St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-19
from the presidents message urging
patriotic and bipartisan action to
MEET THE EMERGENCY.

from the presidents message urging
patriotic and bipartisan action to
MEET THE EMERGENCY.
Does the senator think inter
jected Mr. Steward, that the presl-
dent has re-established confidence
in affairs by hiring the assistance
of a foreign syndicate?'
Mr.. Gray said he would fully con-
slider that point later. Proceeding
with the presidents message, the
senator read the specific statement
that the law did not provide for
bonds payable in gold. At that time
Mr.. Lodge had not complained OF the
conditions clearly set forth by the
president, but had waited until now
to present a scathing denunciation.
Having thus applied to congress,
continued Mr.. Gray; having thus
presented the situation to both
branches Of congress-in appeals al
most pathetic in their earnestness-
the president was left alone to strug-
gle with the condition, and to meet
it,
The senator told of the tremendous
drain of gold from the treasury,
running up to $700O,0O0 one week
shortly before this contract was
made. From Dec. 1 last up to the
time of the contract $17,000,00O was
withdrawn, and of this only one
half was exported, showing that the
other half was boarded at home.
HAS the senator lost sight Of the
fact" asked Mr. Wolcott, that the
secretary of the treasury has report
ed to US that he had used $105, 900, 600
of that gold for current expenses? p
This did not divert Mr.. Gray from
his line of argument as to the gold
Withdrawals for export and for
boarding at home.
Right here 1 want to ask" said
Mr.. PETER, 'is there any law which
compels the secretary Of the treas
ury to pay demand notes in gold in
stead Of silver?'
81 have not said there was any
such law" replied Mr.. Gray. II
hIION VI IlO SuCII loW. Dul liz OOli
cation to maintain the parity be-
tween the metals makes it absolute
ly 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 sec
retary of the treasury had not re-
ported to the senate, said Mr.. Hill,
that he had used $105, 100000 of the
gold for current expenses. Mr.. Tel
Ier wanted to read the secretary S
report, but Mr.. Gray would not
yield.
And this drain Of gold continued" :"
Mr.. Gray resumed, until the sub
treasurer at New Y ork reported that
they
COULD NOT HOLD OUT
another day. Then came. the great
question. Was the country to so to
a silver basis between sun-doWn and
sun-up, or was it to secure the gold
absolutely necessary to maintain the
parity and eXchangeability between
the two metals. What would you
met that emergency and performed
his duty? Would we have heard
such animadversions, such as those
of Saturday, for not reScuing the
country from the grave crisis that
presented? Action was imperatiev,
and quick action. 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 condition which compelled
speedy action, and an appeal to those
who had the gold.
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.
II do not" said Mr.. Gray. "But I
do not know Russell Sage or any
of his kind, and it would be no pleas
ure if L 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 sena-
tor, the United States would write in
its bonds: "These bonds payable in sill
yer, if silver is at discount
Mr.. Hoar Rep., Mass asked if it
was decent that the contract had been
so made as to bring into question the
good faith of the government.
Mr.. Gray vigorously resented the use
of the word decent" as a part of this
line of attack on the president.
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 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:
eve have been dumb during this grave
emergency" said he, 1--WE have left the
president to fight this battle alone, for
the credit and honor of the United
States. And" said he, ''the people of
this country will not forget that the
American congress deserted the presi-
dent in the hour of trial.
SHERMAN'S IDEAS.
Mr.. Sherman (Rep., o. secured recog-
milton, after brief attention to routine
business, and took up the thread of the
financial debate, being accorded the
closest attention.
"The real question:" said Mr.. Sher-
man, 'is, shall this government pay it's
obligations in gold or in some other
coin"
''I wish to point out" said Mr. Sher-
man, that in every act, every loan,
every sale of bonds since 1859, this gov
ernment has demanded gold. And now
are we to refuse to pay these obliga-
tons in the same coin we receivd for
them? If this question is fairly pre-
sented and understood by the people,
no honest man will say we should pay
in any coin other than that we re-
ceived."
1oon