The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-03-30
ByTeIegraph
ASSOCIATED PRESS REPORT.
TO THE DAILY LNTELLIGENCER
WASHINGTON.
A Denial from Secretary OF the
Navy.

WASHINGTON, March 2O.-The secreta.
ry Of the Navy denies the published state.
ment that he transmitted money TO Jay
Cooke, Mccullough & Co. in September,
1873. The money was transmitted to the
Paymaster General Of the Navy, then in
London, to pay 10 the credit Of the navy In
the event Of Jay Cooke, Mccullough & Co.
stopping the payment Of navy drafts, and
was deposited in the Bank Of England
and with J. S. Morgan. No advances
were made to Jay Cooke, Mccullough &
Co. until the latter part Of October, after
the house had shown its intention and
ability to continue its-regular payments
OF navy drafts and after ample security
had been given TO protect the government.
The Secretary also says that the inyesti.
CATION committee can have all the tele-
grams, including the translations Of the
cypher, on asking the Department for
them.
GEN. sCHENCK PROCEEDS WITH HIS TEsTI-
MoNY.
Gen. Schenck reappeared before the
Committee on Foreign Affairs to-day.
Abiding to the writ served on him Just
previous 10 leaving London, he produced
note from the law firm stating that
they had served it under the impression
that he had resigned, apologizing for the
mistake, asking him to consider the pro.
ceediDgs abandoned. In answer 10 re-
mark that II had been said that he left
England without taking leave OF the
Queen, Schenck explained that he came
home on leave OF absence, but not
knowing his status he did not know
whether he would return to London.
The usual note was sent 10 Lord Derby,
stating that as he was leaving sudden ly
he was not able to pay his personal re.
spects, and that he had left the legation
iii charge OF Hoffman. II was usual that
the resignation OF Minister took effect
on the appointment OF his successor, and
as his successor had mol yet been appoint.
cd, he supposed he was still Minister, but
on leave Of absence. lie left London for
Washington for the sole purpose OF ap-
pearing before the Committee and ex-
planning the transactions between himself
and Park on shares and notes. Mr..
Schcnck said that Park insisted on allow.
ing him over $4,000 as interest 10 which
he was entitled on the purchase and sale
OF stocks. Mr.. Schenck refused to receive
any such credit and insisted on paying or
settling in some way rs best he could
out OF his means, the balance Of the note.
This was done by payment OF about
81 700 in cash and making over to Park
certificates Of paid up stocks in the Yer,
million Coal Company Of Illinois, Ma
tiOnal Insurance Company OF Washington
and other companies, to the amount oi
SS2, 900 and promissory note for $4,000
more, with the right to redeem the stocl;
in four years.
Mr.. Hewitt interrogated Schenck close.
ly MS to the above settlements, calculating
that instead Of Schenck being out OF pock.
ct, he was in pocket $500 by the trans
action.
Mr.. Schenck said=i wished he could
view it in that light.
Mr.. Hewitt said that he had proceeded
carefully in his questions, on the ground
that Schenck made bona title contract
with Park, but the point remained why
Schenck, having turned over his property
to Park, should continue to receive divi.
deuds upon il.
Mr.. Schcnck explained that the right tC
receive the dividends, which were So, ,10C
on insurance and coal stocks, was to con
tinue for four years, within which time
he had the right to redeem the stock pay
ing both principal and interest.
Mr.. Hewitt said that the suggestion was
still open that at the end OF four years
the stocks might be returned to him by
Park.
Schenck replied that Hewitt might as
well say the same as to mortgage on his
house in Washington. Hewitt replied
that he never new OF mortgage TO col
lect rents unless for his actual protect.
tion.
Sclienck understood that man might
draw interest on mortgaged stocks,as well
as on a mortgaged house. In an
swer 10 the question il while
Park was bCstowing favors, it had
occurred to him that lie was acting in
order to secure his influence in the Emma
mine transaction. Schenck replied that
II never SO occurred to him. He believed
Park to be liberal and generous man,
and having been instrumental in bring
ing him into the Emma mine he was de-
sirous OF assisting him out. He had no
doubt Park and others would have been
glad to have him serve as manager or
director SO long as he (Schcnck) did not
offend against the public propriety. He
believed he had right to buy and sell
any kind Of property whether as n min
lister, member OF Congress or occupying
any other capacity. Itwould not, how
ever, be commcndable to go into
the stock market. Schenck said he had
made mistake in becoming n director,
and this gave him more uneasiness than
anything else. lie might be obtuse, but
he could nots that he had committed q
moral wrong.
Mr.. Schenck, in denying the statements
Of Lyon, whom he had seen but once,
submitted letter to him from Harry
Brett, Of London, in which he wants to
know II the James Z. Lyons now doing
business in New York is identical with
James E. Lyon, Of Wisconsin, who be-
came a bankrupt in London in 1874.
The committee then adjourned until
Monday.
The Senate in executive session to-day
further discussed the nomination OF Dana,
but adjourned without action.
The Secretary OF the Treasury to-day
directed the retirement OF SlSS, l44, that
being so per cent OF the new national
bank circulation issued the present
month.
The bill amcndatory Of the bankruptcy
laws, reported iayora6ly from the Senate
Judiciary Committee to-day, is the meas.
ure recently introduced by Thurman with
the same amendments as reported. 1t
provides that no voluntary assignment
BY debtor Of all his property hereto.
fore or hereafter made in good faith for
the benefit Of all his creditors, ratably,
and without creating any preference and
valid right, according 10 the law Of the
State, shall OF itself be evidence Of his
being subsequently Ndjudicated bank
rupt in a proceeding Of involuntary
bankruptcy, and shall be bar 10 the dis.
charge Of such debtor.
Board OF Trade Report.
IxpIASopALIs, March 29.-From the
annual report Of the Secretary OF the
Board Of Trade Just published, the fol-