The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-16

vantage. There was no probability of en-
acting the tariff bill into law at the present
session. He saw no reason why an ad-
Journment should not be agreed upon at
once. Two weeks had already been occu-
pied by the tariff debate in the Senate and
there was little left to be said. He did not
peheVe mat either party was making n
single vote by protracting the debate. He
asked Mr. Allison to say whether there
was any possible chance Of passing tariff
bill at the present session.
Mr. Allison said he did not see the
possibility OF passing il in the Senate under
the surrounding circumstances, and even
II 1t were passed by the Senate it was i'm
possible 10 have the amendment con-
sldered in the House before next Dcccm-
Der. The consideration OF the tariff bill
should take place in full Senate, but he
did not believe that senators would re-
main in session during the next three
weeks, nor did he believe that they were
called on to dose under the circumstances.
II was Il fact that with the tariff bill
entirely and absolutely out of the ques-
tom Congress was not at this day and
hour ready to adjourn. Tho general
deficiency bill had not yet received the
signature of the President and was only
sent TO him last Friday or Saturday.
Therefore, whatever delay had occurred
during the present session had not
occurred in the Senate or on account of
the consideration or want of considera-
ton OF the tariff bill. The delay
had arisen out OF the fact that
the appropriation bills had not come
to the Senate las under the rules aud
customs they should have GOMEZ in the
early period OF the session. That delay in
the appropriation bills was the primary
cause OF the situation today. Whether a
recess should he taken and whether Com
gross should come back after the election
and 20 ON with the tariff bill, was a qucs-
ton which he would leave TO the judgment
of senators on both sides. II was his pur-
pose TO press the tariff bill with whatever
facility II should be pressed until finally
disposed OF. lie was willing to allow a
reasonable time for general debate and
then he would ask the Senate TO discuss
the bill paragraph by paragraph, under
the ten minute rule. Whatever was done
now, whether Congress adjourned tomor.
row or not, the Senate ought to have an
understanding that on rcassembing.
whether in November or December. the
tariff bill should be pursued so that it
would get To the House before the Christ
mas holidays. Ii he had his way he should
push II 10 the exclusion Of all other bust
ness. As 10 the matter OF adjournment,
hc was willing 10 submit 10 the judgment
Of the Senate.
The discussion of the adjournment rcso.
luton stopped here and the Senate pro-
cecdcd with the consideration Of the tariff
bill. Mr.. Vest said that the tariff issue
had been made up, and had gone 10 the
county. What he desired 10 submit
would be on some questions that had
arisen In the current debate. The first
matter which lac discussed WIS the chnrrc
made in the Senate and on the sinmp that
sGlUO0,O 900 Of the public money had been
placed in national banks for the purpose
Of fayoritism. lie repealed that charge.
claiming that the money was distributed
fairly among the national banks In various
cities, and that the officers of only one of
such banks belonged 10 the Democratic
party. The uncrowned king OF America,
with his characteristic aggressive clio.
qucncc had recently stated that Mr..
Cleveland bud put this money in New
York Tor the purpose Of putting profits in
the pockets of certain rich Dem
ocrats IN Wall street, charge Of cor
ruption, q charge that should damn
the administration for all time II true.
Mr.. iairchlld had completely answered il
Ia his speech In New York last saturday
lie Vest proposed 10 see what there had
been oi layOitsm toward pct banks Ia
the country. lie wanted TO show pet
bank that was a pet Of pets. lie gave
figures 10 show the enormous profits which
the First National bank Of New York
made in 1879 in connection with the cx.
change Of the per cent. bonds. This net
of the Republican administration, be- said,
from 1864 % 1857. made SlO,Ohl.uOD ii
clear profit on q capital Of SjuO.OuU IT,
profits Tor 1873 bad been - per cent, but
in 1879, when it WIS the fiscal agent oi the
treasury In the exchange OF I per cent.
bonds, d. profits were la0 per cent. lie
lid not undertake 10 say that this profit
Was made ont Of the trcasuryoi the United
States directly.
Mr. Teller Was II made out Of the
treasury indirectly?
Mr. NCai=lt was made by reason Of the
inct that this bank was the fiscal agent 81
the treasury.
Mr.. TcIlcr-nId the government extend
30 that bank privileges which were not ux-
tended 10 other banks?
MI. Vest As q matter " course, be-
cause the treasury made this bank the
fiscal agent aud gave Il this privilege Of
buying I per cent bonds AMI CXchang.
ing the q per cent bond, for ihom
The lirt National bank OF New York
owed the government ON April lG. ls5N.
%. shown by the books II the treasury.
slsb.g1u,fs1, and ON June l.. 1870. slIi..
1,l, $50. on July !. 1879, SlU3,2 ,Si7, un
August !, 1879. -jG BiuSG. and on Sep.
tcmbgr !, same year. -2O,uHi,b1L These
amounts were not for sums deposited, bat
lur bonds OF ihc Uni,cd States sold aud
handled hy tie bank. lie presented 10.
hIrs prepared 10y tie treasury showing
that ihc Senate substitute Tor the Mills
I'LL increases the rate ~ duty over thN
present tariff 0u clothes go per cent; Un
dress goods, s23, on Knit goods. 1850
on ghawls, I5l; on yarns GIil. on cotton
thread, 1000, ou cloths, pss, on brown
and black linens, l42D and on steel 3Ai2
lu the Increased duties can bH #Hu. hc
-Hid, the cycrpruscut hand ol Sew Eng
land, while the only reduction oi sgu.n.
cancc is upon thc sugar, and that be- made
the stalking horse Tor increased profits TO
the wooden aud cotton manufacturer
Nj. Allison said as 10 the luyonlIsm
shown thc First National bank of Now
York, Mr. Sherman, then Secretary Of the
Treasury. bad explained the matter over
aud over again. II had risen ont ol ihc
exchange Of I per cent bonds for per
bonds, but that was not like the present
clsr. The criticism made on the pro.,ut
administration WIS that, instead 81 using
this s5lOJO,Vp) for purchasing bonds, q us