The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-02-01
42d CONGRESS-.
WASHINGTON, fan. 81, 1879.
HOUSE.

|
Supreme Court, after discussion, was pass.
ed substantially as reported.
Mr.. BINGHAM unsuccessfllly striVed 10
have the bill modified 80 as to restrict
writs Of error in capital Offences, claim.
ing that if II applied to mere penitcntiary
cases 1t would delay and impede Justice
in the case Of the Mormon prosecutions.
4 Onmoton oil Mr.. DAWES, the report ol
the Committee on Ways and means on
the action Of the Secretary Of the Treasu.
ry in negotiating a new loan, was taken
Up. He was willing TO submit the ques.
ton without discussion. ai nnfu
MIR. KERR, representing tho Minority
Committee, declined to consent to having
the matter voted on without discussion.
Mr.. SARGENT desired to proceed with
the Indian Appropriation bill, but decided
To 60 ON with the syndicate matter. The
resolution MS reported by the Committee,
was justifying the Secretary Of the Treasu.
rY In the matter OF negotiation.
Mr. Cox proposed an amendment 10
the resolution directing the Committee
to report the bill introduced by him, for
bidding the payment Of commissions on
the sale OF U. s. bonds. 5
Mr.. DAWES briefly recapitulated the
facts in the case, and defended the report
Of the Committee. $40
Mr.. KERR, from the Minority Commit.
tee, contested the report. ~ .aa=
Mr.. BECK claimed that the three months
interest which the syndicate had received
on the bonds without paying any consid.
Grafton for 1t was 50, 025,000, which sum,
added to its commissions, made It's aggre-
gate compensation $2,4G2y 500. The same
comparisons applied to the remainder of
the loan would allow the syndicate to
reap rich harvest Of $24 100000, and he
argued that no such an expenditure was
contemplated in the funding law. He
calculated that the profits OF the transac.
ton to the syndicate was at least 81 $780,
900. 1t would be put in mind that the
immense sums made by Jay Cooke & Co.
in the retunding OF less than $135, ,0O0, 900
out Of $150,OO0 900 authorized to he le.
funded, and that the adoption Of the reso
luton reported by the majority would
not only be a license, but an order
to the Secretary of the Treasury to
proceed to refund the other thirteen hun
dred millions on the same terms and
through the same agents, whereby they
would pocket at least three per cent on
the whole amount, as they had already
done on part. Congress might just as
well by direct vote put thirty-nine mil.
lion dollars into the pockets ofJay Cooke
& Co. esu ii. .,
During the discussion Mr.. MAYNARD,
from the conference committee on the bill
allowing certain machinery to be import
ed free of duty for sulphur mining in
Louisiana, and for plate glass manuiaclur.
ing generally, made report. The CON-
mittee agrees to strike out the section for
plate glass machinery. The report wSs
agreed to. ....i :.
Mr.. BROOKS, of New York, the mi.
nority member of the Committee of Ways
and Means, asked Mr.. DAWES II the pend.
ing resolutions were adopted by ,he
House il the Secretary of the Treasury
would regard 1t US authority for him to
go on in the same way with the rest of
the loan.
Mr.. DAWES replied the Secretary Of
the Treasury would be assured by the
adoption of the resolution that in no re-
spect had he violated the law. Indeed he
felt so now, and by the passage of the
resolution he would feel that he had the
opinion Of the House backing him. He
did not think that any gentleman was
authorized to state what was the disposi.
ton Of the Secretary In regard to his
future operations in funding the loan. No
arrangements so far as he knew had been
entered into, and there was not any like
lyhood of any arrangements being made
on such terms ashe had seen stated in the
newspapers. ,H. r
Mr.. BRooKs-In other words il the reso.
luton be adopted, the Secretary will re-
gard it as an approval Of his past course,
and as to that extent an authority for him
to go on in the same way. sEait
MIR. DAWES repeated that the adoption
of the resolution would only be an ap..
proval Of the legality Of the Secretary's
course, and not OF its wisdom. Every.
thing that was lawful was not always
wise, and it might be the opinion OF some
gentleman that that was lawful act and
not wise one. ss a- rral
MIR. BROOKS had no doubt that the Sec
retary Of the Treasury had, to the best Of
his knowledge and ability, negotiated the
loan in good faith, bnt the House ought to
indicate its wish that he should stop
there, and give him no encouragement to
go any further in that way. In
his (BRooKsD Judgment, rs1ch a
course would be an utter and profit
gate waste of public money. He
thoght it would be the worst kind Of
craftsmanship and theworst kind of tinan-
ciering for the House TO approve of what
the Secretary had done. lift did so, the
European bankers would continue to keep
up the same terms, but otherwise they
would come downin their demand. Be-
sides, there was no hurry about the mat.
ter. The credit Of the United States was
higher now than 1t was years ago, when
it could raise q four per cent loan, and he
believed that 1t would be q better financial
policy not to press this funding at so high
rate of interest at present. ~ Il,
Mr.. Cox, who offered the resolution on
which the investigation was based, ar
gued against the position taken by the
Secretary OF the Treasury and by the
Committee on Ways and Means. He
characterized the Syndicate Us a pack of
Ecormorants whose operations should be
stopped at once. There should be no
more dickering with them. The people
held the President and Secretary of the
Treasury and Congress responsible for the
peculiar manner Of the manipulation Of
the debt. There was no difficulty in go
ing into the plarket and making a decent
four per cent loan without agents and
without commissions. hD'I 800"
Mr; kEt.Ey, M Y. q PIPE Pennsylyqpia, y wanted al