New-York tribune., 1872-02-01

the seeretarv q, the Treasury in the matter Of the nego
tations OF the new Y. 8 Loan was taken up; ,mont
resolution directing the Committee of Ways and Means
report TO the House the bill introduced by MN ior
bidding the payment OF conInlssiohS GU to e"i' Vi ~
United States bonds, ,,,.., .Ao
Mr. DAWES ep, Massl briefly recsptu,ahteac VI ,h cdn inc
facts the case and defended the report OF te Co
Mr. KERR lDem Ind), of tho minority on the Com Com
mttee contested the report lie claimed that the reo
mouths interest, which the Syndicate had received on
the bonds without paying any consideration i0r ~ its
50 01sOOO which sum added 10 Its COMMISSIONS muo,
aggregate compensation s2,t625oo The same % ahe
sons applied TO the rest of the loan. %9d no soa oc
aud he argued that nc such expenditure WIS 0VN''N
plated ip tee Funding law % A.. minority OF the
Committee stated why he unable 10 agree wit .h.
Committee in s report He argueG tnat ruo ,,ih the
Syndicate was not authorized by law ana ht :. % S
the syndicate an unnecessary ana p"se of priyate
the funds Of the Government Tor the pPoeo Vi P'"
gain, which Congress ought not 10 siho ,t p nor,
During the discussion MT; MAiNAfn IA f uP, pPn non cr
tain machinery 10 be imported free OF duty for sulphur
mining in Louisiana %ds rePCr epS 0f Te COMMITTEE agreed to
Strike out the section for the plaegass machinery ana
IN Sfr BROOKS Dem. n W, another minority member
of the Committee of Ways aud Means, asked Mr.. Dawes
The Secretary of the Treasury would regard as author
iy him 20 In the same way with the rest OF
Mr. DAWES Rcp, Mass) replied that the Secretary OF
the Treasury would he assured by the adoption OF tho
resolution that in respect had he violated the law
Mr.. BROOKs-In othCr words, II the resolution De De
adopted the Secretary Will regard ~ as an apoNa Vi
his past and an authority ior nun 10 10 Oh III 'o
Mr. DAWES repeated that the adoption OF the resclu
ton would only be an approval OF the leeaS VI ,ne
Secretrys course, not OF It's WISDOM. Every 'V
was lawful was not always mtsc I'M "u - - ~ a,yfl act
opinion of gentlemen that tlat Wasa lawful dcl
Mr BROOKS had no doubt that the Secretary OF
the Treasury had TO the best of his knOwledSe ana
ability, negotiated the loan in S0od Iali Dut he olse
give him no encouragem To any further III that
way. In his (3rookss) Judgment such course would
4 Of o.
lie Thought it would he the of satesmanship and
the worst of nancierng for the House 10 approve OF
what the Secretary DONE II il did so the European
bankers wOude continue 70 keep up the same terms but
otherwise they would come down in their demand BE.
side there was hurry about the matter The credit OF
the United States higher now than was years ago
when il could raise four per cent loan, and he be
IeVcd hat it would be better financial policy not to
this funding at so high rate OF interest at present
which the investigation based, argued against the
position taken by the Secretary OF the Treasury ana by
the Committee OF Ways and Means. He characterized
the syndicate pack OF cOrmoTants, whose operations
should be stopped at once theLo i1Sup % pG hO o,d @
Secretary of the Treasury anu congress respQnsip o
the peculiar manner OF manipulating tne @ depn tcrs
difficulty in going INTO the market anu mahIhs
decent four per cent loan without agents ana without
| Mr. KELLEY Rep PENN wanted TO inquire Of Mr.
Cox where four per cent loan ronld De ncgottcd
Mr. cox dsGned TO- alloy Mr. hS"f Sa sS G
and, he put it, 10 call the gentleman from New
| of his friend from Pennsy ylvania.
Mr. RANDALL Dem., PENN described Mr.. Dawes
remarks as hypocrisy ana can't , ,,.,, ;,,s
|
such an impcrtinence the part of the gentleman from
4 Pennsylv lvaula.
remarks nsncere and he had simply described IL III
I what he thought terse and proper language go
Mr.. DAWES said he had no words 10 exchange with
the gentleman from Pennsylvania who was the keeper
|. . vi his conscience, as he (Dawcs) was OF ms
Mr.. cox then went with his speech and denounced
| the Syndicate corrupt and cOrrupng; ne drcldico
that Representative who true TO his trust ana VINO
would ptop double interest could not do his duy win
voting against the resolution OF the majority ana III
favor OF the bill which Mr. Cox had introduced Tor hd
ding all commissions all deductions IN the sale, ne
! gotiatJn or exchange OF United States securities.
Mr.. ROBERTS Nep, n. ", majority member or TIE
Committee Ways and Means argued in defense Oi the
by the Secretary the Treasury aud Ot
The resolution reported by the Committee He did not
know how much the Syndicate had made by the
Transaction but he did know and did care what
the people Of the United states had made
by il. without compromising interest, tbcro was
a saving Of $l9,O00OcO interest III 10 years.
COmpOundng interest there was saving OF
$GOO0 Inc saving in 20 years, cOmpoundng iuerest,
was $75,OOO,O0O He understood thaS There was - new
Oher tu take $OOOO0OOO more o. the DEBT with saving
in interest OF $7,j0O year, or, without compromising
interest Of S75OOO in ten years He was not ready to
say that oder should lie accepted, but he did feel
proud 10 say that the Administration had brought the
country the point where such offer brought 10
1t from Europe.
Mr.. KERR QDem., Ind) offered amendment " that,
of House. the secretary Of the Treasury
in negotiating the loan had increased the bonded dent
than necessay proper and had incurred oN
penses contrary Law" Without closing the debate the
| House adjourned.