The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-06
Proceedings Before the Congressional
~ Committee Yesterday.
DIRECT TAXATION RECOMMENDED.
Less Legislation and More Econ
omy Will Give Relief
GOVERNMENT HOLIDAYS
Gold Rings and Railroad Monop-
olies Denounced.

Ol4SS 00uO QllCCQ.
large crowd Of pcople-workngmen theorists and
Eeformsrs-were kept waiting inside tho Postmaster's
once Yesterday morning until the dilaiory committee
men, Messrs. Hewitt aud kice, arrived. Mr.. Hewitt
preaced The examination by preliminary statement.
He said shat Mr.. Thompson was compelled 20 60 homo
on Saturday and Mr.. Boyd would have to leave for
homo tomorrow (Tuesdayl Hence the committee
would take recess Tomorrow evening. This day and
tomorrow they would continue to hear volunteer
wnnsssss but after the such Witnesses bank
ers merchants, Jaborers, workngmen and others
would be heard the committee had requested 10
come before them.
BAxKxurrcY RINGS.
Mr. william Hastings argued that the cause Of The
depression the speculation Of the banks who held
tho deposits OF assRnses In bankruptcy with the bank
ruptcy fuads entrusted thsm and witnhssd eonsoss-
sarily from the creditor clats These banks formed
bankruptcy rings Another cause was that this
country produced NO gold, and purchased II from
foreign countries which,"
Mr. Hewitt (intsrrupting)-Do You know the amount
Of gold produced IN this countryr
Mr. Hastings (waviug Mr. Hewitt awsy)-I will come
TO that BY and by.
Mr. Hewitt-You are here to answer my questions
Mr. Hastings protested and said: 81 know that you
are interested In the opposite side."
Mr.. Hewitt never make any imputations upon
witnesses and do not want any to be made upon me.
Mr. Hastings after struggling hard against answer
ing the question at this time when told that he would
have to stand aside unless he did, finally blurtsa out
sxcitsdly:- "a hundred millions per year."
Mr. Hewitt--AI right Put that down.
Nj. Has.iugs-You are bound to hear me here By
your oath Of Office.
Mr.. Hewitt laughed.
Mr. hastings-I know you want TO ont me Of
QLaush,er.)
Mr.. Hastings continued and wound up statement
by asking cam l correct.or not, Dir. ChairmaI?" to
which Mr.. Hewitt replied, vi isn't the business OF
the committee 70 answer questions" Mr.. Hastings
spoke of the Gold Ring. OF which the chairman was
undoubtedly aware, and Of the thirty banks which
used the assets bankrupts for speculation and Tor
bankrupting purposes seaerally.
DILYNxA.
Q. How do they use this money for bankruptcy
ring purposesY A. They 1t Tor specuation; they
keep II in bank to keep It away from the creditor
class.
How can they speculate with II and keep is locked
ND tocP A. (disdaiufully)-You are not asking me
sensible question.
Mr. Hewl.t--This sort OF thing must stop. want
you to understand right hero that you must answer
my questions stand aside / Will not allow wit
ncsses imputations upon the committee about
beng hostile, reminding them Of their osths, ohars-
ing them with being in the interest OF the Cold Ring
and telling them that they are not asking sensible
questions ff
Mr. HastinCs-I have not tried 70 EAST Imputatlons
upon tho committee Il don't cant 70 irritats you
sir NaughteE)
Mr.. Hewitt-You csu't rrritats me-
Mr.. Hewitt persisted IN his questions until Mr..
Hastings admitted that whom the bonds and securities
were looked up they could be for speculation
by the banks at the same time. Each bank which
hold these bankruptcy assets tried break as many
other banks rs II could with tho cooperation OF the
bankruptcy assgnces as 30 Increase their capital.
GIVE THE NAMES.
Mr.. HeWitt--Please name the banksf
Mr.. Hastinss-I Will Fame them-that Will And
no went ON reading from wn,ten statement
Mr.. Hewht-oh, but want you 70 name them
Mr.. Hastiugs-l decline to do So
MIR. Hewitt-rhen please stand aside.
Mr.. Hastings--we, l will namo onc-ths Bank OF
the state OF Now York. must say think u highly
improper for chairman OF this committee 10 throw
dlscrsdt upon my statements; 1t is most unsen'ie-
Mr.. Hewitt laughed aud told the witness that what
VAS smp 70 .sn os
Judicial document now tho Bankruptcy Ring was ruin
iug tho creditor class
Mr.. Rice--What Is this document? ttt-
M. Rics--whst 10 the oascf
Mr.. Hastings-It 10 the case OF Hastings against
Judge Batcnford and assignee PiatI
Tue committse would not istcn to the ease, bat
asked Mr.. Hastings leave the paper with the cerk.
Nh. HEWITT pEYESDs HlAsELF.
Mr.. Hcwitt--Y on stated publicly IA This room on
Saturday, as am informed, that was Interested In
tho Ban kruptoy Ring DID YOU n0t2 ..r
Mr.. Hasturs--No, Sir What did say was that
you were Interested N advancing foreign capital
Mr.. Hswiu-ln what way am l Interested In I'D.
vancing foreign capitaif t.
Mr.. Hasungs--Aren't Jon importer
Mr.. Hswitt-I am not? f....
Mr.. Hastiugs-You are NOT Interested In tho i'm.
portation oil iorsiga goodsY
Mr.. Hewnt--No, cir; and will say here, a. the
charge has Doen made, that am member Of tho
bankruptcy ring that am not shareholder In any
bank whatsoever
Mr.. Hastings denied that he had SAID any such
thing, when Mr.. Hewitt called upon the Doorkscper,
who declared that he had usca the very words i'm
puled 10 him.
Nj. Hastings-l want 10 be sworn against that ON
cor.
He was not sworn, however, and packing up his
bulky documents ana a huge volume OF tns Revised
Statues which no had brought with him, he walked
OF.
tsa o. caUELLY souELcnED.
Mr.. J. p O'Grady said no represented the dry goods
bad sgnsd the petition asking tho committee 10 hear
him.
Mr. Hewitt-How mauy In the boot and shoe trade?
Mr. 0Grndy-We could have got hundreds Of them.
MI Hcwitt-How many did sign ty
Mr. OGrady-Five or SIX.
Mr. Hewut-0h WE'LL 70 on.
Mr. 0Graoy pulled forth document about the size
Of volume OF the Revised Statutes aud said be would
| be very briei ana road u. az
MT Hewitt DO yYu mean TO read all thisf
Mr. 0'Grady-f shall be very brief and take bless
| time any ether witness has