Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-02-21
SENATOR GRAY ON FINANCES.
He Ably Defends the Course OF
the Administration.

|
| Urgency of tho. situation Compelled
Action on the Part of the Administra-
tion-- low the Issue Was Met
| In the course of the curren ncy debate in
the United States Senate Monday, Sena-
| tor Gray of Delaware ably defended the
President and the Secretary of the Treas
| ury from the wanton attack made upon
them last Saturday because they had nego-s
tiated purchase of gold through the issue
Of United States bonds. The President
MIR. Gray said, had had devolved upon
him BY an expression of the legislative
will, more than once repeated, the duty OF
maintaining the parity between gold and
silver.
The duty was instant and constant. II
could not be avoided or evaded without a
derelicton on the part of the President,
which would have subjected him to the
criticism and animadversion, if not some
thing worse, OF the Congress and OF the
people. The only way for the Presdentto
be ready at all times to maintain ill the
Treasury the absolute exchangeability OF
silver for gold, and to see to il that no de-
mand should be made for either metal
which was not instantly responded to by 4
the fiscal agent of the government, was to
do us he had done-issue bonds to buy
gold.
THE PRESIDENT APPEALS TO CONGRESS.
Mr.. Gray here adyerted to the message
Congress to come to the assistance of the
executive and the bill outlined in that
message and brought before the House OF
Representatives where it was discussed,
debated and rejected. He also adverted to
to the Presidents special message OF Janu-
ary 2Sth, calling attention to the disorder
of the finances of the government and OF
the business relations OF the country The
President has called upon the Congress to
come to his aid and relieve him. Having
thus appealed to Congress, and having laid
before Congress the situation with a
funess of detail and an almost pathetic
earnestness, such as he (Mr Gray had
never seen in an executive communica-
ton, the President was left alone to
struggle with the situation and with the
environments in which he found himself.
PREMIUM ON GOLD. =
Mr.. Vest, D., (AIo.) asked Mr.. Gray
what was the premium which the Presi.
dent paid to the syndicate to obtain gold.
, Mr.. Gray declined to go into that subject
now.
Mr.. Vest suggested the question whether
it was consistent with maintaining the
parity between gold and silver to make a
/ contract which necessarily implied u
premium on gold.
Mr.. Gray denied that the contract did
/ imply premium on gold.
Mr.. Wolcott, r., (Col.) called Mr.. Gray's
/. attention to the admission of Secretary
Carlisle that Slo5. 1000, 600 Of the gold that
1 had been obtained had gone to pay current
/ expenses.
: MIR. Gray said he had not lost sight of
/ the fact.
I Mr.. Hill, d. IN. VI, denied that $105,-
t 000,000 of the gold had been SO used.
Mr.. Gray went on to speak of the daily
{ Withdrawals of gold from the Treasury,
0 and asked whether the President should
7 have allowed the country to lapse into a
1 silver basis. with all the attendant suffer
! ing which would be consequent on such a
e change, or should he have exerted the
Il power which the law gavehimto maintain
e the policy which the law enjoined.
o What would you have said," Mr.. Gray
l. asked vehemeutly, "of the President if he
It had been derelct to that high duty? Then
# perhaps we would have heard from the
IS same sources the animadversions which
l. were flung at his head last Saturday for
o rescuing his country, and for rescuing the
e government in his charge from situation
: such as | have described"
d Where could the President CO." Mr.
If Gray said in another part of his speech
}, but to the bankers who had the gold
Q. And he had, with them, to consummate 8
e plan by which the withdrawal of gold was
IL stopped. That was done, and could only
y be done in the way selected by the Presi
,r dent and the Secretary of the Treasury. TC
"a dribble out the bonds for gold, in 81 ,0O(
D not have met the situation. The Secretary
le had to have the gold ON the counter of tht
ii Sub-treasury to meet the demands mex
r morning. lie was in the situation of {
)f bank cashier who mas sufficient assets, no
le available, and who wants quick assets t
De meet the demands which would come with
" the rising of the morning SUM-"
Mr.. Peifet, Pop (kan.). asked whethe
the administration when it made this con
tract for gold was at the mercy Of TIN
spectators or bankers,
d. Mr.. Gray-I would not say that it was a
OF the mercy of the spectators and banker
r. that much belabored and despised clas
ht of people. But it was at the mercy of tn
ne people of the United States, who obeyini
u the instinct of ordinary human nature
KS commenced to withdraw gold in smal
o. amounts as soon as the danger signal wa
lg observed.
ed Mr.. Wolcott, r. (Col.), suggested tina
lg Mr.. Gray must have reference in that con
ny nection to Russell Sage
el Mr.. Gray said he had not. He had no
- the pleasure OF knowing Mr. Sage nor an
w one Of his kind; and it would not be
na pleasure if he did. He knew of person
an who within the last two or three month
hd had drawn their bank balances in gold.
al The President, Mr.. Gray added, has don
~ the very best thing that ne could do, il
ud order TO save the credit of the government
nd and the solvency of the Treasury. The
- ilau gov 10 lake tue ITesluenJ at Wlab
he denf Of npealesslv and wantonlv decaivin
the country and going (as the Senate
from Colorado, Mr.. Wolcott, charged) int
a dishonorable dicker.
or He did not believe that there was
- Senator within sound of his voice vino bt
5 lieved that, and there was no evidence D
h which such belief could stand.
ny SOME coNuNpRuMs.
al Mr.. GRAY sent to the clerks desk nm
he had read, as a defence of the President, a
all article from the New York Tribune of We.
est terday, which he found printed in to-day
he Washington Post. If it should happen-s
lpr he had no doubt the Senator from Nevad
~ (Mr. Stewart) expected would happen--thi
" - in the period of time which these bono
ie' had to run silver became the more vail
Irg able metaI-a possible thing--would it /
consistent, he asked, with the faith of IL
government to deny to the holders of col
bonds payment in silver, rather than
:, Deprecated gold? He did not suppo
'n- y, that any Senator would vote for resoll
10. ton declaring that United States bonl
lst were to be paid in the least valuable of I'll
TO two coins.
-01 Mr.. Stewart-Does the Senator think
tie, would be bad faith to pay these bonds a
lie cording to the contract?
VOC Mr.. Gray--The Senator from Nevada h
'~S put that conundrum a great many time
He seems to think it his prize conundruI
Mr.. Stewart-Just answer it.
Mr.. Gray-I will answer it by asking a
ent other question. Does the Senator belle,
NO that it would be good faith to issue a co
les bond, with the reservation that we we
going to pay it with the least valuable
,,ay the two coins? / would like to kno
ne whether that is the policy which the Sen
en- tor from Nevada would fix on the COVER
mr. ,aant ~ tho ITnitad gtatnsp . ATni,Id