The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-27


ness and destroying the credit of our
people. Yet, he said, the gold men were
holding conventions, the financial queS-
tion was being investigated by Cons
greSsional committees, and the President
Of the United States in his message to
this Congress, had advanced PROPOSE
tons in support of fastening upon the
country the single gold standard.
Mr. Daniel maintained that it was not
in violation of public faith, as had been
suggested by the Senator from Massa-
chusetts, (Mr. HOarl to pay the bonds
Of the United States in silver, at the
option of the government. He wanted,
he said, to call attention to The fact that
the bulk of the outstanding bonds had
been secured from the United States
mt a reduced price, and he maintained
that any payment Of those bonds in the
coin of this country, would amply re-
pay the holders. He expressed the be-
lief that if the conditions were
reversed between the bond hold
ers and the government, the
former would certainly take advantage Of
any contract favorable to them. Mr..
Daniel held therefore that the govern
ment was fully justified in law and in
morals in enforcing its contract If there
were any advantage in it for the govern
ment.
He said there was no disposition to
pay the government obligations in dis
credited silver bullion, but in finished
silver dolars-dolars that were just as
good as gold dOllars-dollars that would
buy as much as gold dollars in any mar
ket of the world
Mr.. Daniel thought the adoption of the
pending resolution would tend to prevent
raids upon the Treasury and he quoted
a statement made by Secretary Shpr-
man. before a Congressional committee
in 1878 to that effect. but he maintained
it did not mean that any government
creditor would he paid in a clipped coin
or in a deprecated currency.
After an extended discussion of the
silver question, as it relates to the panl-
ing resolution, Mr.. Daniel asked Mr..
HoaF. CMass.), whether he thought the
$50. 100000 dollars of silver certificates.
ought as am essential to the nations
honor be redeemed in gold.
Mr.. HOar replied that if such redemp-
ton were necessary. to maintain the pari-
ty of gold and silver coin he would an
swer yes, but no such subtle compre
briefly.
Mr.. Daniel maintained that if the ex
pertinent of free coinage of silver were
tried. he was assured that the parity
of the metals-silver and gOld-would be
restored. His contention was. he said,
sustained by the philosophic deductions
from the history of finance. All other ex-
periments had utterly failed to bring
about expected effects and he urged
that the doctrines to which the Demo
cratic party adhered, so far as they had
ever been applied, had restored the pa
tent to health-that is had restored the
parity of the two metals
Il maintain here and now" said Mr.
Daniel, that every silver dollar that
would be operated on by this resolution
would be the peer of every gold dollar
Those Senators he thought, who held
otherwise, were Illustrating the facts.
In response TO an inquiry of Mr. Al
drich as to the intent of the pending
resolution, Mr.. Daniel said that he had
for twenty years been an advocate of
the free and unlimited coinage of silver
ITO sum and put it distinctly" said Mr.
Daniel, 1.-THE government of the United
States has 455,000.000 of standard silver
dollars These are represented by a
mass of certificates. There is no law
providing for the redemption of a single
one of these dollars or one of these certi-
ficates in gold: but all of them are equal
to gold. The pending resolution does not
hint at any proposition to give to the
governments creditor anything but q
one hundred cent dollar"
Mr.. Daniel concluded at Z o'clock. On
motion of Mr. Aldrich the Senate then
went into executive session and ten min
utes later adjourned.