The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-01
SLAVE RIVER REED.
Continued from first page.)

serve notice to- the ubond-holders that
they would he paid only in gold, where
on they would have no further interest
in silver and the present parity would
be destroyed.
Mr.. Clayton Dem, Ala.), asserted
that the defeat of this resO
lltion was dictated by the
masters of the Republican party
who gathered at New York banquet
tap.e the other night at 500 a plate,
which meant, at Alabama standards
that every man ate bale of cotton and
"a couple of mules.
Mr.. Grosvenor, Republican, Ohio, q
member of the Ways aud Means Com
mittee. in opposition to the resolution
said that throughout all the changes
and mutations of the money question in
this country the Republican party had
maintained it's unvarying devotion tC
what was denominated honest money
Mr. Walker, Republican, Massachu.
setts), Chairman of the Banking and
Currency Committee, in opposing the
resolution asked if members had ever
stopped to calculate the commercial
value of undoubted honor, whether
among nations or individuals.
Mr.. Pearson, Republican, North Caro-
lina), said he would vote for the resolu-
ton if the latter clause were omitted
He was committed to the coinage of s!l-
yer to the extent that it could be kept
at a parity with gold.
Mr.. Cannon, Republican, Illinois,,
whose record had been attacked during
the debate, said in speaking of his form
er votes for free coinage and for the
Matthews resolution that the difference
between silver and gold then was but
a few cents; it was now 30 cents. The
Republican party had always been for
honest sound money; the Democratic
party since the war for cheap, unsound
money.
Mr.. Rhea, Democrat, Kentucky, ere
ated something of a sensation. In the
course of his speech while he was refer
ring to the crime of 1878, he declared
that if there was any hole in Hades
hotter than any other it would be re-
served especially for John Sherman
Many Kisses from the Republican side
greeted this statement. Later speaking
of the Republican cry of parity between
gold and silver, Mr.. Rhea said a man
who Rugged his chamber maid or cook
had as we'll talk of maintaining the
honor of his household as those who,
debasing silver in every way, prated of
preserving the parity of the two metals.
Mr.. Bailey, owing to the great pres
sure for time had only four minutes in
which to close the debate for his side.
The resolution under consideration, he
said. contained two propositions, one
moral and the other legal.
One asserts as a matter of law that
the bonds of the United States are re-
deemable at the option of the govern
ment in silver. and the other as a matter
of morals, that to restore to its coinage
such silver coins as a legal tender in
payment of the bonds, principal and in
tereSt, is not in violation of the public
faith nor in derogation of the rights of
the public creditor. He would not dwell,
he said, ON the legal aspect of the ques-
ton. There was not a lawyer in the
United States or any other country who
would venture on his professional repu-
tation to deny that the bonds could be
paid in silver. That went without say
ing. The Republicans in this matter
must justify themselves if at ALL upon
the proposition that in their consciences
they believe that gold was the money of
the contract.
Does one of you believe" said he,
addressing the Republicans, that if the
bond holder owed the government under
a similar contract that he would not
exercise his option.
IF it is right that he should exercise
his option as he would, we believe the
government has the same right with
their positions reversed. We are ready
to meet you on this issue, the issue that
the money which is good enough for the
people who produce the wealth is good
enough for the idlers who spend it.;
that the money which is good enough
for the poor is good enough for the
rich; that the money the laborers re-
ceives for his toll and the merchant for
his wares is good enough for the bond
holder, and by the Eternal he shall be
compelled to take il"
At this point the hammer fell amid a
burst of enthusiasm from the Demo
cratic side.
Mr.. Henderson, Republican, Iowa.,
the one-legged veteran, and Mr. Dalzell,
Republican, Pennsylvania, closed the
debate with eloquent five minute speech
es in opposition TO the nresolution.