The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-01-15
WASHINGTON.
The U. p. r.. investigation.

Inc Us fs hs lnvestlsatlons
WASHINGTON, January 14.--The VII.
son special Union Pacific Railroad Conn
mittee met this morning, but no witness.
es being present an adjournment took
place till this evening. .'iti~. '7lg45
WARRINGTON, January l4.-The Viii
son Special Committee met tonight. B.
+. Ball was sworn and examined. He
testified that he knew Of the Credit Mo-
bilier organization, Of which he Is, s,Assistant
Secretary and Treasurer; also q director.
He produced, by request, the act Of In,
corporation. II was organized May 30,
1868. The original stockholders and
amount oi stock subscribed. were as fol-
lows: Chas. NJ Hall, 2,495 shares; r.
W. Barcus, 249G shares. Three OF
four other parties had stock; he did not
know now who they were. That was
long before he had anything to do with
the concern. He did not know whether
there are any books showing who all the
original stockholders were. Some OF the
books were lost, including the transfer
Of stock books. he did NOT know what
had become Of them. The witness sub.
sequently found book containing the
names OF the original stockholders. There
were 81 500 shares. ~. - -
Mr.. Morton, senior member Of the New
York Banking House Of Morton, Bliss &
Co., appeared before the Committee of
Ways and Means today and made q
statement on the subject OF the new
Iunding bill and syndicate. He favored
continuous syndicate system as the only
one by which the conversion OF bonds and
per cent could be practically carried out.
The House Committee on Claims to-
day, agreed TO tho bill appropriating
some where near $27, 900 for the reliet Of
Loudon county,SYa., claimants, whose
property, principally live stock, was taken
by order Of General Sheridan, sold and
the proceeds covered into tho Treasury.
They also agreed 10 the bi Il for the relief
OF East Tennessee University, paying
s. $50 for the property used and occupied
by the army.
The Committee on Finance to-day re-
ported to the Senate in obedience TO the
following resolution:
Rcs0lued, That the Committee be d.
rected to inquire whether the Secretary
OF the Treasury has power, uud er the ex.
isting laws to issue U. S. notes in lieu of
forty.four millions of dollars no retired
and cancelled under act Of April 70, 1866.
From the review of several acts relating
to United States notes, the committee
conclude that the intent and legal effect
Of these acls when fairly construed was
to reduce the maximum OF legal tender
notes 10 $35G,000,000. No one appears
to have asserted that the Secretary had
the power to increase that sum. The
care with which maximum was always
prescribed, indicates the intention of Con.
gress TO preserve one. The only contin.
gency Tor ..an excess was to temporarily
meet the temporary loan, and by the act
of April 1866, the temporary loan was
funded. The circumstances under which
this issue of five millions was made
were such as would clearly have justified
its exercise. If. as was honestly and con.
tidently claimed by the officer who made
the issue, he had the legal authority to
make 1t, II was his plain duty to exercise
every power he possessed to protect the
public in the emergency stated. And the
Committee are unanimously OF the opinion
that the Assistant Secretary acted accord.
ing to what he conceived to be his legal
power and public duty, but believing that
under the law he could not issue legal ten
der notes in excess of three hundred and
| fiity.six million dollars, they must regard
the precedent as 6 bad one. Such
power if given should be in clear and un-
ambiguous language, and should not be
enforced by subtle reasoning, or depend
upon the pleasure Of interested parties, or
the changing views Of public policy. In
oil questions OF construction as TO the ex.
tent Of the power conferred by the law,
in matters which effect the public credit
or public securities, 0 reasonable doubt as
to the grant Of the power should be held
to exclude II. After a careful re.
view Of the subject, your committee Is
Of the opinion that the Secretary Of the
Treasury has not the power to issue q.
s. notes in excess Of 1856. 900 900
when tho act Of February 4th, 1858, took
effect but he may replace with new notes
all mutilated or defsced, and within the
limits Of 1856, 100000; he may exchange or
replace new notes for old ones.
Senators Wright and Ferry dissent
from the foregoing report, but have not
submitted their views.
| Tho House Judiciary Committee today
deferred action on tho New Orleans mat
ter until documents submitted yesterday
are printed.
Senators Wright oil Iowa and Ferry Of
Michigan; will submit minority report
dissenting from the report oil the Commit.
/ tee on Scott's resolution relative to the
issue Of legal tenders in sums Of 1885,.
900, 900.
A resolution ofsherman's in tho Senate
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