The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-19

equally.
HILL CHIPS IN"
Mr.. Hill arose at this point to say that
the question of Mr.. Wolcott should not go
unanswered. The Secretary OF the Treas
ury had not reported to the Senate, said
Mr. Hill, that he had used $lo5,ooo,0oo of
the gold for current expenses.
Mr.. Teller wanted to read the Secretarys
report, but Mr.. Gray would not yield.
And this drain of gold continued" re-
sumed Mr.. Gray, until the subtreasurer at
New York reported that they could not
hold out another day. Then came the
great question: Was the country to so TO
silver basis between sundown and sunup.
necessary to maintain the parity and ex-
Change ability between the two metals.
What would You have said if the President
mad not met that emergency and performed
his duty? Would you nave heard such an
imadversions, such as those OF Saturday,
for not rescung the country from the
grave crisis then presented? Action was
Imperative, and quick action necessary. 1T
was to be done in twenty-four hours. What
time was there to advertise for bids for
gold? Mr.. Gray forcibly urged the grav-
ity of the conditions which compelled
speedy action and an appeal to those who
Mr.. wo-cott here came forward with an
other question:: Does the Senator know of
any one other than Russell Sage who has
boarded gold?" he asked.
Il do not. said Mr.. Gray; "but do not
and it would be pleasure if I did,
Mr.. Gray then urged the Senators to sup
best money W in the United states.
Replying to query by Mr.. Stewart Mr..
Gray declared that IL we accepted the con-
tentions of the Nevada Senator the United
States would write in it's bonds: 'These
bonds payable in silver if silver is at
2 Mr.. Hoar asked if it was decent that
the contract had been so made as to bring
into question the good faith of the gov
Mr.. Gray vigorously resented the use of
the word decent as part of this line
Mr.. Hoar modified the query so as to
ask whether it was reasonable that this
course should be taken.
Mr.. Gray declared that the real attacks
on the credit of the country were not from
the President, but from Senators who pro-
claimed their criticisms to the world. Mr..
Gray closed with much vigor. Eve have
been dumb during this grave emergency,
this battle alone for the credit and honor
of the United States, and" said he, 1.-The
people of this country would not forget
that the American Congress deserted the
President in the hour of trial."
SHERMAN'S COMMON SENSE VIEWS.
Mr.. Sherman secured recognition after
brief attention to routine business and took
up the thread of the financial debate, be-
ing accorded the closest attention. "The
real question:" said Mr.. Sherman, ..is shall
this government pay its obligations in gold
or in some other coin? / wish to point
sale of bonds since 1869, this government
has demanded gold. And now are we to
refuse to pay these obligations in the same
coin we received for them? If this question
is fairly presented and understood by the
people, no honest man will say we should
pay in any coin other than that we re-
celved. Mr.. Sherman read the law of 1869,
solemnly pledging the faith of the govern
was existing at that time, and what coin
was meant by the lawmakers. 1t :, was
gold, which at that time was the only stand
ard coin Silver was not then standard
coin. Gold was the only possible coin in
contemplation at that time.
Mr. Sherman took up the four-and-a-ha1f
bonds issued by Secretary of the Treasury
Morrill, and read the language that the
proceeds from them were to be paid in
gold.' The same provision was made
to the bonds issued by him (Sherman) while
Secretary of the Treasury: To say that
such bonds, for which gold was received,
should not be paid in gold, was not honest;
And let me say to senator's declared
Mr.. Sherman, earnestly, these bonds will
never be worth less than their value when
they are sold. We received gold for them:
the United States will resent any dishonor
on the United States in seeking to pay
our obligations in money of less value than
Mr. sherman turned his attention to the
President and Secretary of the Treasury
.'The Senator from Delaware" CMr. Cray,
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 with them. The
Secretary of the Treasury is the only
authorized to L issue bonds or r to conduct iuc
power as to bonds than he has to sit in
Senator's seat in the Senate chamber"
Mr.. Sherman said Il must say, and | do
not like to say, it. for have the highest
President and the Secretary of the Treas
ury but must say this last contract was
most faulty for the United States" To
deliver the bonds at the rate given was
at least improvident. Within the next
thirty years would be able to redeem
these bonds at one-half the rate of interest
we had bound ourselves to pay" The Sen
ator from Delaware (Gray had been
solicitous as to the Presidents getting gold.
Why, said Mr.. Sherman, there diff
Guilty in getting gold from London or Berlin.
And how asked Mr.. Gray, lis gold to
be got except by buying 1T with bonds?
QUEER FEATURE OF THE BARGAIN.
Mr. Sherman said the manner of getting
it was to get full value for our bonds. There
had been no trouble over previous bond con-
tracts. Then the executive officers fol-
lowed the usual rule and got full value for
our bonds But the singular feature of the
last transaction was that bonds should sell
at 1912 when they were worth, in compari-
son with other bonds, 120.
HAS the Senator any market reports
showing these quotations?" asked Mr. Gray
NO" said Mr.. Sherman, ''but does not
the Senator know thrty-year bonds are
worth much more than those previously on
Then" said Mr. Gray, 'the Senator Is
indulging in estimates and general specula-
ton. He has no market reports to establish
the rates he quotes
Mr.. Sherman said the bond contract, while
improvident, would not ruin break the
United States. But it was a hard bargain
wrung from our officials
mo issue of bonds should be made" said
Mr.. Sherman, Except to the people of the
United States. If a reasonable proposition
had been made to our own people and they
had been asked to take the bonds they
would have found the gold to pay for them
We have the men in New York, Boston.
Philadelphia and Chicago who, being APP
piled to, could cover such bonds into gold
at their full value. We have no need to
look abroad"
Mr.. Sherman closed by saying that he
had not intended any personal criticism
of the President or of the Secretary of
the Treasury. 'They have made a bad bar
gain-that is ALL" said the Senator, but
being a bargain we must live up TO it,,
The agricultural appropriation was then
taken up and a long debate occurred on
the committee amendment striking out the
$4,000 for irrigating purposes.
The financial question was then dropped
for a time and the agricultural appropria-
ton bill taken up again. After a sharp de-
vestment retained. An amendment Of
fered by Mr.. Lodge for $4,000 to be used