The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-19

PETER, as there any law which COM |
pels the secretary of the treasury toI
pay demand notes in gold instead OIL
in silver?"
L have not said there was any law" |
replied Mr.. Gray. Il know Of no such |
law. But the obligation to maintain |
the parity between the metals makes
it absolutely incumbent to treat these
metals equally"
Mr.. Hill rose at this point to say that |
the question of Mr.. Wolcott should
not go unanswered. The secretary of
the treasury had reported to the Sem
ate, said Mr.. Hill, that he had used
$780, 900, 900 of the gold for current eX-
penses.
Mr.. Teller wanted to read the score
tary'S report, but Mr.. Gray would not
yield.
And this drain of gold continued"
resumed Mr.. Gray. until the sub
treasury at New York reported that
they could not hold out another day.
Then came the great question. Was
the country to go to a silver basis be-
tween shutdown and Sun-up. or was
it to secure the gold absolutely neceS-
Sary to maintain the parity and eX-
changeability between the two metals?
What would you have said if the presi-
dent had not met the emergency and
performed his duty? Would we, havel
heard the animadversions like those
of Saturday for not .rescuing the coun-
try from the grave crisis then pre-
sented? Action was imperative and
quick action 1t was to be done in "a
hours. What time was there to ad-
vertise for bids for gold?
Mr.. Gray forcibly urged the gravity
of the condition which compelled
speedy action and an appeal to those
who had the gold.
snge's Hoardings.
Mr. Wolcott here came forward with
another 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 L do
not know Russell Sage or any of his
kind and it would be no pleasure if
I did"
Mr. Gray then urged the support of
the Hill resolution for paying in the
best money in use.
Replying to a query by Mr. Stewart,
Mr.. Gray declared that if we accepted
the contentious of the Nevada senator
the United States would write on its
bonds. '"rhese bonds payable in silver,
if silver is at a discount"
Mr.. Hoar Republicam. OF Massa-
chusetts, asked if it was decent that
the contract had been made so as to
bring into question the good faith of
the government.
Mr. Gray vigorously resented the
word decent" as part Of this line of
attack on the president.
Mr.. HOar modified the query so as to
ask him whether it was reasonable
that this course shall be taken.
Mr.. Gray declared that the real at
tacks on the credit of the country were
not from the president, but from sena-
tors who proclaimed their criticisms to
the world Mr. Gray closed with much
vigor.
I'VE have been dumb during this
grave emergency" said he. We have
left the president to fight this battle
alone for the credit and honor of the
United States. and.'' said he, the peo-
pie of this country would not forget
that the American Congress deserted
the president in the hour of trial.
Sherman ON theeTrail.
Mr.. Sherman Republican,, of Ohio,
secured recognition after brief atten-
| ton to routine business, and took up
the thread of financial debate. being
accorded the closest attention.
"The real question" said he. is,
tons in gold or in silver COIN
| Il wish to point out" said Mr.. Sher-
man, that in every act, every loan,
every sale of bonds since 1869 this gov
eminent has demanded gold, and now
are we to refuse to pay these obliga-
| tons in the same coin we received for
them? If this question is fairly pre-
sented and understood by the people,
no honest man will say we should pay
( in any other coin than that we re-
ceiYed."
| Mr.. Sherman read the law of 1863,
| Solemnly pledging the faith of the gov
eminent to pay in coin. What coin,
he asked, was existing at that time and
what coin was meant by the law
| makers?
1t was gold which at that time was
the only standard coin. Silver was
not then a standard coin. Gold was
the only possible "coin" in contempla-
ton at that time.
! Mr. Sherman took up the bonds is
sued by Secretary of the Treasury Nor
rill and read the language that the
proceeds from them were to "be paid
in gold.''
The same provisions were made as to
the bonds issued by him (Sherman NJ
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 de-
clared Mr. Sherman earnestly, ''these
bonds will never be worth less than
their value when they were sold. We
treceived gold for them; we wilR pay
gold for them. The people Of the
| United States will resent any dishonor
on the United States in seeking to pay
| our obligations in money of less value
than that which we received
| Turns On Gr1y
! Mr.. Sherman turned his attention tc
the President and secretary of the
treasury.
I "The senator from Delaware OIr
Cray said Mr. Sherman, seeks to de-
Ifend the President. But why should
this be necessary? The President has
no power over bonds. He has no bust
ness with them. The secretary Of the
| treasury is the one authorized to issue
the bonds or to conduct negotiations
The President has no more power as
ITO bonds than he has to sit in the
senator's seat in the Senate chamber
i Referring to the recent bond con
(tract, MIR. Sherman said:
81 must say do not like to say it
for I have the highest personal regard
for the integrity of the President ant
the secretary of the treasury, but
must say this last contract was mos
faulty for the United States"
To deliver the bonds at the rate
| given was at least improvident
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 (Mr. Cray, had been solici
tious as to the Presidents getting gold
| "Why," said Mr.. Sherman. there wa.
: no difficulty in getting gold from Lon
. don or Berlin
and how?" asked Mr.. Gray t'is golc
) to be got except by buying 1t Will