Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-02-01


had be violated the law; indeed be felt SO
now and by the passage of the resolution he
would feel that be had the opinion of the
House backing him. He did not think that
any gentleman was authorised to state what
was the disposition of the Secretary in re-
gard to his future operations in funding the
loan. No arrangements 80 far as he knew
had been entered into, end there was not
any likelihood of any arrangement being
made on such terms IS be had seen stated
in the newspapers.
Mr. Brooks-In other words, if the resolu-
ton be adopted, the Secretary will regard it
as an approval of his past course, and as to
that extent an authority for him to go on
in the same way. ASA slAll8N
Lawful but not Wise.
Mr.. Dawes repeated that the adoption of
the resolution would only be an approval of
the legality of the Secretary's course, not
Of its wisdom. Everything that was law
tul was not always wise, and it might be
the opinion of some gentlemen that that
was lawful act and not a wise one.
Mr.. Brooks had no doubt that the Secreta-
ry had done according to his knowledge
and ability, and had negotiated the loan in
good faith; but the House ought to indicate
wish that he should stop, and give him
no encouragement to go further. In bis
(Brooks') judgment such course would be
an utter and profiigate waste Of the public
money. He thought it would be the worst
OF craftsmanship and the worst of finan-
ciering for the House to approve of what
the Secretary had done. If it did so the
European bankers would continue to keep
up the same terms, but otherwise they
would come down in their demands. Be
sides, there was no hurry. The credit of
the United States was higher now than it
was four years ago. when it could place
per cent. loan, and he believed that it
would be better financial policy not to
press this funding at SO high rate ofinter-
est at 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
syndicate as
A Pack Of COrmOranfs
whose operations should be stopped at once. |
There should be no more dickering with |
them. The people held the President and |
the Secretary of the Treasury and Congress |
responsible for that peculiar manner of ma |
nipulating the debt. There was no diff |
Guilty in going into the market and making
decent per cent. loan without agents /
and without commissions.
MIR. Kelley, of Pennsylvania, wanted te
inquire OF MIR. Cox as TO where a four per
cent loan could BIZ negotiated.
Mr.. Cox declined to allow Mr. Kelley to
interrupt him, and Mr.. Dawes interfered to
prevent the interruption and as he put it to
oall the gentleman from New York off of
lis friend from Pennsylvania.
A Little FURRY.
Mr.. Randall described Mr.. Dawes re-
marks as hypocrisy and cant.
Mr.. Dawes said that no remarks of his
,ould justify such an impertinence on the
part OF the gentleman from Pennsylvania.
Mr.. Randall said that he had regarded
Mr.. Dawes remarks as not sincere. but
'ather calculated to aggravate the dis
and he had simply described it
n what he thought terse and proper Ian
,uage.
Mr.. Dawes said he had no words to ex-
.hange with the gentleman from Pennsyl-
'ania, who was the keeper of his own con-
cience, as he Dawes was of his.
After this little furry, Cox went on with
lis speech, and denounced the Syndicate as
Corrupt Gnd COrrupting.
He declared that the representative who
vas true to his trust, and who would stop
-ouble interest, could not do his duty with
ut voting against the resolution of the ma
)rity and in favor of the bill which Mr.. Cox
ad introduced fOrbidding commissions and
Il deductions in the sale, negotiation or ex-
hange Of United States securities. ;
Mr.. Roberts defended the action of the l
ecretary.
Mr.. Kerr offered an amendment, ssthat in
ne opinion of the House the Secretary of
ne Treasury in negotiating the loan had I
lereased the bonded debt more than was !
or proper, and had incurred ex- I
enses contrary to law"
Without the debate coming to close, the
IOuSa adiOurnpd