Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-02-02

found divergence of opinion among law
yers on an immaterial point of law, and
that he thought he had better net do it until
Congress should. construe that immaterial
| point of lawP They would have made the
country ring with the story that the Secre-
tary Of the Treasury, rather than reduce
the interest on bonds in the hands of his
| pets, had on an immaterial point gone on
| paying six per cent, while eminent bankers
Of Europe were clamoring for five per cent
bonds. BE Went on to ridicule Mr.. COx's
| pretensiOns to public virtus in the matter,
contrasting with it the ring frauds Of New
York, and referring to the fact that Mr..
! Cox had spoken at meeting in New York,
| in favor of the reelection of Mike Norton,
TWeed's Lieutenant, to the Senate of the
State ofNew York. set
Mr.. Cox said that inliis speech on that oe-
casion he had condemned the ring frauds.
He hoped that the corruption of the men
who had managed public affairs in New
York city to the humiliation of the Demo-
cratic party would not form a justification
in the House of Representatives for this
syndicate transaction. As to Mike Norton,
he had presented the only reform of the
city charter in the Senate, and it was car
ried against him by the Republicans who
were purchased up.
Mr.. Kelly said he had to resume the
floor.
Mr.. Cox said it was time. Laughter
Mr.. Kelley would not pause TO ask who
had bought up the Republicans, but they
were certainly bought up by largess and
from the millions stolen by Tweed, Norton
& Co. ,-s--,-
Mr.. Eldridge-They were cheap men.
Mr.. Kelley-That was not necessarily so
as man who stole twenty million dollars
could afford to buy pretty high priced men
as politicians go. Laughter He did not
want to asSail Mr.. Cox, who was pure in
his personal character, but who was never
theless partisan.
Mr.. Dawes, Chairman of the Committee
on Ways and Means, closed the debate, and
apologized for addressing the House at this
late stage of such dry debate, his iustifca-
ton for it being that if the charges made
against the Secretary of the Treasury, that
he had made the transaction with the Syn
dictate in defiance of law were true, and if
the House pronounced it true, that the fact
would deal blow at the credit of the nation
more severe than any it had sustained even
from the rebellion and war. He proceeded
to defend the Secretary, and said he had
VIGOROUSLY shown that he had not violated
but had executed the law. Surprising that
the Syndicate made such profits as a gentle
man had alleged, and had made them at the
expense Of the Government, which was not
the case, what profits had the United
States made out of the transaction
in negotiating $20O,00O,0O0 of 5
per cent. bonds, and Withdrawing the same
amount of per cent. bonds? 1t had made
a saving of 100000 a year, or $40, 100000
at the end Of ten years. The benefit of the
success of funding that $200,000000 did not
end there. 1t had so strengthened Ameri-
can credit abroad as to render it certain
that the balance Of the debt cOnld be funded
at 4 per cent.
The vote was taken, and the resolution
declaring that the Secretary of the Treasury
in the negotiation of the loan had neither
the bonded debt nor incurred an
contrary to law was adopted |
by strict party vote of yeas 110, noes sc. |
The House then went into a Commit ee |
Of the Whole, and resumed the considera- |
ton Of the Indian appropriation bill. After |
-he committee had got through forty pages |
Of the bill, and while there was still thirty |
pages unread, an arrangement was made |
hat the Committee should rise and report |
he bill allowing cerrain amendments to be |
offered in the House.
Without disposing of some amendments |
1t1ered, the House adjourned.