Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-02-18
FIFTY-THIRD CONGRESS.
WASHINGTON, Feb. IS
SENATE.

a bill was introduced by Mr.. Perkins
and referred to the committee Oh foreign
relations TO incorporate the Internation-
al Pacific Cable Company.
A concurrent resolution offered by
Mr.. Stewart declaring that there is no
authority of law to buy gold coin in
preference 10 silver coin for. any pur-
pose whatever was laid before the Sen
ale and Mr.. Stewart spoke TO 1t. He
said that the clause in the late bond
contract that the syndicate would PRO
tsct" the United States was humiliat-
ing. The United States had put itself
in the position of having to pay vast
bonus to buy peace, to get through till
next October. The "gold pool" had
got the government by the throat.
Mr.. Gray addressed the Senate in de-
fence of the President and the Secretary
of the Treasury from the "wanton at
tack" made upon them last Satur-
day, because they had negotiated
purchase of gold through the issue of
United States bonds. The President.
Mr. Gray said, had had deyolved upon
him, by an expression of the legislative
will more than once repeated, the duty
of maintaining the parity between gold
and silver. That duty was instant, and
and constant. 1t could not be avoided
or evaded without a dereliction on the
part of the President which would
nave subjected him to the criticism and
auimadversion, if not something worse.
of the Congress and of the people
The only way for the President to b.,
ready, at all times, to maintain lin the
Treasury the absolute exchangeability
OF silver for gold, and to see to it that
no demand should be made for either
metal which was not instantly respond
ed to by the fiscal agent of the govern
ment, was to do as he had done-issue
bonds to buy gold. Mr.. Gray here ad-
verted to the message of the President
in December calling on Congress to
come to the assistance of the executive;
and to the bill outlined in that mes
sage, and brought before the House of
Representative where it was discussed,
debated and rejected. He also advert
ed to the Presidents special message of
January %, calling attention to
the disorder of the finances of
the government and of the bus
mess relations of the country.
The President had called upon Con-
gress to come to his aid and relieve
him. Having thus appealed to Con-
gress, and having laid before Congress
the situation, with a fullness of detail
and an almost pathetic earnestness,
such as he had never seen in an execu-
tive communication, he was left, alone,
to struggle with the situation and with
| the environments in which he found
himself.
NIr. Vest asked Mr.. Gray what was
the premium which the President 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 main
tanning the parity between gold and
silver to make contract which neces-
sarily implied premium on gold.
Mr.. Gray denied that the contract
did imply premium on gold.
Mr.. Wolcott called Mr.. Gray's at
.ention to the admission of Secretary
Carlisle that S105, 100000 of the gold
that had been obtained had gone to
pay current expenses.
Mr.. Gray said he had not lost sight
ofthe fact.
Mr.. Hill denied that $105, 100000 of
the gold had been so used.
Mr.. Sherman made an argument to
prove that all bonds payable in coin
must be paid in the coin of the highest
value.
The resolution went over without &C
ton; and the Senate proceeded to the
consideration of the agricultural appro-
priation bill.