Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-02-03
SENATOR GRAYS POSITION.

fbmarks OF Senator George Gray OF
Delaware, in support of the Teller
silver resolution adopted by the
United States Sonata on Friday last,
as printed in the Congressional Record
OF that day:
MIR. GRAY. Mr.. President, | have
not been able. on account of circum-
stances beyond my control. to hear
great deal that has been said pro and
con upon this question. have heard
enough, however, to convince mo that
the yeasty waves of silver debate hnve
carried the Senate long way from the
question that is raised by this reso-
luton, as | understand it. am not
concerned, in the few minutes which
am to be allowed to occupy, in answer
ing arguments in regard to the free
coinage OF silver.
Most of the arguments upon this
resolution. its prorriety, or it's effect,
do not concern nus in what am about
TO say. ! think that my record in re-
gard to the monetary policy OF this
country in regard to what ia wise and
honest and just for the people OF ths
United States to enact into law in re-
gard to monetary standards is about
as we'll known as anything can be
career as mine.
But road resolution, Mr.. Presi-
deEt, that states conclusions of fact
aud law that cannot be gairsaid.
read that it is proposed that tho
Senate of the United States shall
assert in the form of a concurrent reso
luton
That all the bonds of the United
States issued, or authorized to he
issued, under the said acts Of Congress
hereinbefore reuited, are payable, prin-
cipal and interest, at the option of tho
government of the United States, in
silver dollars of the coinage OF the
United States containing 4l2la grains
each of standard silver. +"
That is proposition that neither |
nor anyone can dispute. Tbs resolution
further says;
and that to restore to its coinage
such silver coins as a legal tender in
payment of said bonds, principal aud
interest, is not in violation of the
public faith nor 10 derogation OF the
rights of the public creditor. +"
And | undertake to say that that can
not be successfully gainsaid.
But, Mr. President, we are not con
cerned, or at least | am not concerned,
about the rights or the situation in
which tho bonuhulders of the United
States shall find themselves after they
have contracted with the government,
except that tho contract the govern
ment has made with them shall be kept
in letter and in spirit.
1t is not because we owe any other
duty to the bondholder than that
which is plainly written in the bond,
that the government Of the United
States is committed, by an express
vote of Congress, to maintain the
parity of the silver and gold currency,
but it is because, il that parity is moi
maintained, this country will be
relegated to a condition of silye,
monometallism, in which not the bond.
holder only or chiefly, but all CLASSES
will suffer in contracts that have beer
made as to the money of payment, and
in the general disorder that comes
from unstable and fluctuating currency
to any community in which IL exists
For that reason there is a most perti
nent amendment offered by the Sena
tor from Minnesota (Mr. Nelson), fol
which l shall cheerfully vote. II only
embodies what already exists in tho
statutes Of the United States as
declaration of policy on the part OF thil
government, that we should at all timet
maintain the parity between the eilvel
and gold coin of the United States.
Mr.. President, word more, that
may make my position plain. l be
lieye that that parity can not be main
taihed az this government has pledged
itself to maintain it, unless at the
Treasury of the Unitsd States silve
and gold are paid out indifferently a
the demand of the creditor; for SO soor
aH the government makes a discrimi
nation by withholding what the credi
tor demands on his coin obligation, O
upon any demand which gives him
right to call for payment on th,
Treasury of the United States, tn
moment it discriminates and says, :"
will not pay you in tha coin you de
sire, that coin is at premium, ant
the parity with the other is DESTROYED
While the bullion value of the silpe
dollar is less than the bullion value o
the gold dollar, nothing but absolut
interehangeabiility will maintain thei
parity. To fail to maintain this inter
changeability would soon put thi
country upon a monoluetallic basis
and, IL gold is refused at tue deman
OF the creditor, then silver mono
metallism, in my belief, would be th
result. for premium on gold would b
the immediate result, and it would dis
appear altogether in this country, OK
Cept in the boards of the Treasury, q
the banks, and of private strong boxes
So, Mr.. President, il this resolutio
attempted to declare for the govern
mant OF the United States policy, O
to alter in any degreee the policy whic
has been heretofore pursued in order
preserve this parity, 30 necessary, i
my opinion, to the credlt and well
being of the country and it's people
then the situation would be yer
different, and should vote against il
or against any proposition which an
bodied or sought to embody such
declaration of policy.
But why should vel mean thos
who think as | do on this general auel
tion-seek TO give Importance TO thi
resolution, which strikes in the ali
which has no application tn any exis
ing state of things, which is not to bt
come law, which imposes no polio,
and which seeks TO mako no change i
this policy heretofore pursued by tt
government of the United States? VIII
should we stultify ourselves by votin
AGAINST the manifest truth of prop,
sition of law and fact which il col
tains?
For that reason, in voting for I'll
resolution, feel / am voting for
truism, for proposition that | ca
not gainsay, and ! am III no wise con
promised in the matter of belief I
opinion that l have heretofore o,
pressed or entertained In regard
what the true policy of this govern