
the president appealed to congress-" Sen
ator Gray read from the presidents mes
sage urging
PATRIOTIC AND UNPART1sAN
action to meet the emergency.
"Does the senator think" inter- jected
Senator Stewart, "that the president has
re-established confidence in affairs by
hiring the assistance of foreign syn
dicate?''
Senator Gray said that he would fully
consider that point later.
Proceeding with the presidents mes
sage, the senator read the specific state
ment that the law did not provide for
bonds payable in gold. At that time Sen
ator Lodge had not complained of the
conditions clearly set forth by the presi-
dent, but had waited until now to present
his scathing denunciation.
Having thus presented the situation to
both branches of congress in appeals al
most
EAIaEl1o IN GAANEo1NEbSS
the president was left alone to struggle
with the condition and to meet it," The
senator told of the tremendous drains of
gold from the treasury, running up to
100000 in one week shortly before the
contract was made. From Dec. last,
up to the time the contract wos made,
$17,OOO,O00 was withdrawn and of this
only half was exported showing that the
other half was boarded at home.
"Has the senator lost sight of the
fact" asked Sen. Wolcott, "that the sec
retary of the treasury has reported to us
that he used $105,00O,000 or more of gold
for current expenses?"
This did not divert Senator Gray from
his line of argument as to gold with
drawls for export and boarding at home.
PAYMENT OF THE DEMAND NOTES IN GOLD.
"Right here want to ask" said Sena-
tor PETER, "Is there any law which com.
pels the secretary of the treasury to pay
demand notes in gold instead of silver?"
81 have not said that there was any
such law" said Senator Gray. know of
no such law, but the obligation to main
tain the parity between the metals makes
it absolutely incumbent to treat these
metals equally"
Senator Hill rose at this point to say
that the secretary of the treasury had not
to the senate that he had used
$l0s, 100000 of gold for current expenses.
Senator Teller wanted to read the sec
retary's report, but Senator Gray would
not yield.
DRAIN OF GOLD CONTINUED.
"And this drain of gold continued" re-
sumed Senator Gray, ''until the sub
treasury in New York reported that they
could not hold out another day. Then
came the great question: Was the coun-
try to 20 to silver basis between sun
down and sun-up or was it to secure the
gold absolutely necessary to maintain the
parity and exchangabilty between the
two metals. Action was mperative, and
quick action. What time was there to
advertise for bids for goldP"
Senator Gray forcibly urged the grav
ity of the condition which compelled
speedy action and an appeal to those
who had gold.