Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-02-01

and through the same agents, where
by they would pocket at least three
per cent. of the whole amountsas they
had already done on apart of 1T; con-
gress might just as well by a direct
vote put thirty-nine millions OF
dollars into the pockets of Jay Cooke
& Co.
During the discussion, Mr.. May
nard, from the conference committee
on the bill allowing certain machin-
cry to be imported free of duty, for
sulphur mining in Louisiana, and for
plate-glass manufacturing generally,
made report that the committee
agreed to strike out the section for
plate-glass machinery. SThe report
was agreed to.
Mr.. Brooks, New York. another
minority member of the committee
on ways and means, asked Mr..
Dawes If the pending resolutions
were adopted by the house, the secre-
tary Of the treasury would regard it as
authority for him to go on in the same
way with the rest of the loan.
Mr.. Dawes replied that the secre-
tary of the treasury would be assured,
by the adoption of the resolution,
that in no respect had he violated the
lsw-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 au-
thorized to state what was the dispO-
sitiOn Of the secretary with regard to
his future operations in funding the
loan. No arrangement, so far as he
-
there was not any likelihood OF any
arrangement being made on such
terms as he had seen stated in the
newspapers.
Mr.. Brooks-In other words, If the
resolution be adopted, the secretary
will regard 1t as an approval of his
past course, and, to that extent, as an
authority for himto 60 On in the same
way.
Mr.. Dawes repeated that the adop-
ton Of the resolution would only be
an approval of the legality of the sec
retary's c0urse-not of its wisdom. |
Everything that was lawful was not |
always wise, and 1t might be the |
opinion of some gentlemen that it was
q lawful act and not a wise one.
Mr.. Brooks had no doubt that the |
secretary Of the treasury had, to the |
best Of his ability and knowledge, ne
gotiated the loan in good faith; but |
the house ought to indicate. its wish |
that he should stop there, and give /
him no encouragement to 90 any fur
ther in that way. In his Mr.. Brooks |
Judgment, such a course would be an /
utter and prOhigate waste of public /
money. He thought it would be the /
worst Of craftsmanship, and the worst |
OF tinanciering, for the house to ap-
prove of what the secretary had /
done. II it did so, the EuroDean
bankers would continue to keep up
the same terms, but otherwise they
would come down in their demands.
Besides, there was no hurry about the
matter, as the United States credit
was higher now than it was years
ago, when it could not raise four per
cent. loan, and he believed 1t would
be a better. financial policy not to
press this funding bill, nor higher
rate than the present.
Mr.. Cox, who offered the resolution
on which the investigation was based,
argued against the position taken by
the secretary of the treasury and by
the committee on ways and means.
He characterized the syndication as
as pack of cormorants whose opera
tlons should be stopped at once; there
should be no more dickering with
them; the people held the president,
secretary of the treasury and congress
for the peculiar manner of
the debt; there was no difficulty in
going into ne market and making a
decent four per cent. loan without
agents and without commissions.
Mr.. Kelly Pennsylvania wanted
TO inquire from Mr.. Cox where a four
per cent. loan could be negotiatedP
Mr.. Cox declined to allow Mr.. Kelly
TO interrupt him, and Mr.. Dawes inter-
fered to prevent any interruption
and, as he put it, "called the gentle
man from New York off his friend
from Pennsylvania"
Mr.. Randall described Mr., DaWes's
as hypocritical.
Mr.. Dawes said that no remarks of
his called for impertinence on the part
Of the gentleman from Pennsylvania.
Mr.. Randall said that he had re-
garded Mr.. DaWes's remarks as not
sincere, but rather as calculated to ag-
gravate disturbance, and he had
simply described it in what he thought
proper language.
Mr.. Dawes said he had no words to
exchange with the gentleman from
Pennsylvania, who was the keeper of
his own conscience, as he Dawes was
Of his.
After this little furry, Mr.. Cox went
On with his speech and denounced the
3yndicate as corrupt and corrupting.
He declared that representative who
was true to his trust, and who would
stop double interest, could not do his
1uty without voting against the reso.
luton Of the majority, and in favor of
he bill which Mr.. Cox had intro
1uced forbidding all commissions and
al deductions in the sale, negotiation {
)r exchange of United States securi-
les.
Nf. Kerr offered an amendment
hat, in the opinion Of the house, the
secretary Of the treasury in negotiat-
ng the loan had increased the bonded |
iebt more than was necessary or prop
ar, and had incurred expenses contra
y to law,
Without debating the amendment,
he house adjourned.