The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-17
PARITY OF GOLD AND SILVER.
THE SENATE DEVOTEs THE DAY
TO THE FINANCIAL PROBLEM.

AG DtDAAe Launch ed
Upon senator HiIrs BimetaIIism
RESOLUTION and the Substitute Of
fered for IL by Senator sherman.
The Resolutions Placed Upon the
Calendar.
Washington. Feb. 16.-President Cleve-
land and his Secretary of the Treasury
came in for the principal share of the
attention of the Senate to-day. The de-
bate was launched upon resolution Of
fered some days ago by Mr.. Hin, declar-
ing it to be the policy of the government
10 establish a safe system of bimetallism,
and TO maintain gold and silver at
parity; and upon a substitute for it
offered by Mr.. Sherman making a sim
liar declaration, except that it asserts
that policy to be "the established policy
of the United States"
Mr.. Hill made an earnest and impas-
stoned speech in support Of his resolution,
stating that it was Of supreme Importance
at this hour that congress should inform
The country and the world that the policy
Of the United States was not to maintain
the single gold standard or the single silver
standard. but the double standard, and
that df parity could not always be main
tained) the obligations Of the government
would be paid in the best money in use.
His speech was replied to by Mr.. VOL
colt, by whom it was described as "thresh-
ing old straw" inasmueh as the House
had disposed yesterday of the subject of
the issue or Endorsement OF gold bonds.
He spoke of Mr.. Hill as a bimetallst on
a gold basis, and spoke of the Presidents
bond contract with the syndicate as "the
most disastrous occurrence Of this gener-
ation." and as "a most wanton, criminal
and deliberate attack upon the credit of
the country"
More of the same kind of deunciation
was INDUCED in by Mr. Lodge, the syndi
cate agreement being characterized as
the blackest contract ever made by the
government"
Senator Teller went still further in the
same direction, saying that IL was "the
first time in the history Of the country
that the people had a right to charge alb
solutely a lack Of honesty on the part of
an administration in dealing with its
financial affairs"
The debate not only. occupied the two
hours allowed for the morning business,
but was carried on while the agricultural
appropriation pili was ostensibly before
The Senate. The two resolutions having
had their full time under the rules, were
placed on the calendar, and for the re-
mainder OF the day some attention was
given to the agricultural bill The cattle
and meat inspection amendments were
agreed to with the understanding that
they might be modified in conference, and
the other amendments went over till
Monday without action.
In opening the debate on the financial
resolutions Mr.. Hill said he assumed that
nearly every senator was a bimetallist
in the proper sense of the term, and, there
fore, his resolution embodied their views.
He excepted, of course, some who might
be gold monometallists or silver mono
metallists. The resolution was safe,
conservative and appropriate resolution
al this time. The first part of il announced
the true policy of the government, which
was, in a word, that the efforts of the
government should be steadily directed
toward the policy of the establishment of
bimetallism. He recalled to the atten-
tion of the Senate the act which repealed
the purchasing clause Of the Sherman
act, and which declared that it was the
duty of the government to pursue steadily
steps toward the maintenance of bimet-
alli1m He appealed to the true friends
of both gold and silver, to the men who
desired the double standard. To those
who said that it was impossible to main
he had nothing to say. He believed that
it was possible to maintain 1t. IL perhaps
could not be maintained at all times and
at all hours with exact precision. 1t might
take preparation, 1t might require wise
laws. It might require friendly admin
istration.
His resolution did not express any opin-
ion upon the question of the propriety of
issuing gold bonds, or of issuing coin
bonds, but he thought it of the most su-
preme importance az the hour that con-
gress should inform the country and in
form the world as well that the policy of
the United States was not to maintain
the single silver standard or the single
gold standard but the double standard;
and he thought 1t wise to make this declar-
alton emphatic, brief and appropriate.
That was all he desired TO say on the first
branch of his proposition.
Coming to the second part OF it, ne
said that the true policy of the United
States was bimetallism, meaning that sill
Yer and gold should be maintained at
parity, and meaning also that the gov
ernment reserved the right, the absolute,
technical, logical right, TO pay its debts
In the authorized coin of the country. That
he declared was true bimetalism-the
maintenance of the gold standard and
the maintenance of the double standard
Tho next question was, he said: How
shall we pay our bonded debt, or our other
debtS2" believe that this IS an important
declaration at this hour-the declaration
that we believe in the double standard,
that we believe in both gold and silver
and in the use of both alike, but that we
reserve the absolute, legal right TO pay
our bonded and other debts in either
coin; and that, if it should occur that
there is any difference between the two,
then we announce, not by statute, but
we pledge the faith of the government,
as matter of policy, that we will pay
in the best coin in use.
What is the contrary Of the proposi-
ton? Is it so proposed to pay our in
debtedness in deprecated currency?
Do you propose TO foist deprecated sill
yer currency on the creditors of the gov
ernment if there should be a difference
in the coinage value of gold and silver?
1t may be said that IL is unwise to con-
template a possibility of failure to main
tain bimetallism. 1t may be seid that
we ought not to assume the possibility
of our inability to maintain the two coins
at their parity. We cannot however, be
blind to the signs OF the times. Private
parties are now ioan;ng money and maxi
ing determinations as TO the coin in
ruh ts t. ha &