The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-07

N
> fins at the same time" Oaughter.)
Mr.. Berry-Will the senator from
Utah allow me a word?
' Mr.. Rawlins-In moment l will.
The Presiding Officer@The senator
f from Utah has the floor.
! Mr.. Rawlins-I have not said that the
holders of all this immense amount OF
< Indebtedness would have to be paid al
once in silver dollars, but l understood
the senator from Massachusetts to use
precisely that expression. In alluding
to the senator from Colorado (Mr. Tel
: ler) the senator from Massachusetts
stated that If we have substantial free
coinage of silver, these dollars would
only be worth 40 cents, and then every
single debtor in the United States, and.
according to the declaration of this
resolution, the government of the Unit
ed States itself. would at once despoil
these creditors by making tender of sill
yer in payment of their debts. 1t was
a declaration that all these people
would avail themselves at once of this
opportunity to perform their Obliga-
tions by paying less than one-half.
Mr.. Berry-WiH the senator now per-
nit me to interrupt him?
Mr. Rawlins-With pleasure.
Mr.. Berry-The senator from Massa-
chusetts (8Ir. Hoar) stated correctly
that l said the contract being that We
have right to pay in silver or gold as
! we choose. if silver went down We not
only had the right. but il was the duty
of those representing the government
to pay in that metal. Later on in his
remarks he said that we did not want
to settle up on this ShylOck basis. 1
( will state to the senator that the an
Gent Shylock only demanded his bond.
but the modern Shylock demands dOu-
BILE the amount of his bond.
/ Mr. CtnNrarf-XVi1l q soma Or- from
Utah yield to me?
The Presiding Offcer-Does the sena-
tor from Utah yield to the senator from
/ Nevada?
Mr.. Rawlins-I would prefer not to
yield. l have but a few words TO say
} in addition to what I have already
said.
Mr. President. referring to the con-
I tention made by the senator from
Massachusetts. desire to state in brief
the position which 1 think the senate
occupies in respect to this resolution
now that 1 am upon the floor.
The first question is, would it be legal
for the government of the United
States to pay in silver coin, even if
there was free coinage of silver in our
minis? 1t is conceded, 1 believe. by
every senator who has spoken upon
the question, to be a matter of law
and in accordance with the terms of
the contract that we have such right.
The next important inquiry is,
whether it would be honest and just
for the government of the United
States, with free coinage of silver, so
to avail itself of its legal right in ac-
cordance with the terms of the contract
to pay these obligations in silver, for
the government TO exercise the option
which it has reserved to itself to do this
thing?
Tba c,,aStio,, is +,ar r,roro,,ndad m
some upon this side of the chamber:
Suppose, in view of the changed con-
ditions since 1873. silver dollars when so
coined are worth IN comparison with
gold but 10 cents upon the dollar. would [
you then think it was honest and just
on the part of the United States to 4
avail itself of this advantage and thus
pay in this deprecated coin?" I think
there is no such question as that con- /
fronting the people of the United I
States.
But you might look at the question /
from another standpoint. Silver. 10 .
cents upon the dollar of its bullion /
value as compared with gold, today
has as great a command over cOmmo-
dities. over every struggle and effort
for human sustenance and livelihood.
over every effort to elevate civilization
and make progress, as it had in times
gone by. and if we are to believe the
highest authorities upon the question of
finance, it is not silver which is depre-
ciated. but gold which has appre-
ciated.
The proper way would be, in view of
existing conditions. to say that gold is
80 per cent above par as compared with
the great mass of commodities for
which it may be exchanged.
Now, we are to put the question up
on the other side
- s.-T-., l
ton on this subject. but If the senator
desires to speak at length 1 wish 10
ask him if he prefers to go on tonight
or to wait until tomorrow morning?
Mr.. Plat of Connecticut-The sena-
ter from Colorado (Mr. Teller) will
have the floor tomorrow morning.
Mr.. COckrell-Let the senator from
Utah proceed.
Mr.. Hale-Then 1 shall endeavor to
get the floor after the senator concludes
to move an adjournment.
Mr.. Rawlins-If it be correct to say !
that silver as measured by commOdi- ;
ties and by labor has a purchasing ]
power equal TO gold which it possessed {
at the time the contract was made, and
gold has appreciated, the question is
it is just and whether it is !
equitable to both parties to the con-
tract, the bondhOlder and the people of {
the United States, who are compelled '
to contribute the money in the form of
taxation with which to pay this indebt-
it fair and equitable as be-
tween these two classes that the bond {
holder should exact the full measure of |
the obligation in a currency 80 per cent I
higher in value than at the time the {
contract was made2 If that be true {
the Justice of the case rests in the per :
fOrmance of the contract by paying in {
4 currency equal in its purchasing pow {
ar with that which the currency pos :
sessed which was obtained by the sale {
IF the bonds at the time of making the f
contract. :
The question of national honor has
double significance. L say that every
contract ought to be equitably and
Justly performed. l say that the regu-
aticn of the currency. the amount of
money which should be provided for
he doing of the business of the coun-
Try, ought to be such that longtime
contracts may be equitably and justly !
that no man ought To be
to suffer loss by the undue
expansion or by reason of the unjust
contraction of the circulating medium {
If society; and L stand upon the posi-
ion that it is not only legal to pay .
hese obligations in silver, but that it (
$ equitable and just to do so. !
THE BEST MONEY" !
On Jan. Is. the day upon which the
resolution was passed, Senator Raw
ms said
Mr.. President: The issue upon which
We are to vote is quite clear. 1t is
whether we shall LAY the money as
provided in the contract, or, to use the
expression of those opposed to the res
,lution, pay in the best money. What
hey mean by the best money is that