The morning call., 1895-02-19
SENATORS ARGUE THAT BONDS
MUST BE REDEEMED
IN GOLD.
COLORADO MEN ANSWERED
SILVER CHAMPIONS YET D1ssATIs-
FLED WITH THE CONTRACT WITH
MONEY KINGS.

ton declaring the Government had no
legal authority to buy gold coin in prefer
ence to silver coin, for any cause whatever,
was called up. Stewart spoke of the hu-
initiating position of the United States in
being held by the throat by the gold com
mission, which had the power 70 "coerce
and squeeze" the country up to next Octo-
Der, when the contract expired.
Gray then took the floor. He expressed
surprise that the Senators from Massa-
chusetts Lodge) and Colorado (Wolcott)
had so far gone out of their way as to in
dulge in a violent assault upon the Ex-
ecutive The President had performed
the duty incumbent on him by the law.
That law was such that the evasion of it
would have been plain dereliction of his
duty. The law made it necessary to main
tain parity between the metals by redeem-
ing in either. No sooner had Congress as
sembled than the President appealed to
Congress concerning the financial condi-
tons. a bill was formed on the line sug-
gested in the message, and the House saw
fit to reject it! Again the President applied
to Congress. Gray read from the Presi-
dents message urging patriotic and I'M
partisan action to meet the emergency.
"Does the Senator think" interjected
Stewart, ''that the President has re-estab-
lished confidence in affairs by hiring the
assistance of a foreign syndicate?
Gray said he would fully consider that
point later. Proceeding with the Presi-
dents message, the Senator read specific
statement that the law did not provide for
bonds payable in gold. At that time Lodge
had not complained of the conditions
clearly set forth by the President, but had
waited until now to present scathing de-
nunciation.
Having presented the situation to both
branches of Congress in appeals almost pa
thetic in their earnestness," said Gray,
1.-The President was left alone to struggle
with the condition, and to meet it." The
Senator told of the tremendous drains of
gold from the treasury, running up to ST.
100000 in one week. shortly before the con-
tract was made. From December 1st to
the time of the contract $4,000, 900 was
drawn and only one-half exported, showing
that the other half was boarded at home"
Has the Senator lost sight of the fact"
asked Wolcott, that the Secretary of the
Treasury has reported to us he had used
$105,000,000 or more gold for current ex-
penses?"
This did not divert Gray from his line of
argument as to the gold Withdrawals for
export and for boarding at home.
Fright here want to ask" said PETER,
sis there any law which compels the Sec
rotary of the Treasury to pay demand
notes in gold instead of in silver?"
81 have not said there was any such
law" replied Gray. 81 know of no such
law. But the obligation TO maintain the
parity between the metals makes it abso-
lutely incumbent to treat these metals
equally
Hill rose at this point to say that the
question of Wolcott should not go I'M
answered. The Secretary of the Treasury
had not reported to the Senate, said Hill,
that he had used sos, 0O0 900 of the gold
for current expenses.
Teller wanted to read the secretary's re-
port, but Gray would not yield.
'And this drain of gold continued" re-
sumed 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 between shutdown and sunup.
or was it to secure the gold absolutely
necessary to maintain the parity and ex-
change ability between the two metals 4?
What would you have said if the President
had not met that emergency and performed
his duty? Would we have heard animal
versions as those of Saturday for not res
cuing the country from the grave crisis
then presented? Action was imperative.
and quick action. 1t was to be done in
twentyfour hours. What time was there
to advertise for bids for cold 9D
Gray forcibly urged the gravity of the
condition which compelled speedy action
and an appeal to those who had the gold.
Wolcott here came forward with another
question. "Does the Senator know of any
one other than Russell Sage who has
boarded gold?" he asked.
81 do not" said Gray, ''but I do not
know Russell Sage or any of his kind and
it would be no pleasure if 1 did"
Gray then urged the support of the Hill
resolution for paying in the best money in
use.
Replying to query by Stewart Gray de-
clared that if we accepted the contentious
of the Nevada Senator the United States
would write on its bonds, These bonds
payable in silver if silver is at discount"
Hoar (R.) of Massachusetts, asked if it
was decent that the contract had been
made so as to bring into question the good
faith of the Government.
Gray vigorously resented the word "de-
cent as part of this line of attack on the
President.
Hoar modified the query SO as to ask
him whether it was reasonable that this
course shall be taken.
Gray declared that the real attacks on
the credit of the country were not from
the President, but from Senators who pro-
claimed their criticisms to the world.
Gray closed with much vigor. 'We
have been dumb during this grave emer-
gency," said he. 1--WE have left the Presi-
dent to fight this battle alone for the credit
and honor of the United States, and the
people of this country will not forget that
the American Congress deserted the Presi-
dent in the hour of trial"
Sherman (R.) of Ohio secured recogni-
ton, after brief attention to routine BUSH
ness, and took up the thread of the fnan-
cial debate, being accorded the closest
attention.
ssThe real question. !" said he, ais. Shall