Delaware gazette and state journal., 1896-02-06

In the United States Senate, Tues
day week, the Bond bill being under
consideration, Senator Gray of Della
ware said
Mr.. President: The measure which
came from the House providing for an
issue OF 3 per cent bonds to enable
the Secretary of the Treasury to supply
deficit in the gold redemption fund
necessary to preserve the parity of the
two metals, silver and gold, is by no
means all that the situation demands.
1t ought to seem absurd to the com
mon sense OF every man that bond
issued by the government specifically
TO obtain gold, for which gold is de-
mandod, should not be allowed to
promise gold in return, especially when
it is known that the interest charge
10 the government would be lessened
thereby.
But inasmuch as there is a slight
advantage in the form and terms of The
bond proposed by the House bill over
those of the bond issued under the
provisions of tho law now in force. l am
willing to vote for it. But would vote
for it not because, as is sometimes said
on this floor, ! consider bond issue
panacea for all ills, and desirable in
itself, or that do not deprecate the
conditions which make il necessary,
hut because the duty imposed upon the
administration by law can not, in my
opinion, otherwise be performed, and
because ] desire to see the silver cur
rency of the country Kept excbangeahle
with the gold currency and the equal
purchasing power of both preserved
That fha, Ennnrial gi ,f
Treasury is anomalous and doplorable
all seem ready to admit No other
country in the civilized world has SO
encumbered its fiscal affairs or volun-
tarily imposed such burdens upon its
exchequer. To make bricks without
straw was the edict of cruel task
master; but that intelligent representa-
tives of an intelligent people should
insist upon exacting from their own
government the task of maintaining a
pile of gold in it's Treasury which the
whole world is invited to draw from by
demand notes furnished by itself in
compelled perpetual succession, with
no possible source of gold income,
passes my understanding.
This task no government is equipped
to perform, and that financial disaster
and distress should follow the attempt
is not surprising.
That an unnatural necessity for bond
issues exists flows from the unnatural
conditions which the legislation of the
country has created and permits to con
tinue.
Mr.. President, why not pay and per-
manently retire the demand notes of
the United States? Why not relieve
your Treasury from this Sisyphean
1Rh Il Ca.
governmental agents the tale of bricks
without furnishing the straw? What
benefits are to be derived frog. continu.
ing the present condition of financial
chaos? Every business interest of the
country is in suspense waiting for the
outcome of our deliberations. mas
cent prosperity has been checked be-
cause the future is made uncertain.
Long time contracts are curtailed be-
cause none can tell what shall be the
measure of their performance, The
wings of commerce are clipped by this
uncertainty, and the courage of capital
for new enterprises is destroyed.
Reasonable certainty as to the future
is the vital breath of prosperity.
Mr.. President, let us, if we can.
restore and confne the Treasury of
this great country to it's natural func-
tion Of honestly collecting the revenues
provided by law and honestly disburs-
ing them pursuant to our appropria-
tions. Divorce the government from
the banking business which it is not
equipped to perform. Provide measure
of value the most stable the civilized
world can command, and currency
OF both gold and silver, circulating
side by side with equal eXchangeabe
puIna and tNttrpb ouit.FF
to the commercial activities and intel
ligence of the country the furnishing
of credit,currency wherewith to sup
plement the gold and silver, and the
creation and healthy operation of these
credit devices by which in modern times
TO an increasing extent the great mass
of exchanges are effected. Take away
from the business of the country as far
as possible the interfering hand of
government, and reegate it to its
proper function sof keeping the peace
while a free people work out their own
material salvation, of regulating the
conduct of its citizens and seeing that
the exercise Of the individual freedom
OF the citizen shall not infringe on the
equal freedom of all others. Leave
ungrudgingly to the local self-goyern-
ment of the States all governmental
powers not surrendered to the national
government, and keep unimpaired our
confidence in the capacity of the people
Of each to wisely exercise them. These
principles lie at the foundation of my
political faith, and by them endeavor
10 govern my political conduct.
But, Mr.. President to return from
these general reflections to tho precise
question before the Senate. The COM
mittpe on finance has gnnn fiji tn return
the House bill for the issue of 3 per
cent coin bond, with such small measure
Of relief as it promised, without It's
approval, and to recommend as u sub
stitute a bill providing for the free
coinage of silver at the ratio Of i6 to /.
This raises the question, so often pre-
sented of late years, whether the United
States can alone, without the co-opera'
ton of the principal countries of thu
civilized world, adopt the free coinage
Of silver at the ratio of 16 to l and al