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


Staten, has maintained up to the
present time tho parity of this great
mass Of silver dollars with the gold
standard and the hast currency existent
in the world. shall never vote to put
in jeopardy that condition of things.
The creditor, private and public. in
my opinion, is entitled, SO long as that
condition of things can be maintained,
to the highest and best currency that
the world affords.
But, Mr.. President, il We should DO,
by any untoward or unfortunate legis-
lation or condition of things, driven
from that safe and stable foundation of
tho monetary at'aiis Of this country to
silver basis, then the bondhoder of
this country has no rights which are
superior to those Of any private credi
tor or those OF any other creditor,
whether no be a creditor by reason of
holding demand note of the govern
mont of the United States or other
wiHo. IL is not on their account that
we hayo nladu these aacriilces Tho
man who loans money and takes bond
can protect himself by his contract,
and he has protected himself. lie has
written in the bond that he must be
paid in coin OF tue proper standard,
and OF the standard OF tho hRte on
which mis- contract waH malta; and he
has no right TO demand any other or
greater payment.
| am well aware, Mr.. President, that
there are other considerations which
have been raised by the discussion that
haH taken place around this resolution
rather than upon it. understand per
fectly we'll that it is because the
government owes it to itself that it
should not take advantage OF the man
to whom it owes money in order to put
him in position Of hardship an com
pared with tue condition in which he
would have been at the time the con-
tract was made, not because he bias
legal right to demand more, not be-
cause he has moral right to demand
more but because We owe 1t to ouf-
solves, as every honest and moral hu-
man being owes it to himself and to
his character for uprightneHs and for
fair dealing and honest dealing. to do
that thing which will comport with his
own senae of right and not because the
other party has right to demand it,
Therefore, Mr.. President, | do not
see how this discussion as to the pro-
priety of the free coinage OF silver,
which has ragged here for two or three
days, has any application to this reso-
luton. 1t has been a Fictitious aud
artificial issue that has been raised,
not pertinent to the matter that the
Senate is called upon by its vote TO act
upon. Therefore, shall vote upon the
resolution as it stands without reference
| to most OF the arguments that have
been made in the debate OF the paet
three days,
MR.. BACON. I want to say one
word about another feature
Of the resolution. Yhe resouti does
not simply cunfine itself to the ques-
| tion as to what shall be done with the
silver dollars hereafter coined, hut 1t
relates to the silver dollars alraady
coined. We have $500, 00o COO OF silver
coin-Sa00 900, 000 which are, SO far as
| purchasing power goes, on an equality
to-day with gold--and tho language of
| the resolution applies 10 those $780,
600, 900 in the Same way that it applies
to such coin as shall hereafter come
from the mint.
Mr.. ALLISON. II do not inter.
rupt the Senator, should like to ask
him, then, what is the significance of
the words to reatore?"
Mr.. BACON. There is two.fold
aspect to the resolution, as have said,
one relating to the present coinage and
the other aspect relating to the coinage
hereafter to be made. or course, the
latter part of the resolution refers to
that hereafter to be made.
But it is a most important matter
that the policy aud law of the govern
ment shall be- declared, for the reasons
stated by the distinguished Senator
from Virginia Mr.. Daniel) yesterday,
10 which he gave instances when
declaratory laws were passed, wher
laws had fallen into disuse, or where
they were not properly regarded.
MIR. ALDRlCH. Why do you not
make it joint resolution and give it
the force Of law?
MR.. BACON. l think could very
easily 20 into that discussion, but mani
testify can not be turned from the i'm
mediatu statement of proposition to
follow the Senator into side issue.
say there are to day $500. COO, 600. and
that the resolution relates to those
$500, 600, 900 as well as to future coin
ago. Tho resolution expressly states.
as the resolution 20 years ago stated,
that it was at the option of the govern
ment that this was to he paid
i 4
MR.. ALLEN, | was surprised at
the remedy tho Senator from Delaware
MI Gray offerad, which was to permit
the creditors Of the nation to deter.
mine the kind OF coin they were to re-
ceiye In discharge of their debts. You
place il in the power OF the creditors of
| hiu nfru IN
which their debts shall be paid, and
you place it absolutely beyond the poa-
sibility OF our ever restoring the parity
between the metals.
MIR. GRAY. | ask the Senator
whether that condition of things has
not existed for a good many years last
past; that is, that the creditor has had
practically the choice OF the coiu which
should be paid him by tine Treasury.
Mr.. ALLEN. Yea; in 1891 or 1892.
Mr.. GRAY. Now the other question
!; ia whether during that period tbs
parity between the two metals has not
been sustained, and il it can be sus.
tanned in any other way.
MIR. ALLEN. 1t has not been aus
| tanned in the sehse in which we speak
of parity.
: Up to lS92-.and shall not, for lack
. OF time, go into the matter extensively
tho government retained the right tC
determine in which coin it'would nay,
Every person who bad given any
, thought or attention TO the subject
/ knew that the government retained thc
! power to determine in which coin il
would pay. That had been the RICH
: of the debtor, private aud public, fol
800 years and until it was taken ava,
, from the United States by Secretary O
the Treasury Foster. No; you let tbs