Mexico weekly ledger., 1895-02-21
1t Was His Duty.
THE PRESIDENTS DEAL WITH A
SYNDICATE FOR GOLD.
Must Maintain the Parity Between
the Two Metals Defense of Cleye-
lands Course by Senator Gray.

day. Mr.. Villas Dem. Wis., had roll
of manuscript and a pile of books be-
fore him, ready to take up the fnan-
cial debate where it was left off at the
previous session.
Mr.. Stewart Pop. New was the
first to continue the criticisms of the
bond contract. His resolution was
called up declaring that the Govern
ment had no legal authority to buy
gold coin in preference to silver coin
for any cause whatever. Mr.. Stewart
spoke of the humiliating position of
the United States in being held by the
throat by a gold commission which
hadthe power to "coerce and squeeze"
the country upto next October when
the contract expires.
Mr.. Gray Dem of Delaware, who
is recognized as close to the officials of
the Administration, then took the
floor. He expressed surprise that the
Senators from Massachusetts dodge
and Colorado (Wolcott) had so far
gone out of their way to indulge in a
violent assault upon the Executive.
The President had performed a duty
incumbent on him by law. That law
was such that any evasion of it would
have been a plain dereliction of duty.
Congress had made this law. 1t made
it necessary to maintain the parity be-
tween the metals by redeeming either.
No sooner had Congress assembled
than the President applied to Congress
concerning the financial conditions. A
bill was formed on the lines suggested
in that message and the House saw fit
to reject it. Again the President ap-
piled to Congress. Mr.. Gray read from
the Presidents message urging patri-
otto and bipartisan action to meet the
emergency.
'Does the Senator think, i~nterject-
ed Mr.. Stewart, 1sthat the President
has established confidence in affairs
by hiring the assistance of a foreign
syndicate?"
Mr.. Gray said he would fully consid-
er 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 the time Mr.. Lodge had
not complained of the conditions clear
ly set forth by the President, but had
waited until now to present a scathing
denunciation.
"Having thus appealed toe Congress-
continued Mr.. Gray, "having thus pre-
scented the situation to both branches
of Congress in appeals almost pathetic
in their earnestness, 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, run
ming up to s7,000,0 900 in one week
shortly before this contract was made.
From Dec. 1, last, up to the time of the
contract, 81, 600 900 was Withdrawn
affi"or tnfs only one-half was exported,
showing that the other half was
boarded al home.
"Has the Senator lost sight of the
fact" asked Mr.. Wilcot, "that the Sec
rotary of the Treasury has reported to
us that he had used sos, 000, 900 of that
gold for current e~xpenses?"
This did not divert Mr.. Gray from
his line of argument as to the gold
Withdrawals for export, and for hoard
ing at home.
"Right here l want to ask" said Mr..
PETER, sis there any law which COM
pels the Secretary Of the Treasury to
pay demand notes in gold instead OF
silver.
"I have not said there was any such
law" replied Mr.. Gray. 81 know of
no such law. But the obligation to
maintain the parity between the met
ais makes it absolutely 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 Secretary of the
Treasury had not reported to the Sem
ate, said Mr.. Hill, that he had used
s105, 600 900 of the gold for current ex-
penses. Mr.. Teller wanted to read the
Secretary's report, but Mr.. Gray would
not yield.
Sand this drain of gold continued"
resumed Mr.. 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 be-
tween shutdown and sunup, or was it
to secure the gold absolutely necessary
to maintain the parity and exchange
ability between the two metals. What
would you have said if the President
had not met that emergency and per-
formed his duty? Would we have
heard such animadversions, such as
those on Saturday, for not ~rescuing the
country from the grave crisis then
presented. Action was imperative and
quick action. IL was to be done in "a
hours. What time was there to adver-
tise for bids for goid?''
Mr.. Gray forcbly urged the gravity
of the condition which compelled
speedy action and an appeal to those
who had the gold.