The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-17
PARITY OF GOLD AND SILVER.


did he not issue bonds fer a less term OF
years. Why did he not secure a less rate
OF INTEREST," Senators forget and the pub
lie forget that the President was ham
pered by an old statute that absolutely
dictated 10 him substantially the terms
under which he could issue bonds. II he
has been driven into a corner. II he has
been compelled TO make harsh bargain
in behalf Of this country. II is because Of
the non-action of this congress. supposed
TO be controlled by the Democratic party.
I'VE deliberately waited and refused
and put OF the discussion Of this ques-
ton until We found ourselves in a minority
in this body. Mr.. President. there have
been various efforts made 10 bring this
question TO an issue. II has been suggest
ed that the old act of 1875 should be amend
ed so that the President might have been
able to set better terms. Congress has re-
fused to amend that law. Congress has
kept the President hound by this old stat
ute, and If he has made a harsh bargain
il is, perhaps. because the situation has
compelled him 10 do 1t. At least, TINS
much is proper to be said in defense or
the Presidents action.
But, Mr.. President. we hear the senator
from Colorado denounce the President IN
unmeasured terms as having made an at
tack upon the credit of this country, and
in the next breath he tells US that in
very short time after this alleged secret
contract has Deen made, the credit Of
the country. instead OF being impaired,
has been increased, and the bonds, he
tells US, are about to be sold in the mar
ket for from rs to 20. And this is the
attack that has been made by the Presi-
dent of the United States upon The credit
of the country. The credit of the country
has Immediately advanced, and its bonds
are selling at a higher rate than they
have been in many long years. Men may
be blind to the signs Of the times If they
have mind. Men can shut their eyes,
Without at this time approving-because
1t Is not necessary for me to express an
opinion upon that point. the details of this
contract-without approving some Of the
suggestions made in the measure Of the
President, am here to say that the Pres
ident has undoubtedly endeavored to do
his duty as he understood it, / am here
to say that the statement is unwarrant-
ed, unjustified. that the President has
desired or endeavored to give to the syn
dictate a higher rate of interest than he
felt obliged to do.
Mr.. President, it is unworthy of SEN
ators upon this floor to make such an at
tack 1t is not necessary that / should
reply to it. Mr.. Cleveland has his faults;
but, sir, no senator has a right to say
that he has deliberately gone to work
and given a higher rate of interest for
the bonds than he was compelled or felt
Z IL nave
been said. What do we know of the ef-
forts that have been made, except as We
may CLEAN them from some statement In
the public press, which may or not may
be entirely reliable? 1 pass over such
charges as substantially unworthy of
notice 1t is sufficient for me that the
President and the Secretary of the Treas
ury tell us that they obtained the best
terms possible under all circumstances of
the case, and am disposed to accept that
statement in good faith
Mr. President, no prejudice can be
stirred up, and the senator who thinks
he can stir up prejudice against this adj
ministration simply because a contract
has been made with the Rothschilds is
mistaken. ] am no defender of the Roths-
childs, but 1 say the attitude of congress
/ has compelled the financial officers of
this government to make a contract with
whoever has the money
rs this the first time in the history of
/ this country that we have borrowed money
| from the Rothschilds? No; the records
of this government show that repeatedly
/ over ana over again, republican admins
/ tratons borrowed money from the Roths-
childs and from other money lenders of
! Europe. The attempt to stir up some pre-
JUDGE among the people because the ad-
4 ministration borrowed this money in Lon
don, l say, is uncalled for and unwar-
| ranted."
! At O'Clock the agricultural appropria-
ton bill was taken up, and Mr. Teller.
availing himself of the liberal rules of
the Senate, began to speak in reply to
/ Mr.. Hill.
Mr.. Hills resolution sought, Mr.. Teller
said, to accomplish in an indirect way
| what the House of Representatives had
! refused on two occasions to do. For the
/ past ninety days there had been evidences
| of an intention to put the country on a
gold basis and the senator from New York
appeared to be a party to that effort
There had been an effort for several
1 months to send gold to a premium and
after that had been reached to demand
the payment of government obligations
/ in gold.
Mr.. Teller characterized the bond tran.
saction as one of the most scandalous
that has occurred in public affairs i'm fifty
years, and asserted that it is the first
time in the history of this country that
| the people have a right to charge abso-
| lutely a lack of honesty on the part OF
an administration in dealing with it's finan-
| cial affairs.
Mr.. Teller said the new bonds should
and could have been sold in this country
! for 1888, the figure which Secretary Car
| Isle has stated as the value of a per
cent. thirty year bond
Continuing his speech, Mr.. Teller said
1T win not do, Mr.. President, to insist
/ that the President of the United States
4 and the Secretary of the Treasury have
! done the best they could. l am not charg-
/ ing that the President of the United States
| has profited financially by this transac-
! ton, or that the Secretary of the Treasury
has done so. cannot conceive what in
/ fiuences should have induced such con-
/ tract. / might attribute ii to an anxiety
/ on the part of the administration to put
1 this country on the principle of gold
/ bonds
/ The speech-making on finance ended at
/ this point, and the agricultural bill was
taken up.
Without disposing of the bill or any
/ amendments, the Senate, after a short ex-
! ecutive session, adjourned at 4:25 O'Clock
/ till Monday at noon.