Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-01-29
OwENBY's ACCOUNT OF IT.
He Tells in an Interview About the Way the
silver Pool Worked.

James A. Owenby. who is commonly under
stood to have given out the information leading
To the silver pool investigation, is still in Chi
cago, having evaded the service of a subpoena
TO appear before the investigating committee
by demanding his witness fees and mileage in
advance. In an interview telegraphed from
Chicago TO the New York World today Owenby
j. quoted saying that he would substantiate
all he charges if given fair hearing in court,
bat declining TO appear in a congressional in
yestigatiOn which, he says, is likely to end in
smoke and whitewash.
When asked concerning the inception OF the
silver pool Mr.. Oveuby, according TO the Hord
dispatch, replied:
The organization commenced materializing
at the time senator Jones presented and urged
his silver bill The outlook was not encourag-
ing. and 1t was deemed necessary to facilitate
interest in the movement by the various ways
by which Legislation Is promoted. 1t Is well
known that legislation never happens.
measure doesn't get through Congress simply
because il is introduced and is a good one. If
1t moves at all there is always somebody back
of it. 1t was msnifestly for the interest Of the
smelters and silver producers to organize.
They quietly did so under the direction of Sem
ator Jones and Francis g. Newland- The
movement grew slowly, but it has finally taken
in all the large silver interests in the west and
in New York The Omaha and the Kansas City
Smelling Companies, all the Colorado smelters
and the silver producers and operators are in
it. The management of their allied interests
devolved later wholly upon Mr.. Newland. He
is interested in California, but makes his resi-
dence practically IL New York and Washington.
This pool has sent out vast quantities OF printed
matter from New York, San Francisco and Ne
vada through VI. III. Slater, its secretary. The
members of the pool have prOrated the great
expense OF forcing this legislation according to
the extent of each interest involved.
This powerful organization has done its
work through professional lobbyists and private
agencies. While we know of them by common
rumOr, often in individual instances il is i'm
possible to clearly trace all the qualifications of
q scheme OF this kind unless the books and pa
psrs-not so much of the principals, but of
their brokers and commission houses-are Sc
cured intact and scrutinized by experts. If this
Is done the revelations will be startling. There
Is hardly prominent and reputable lobbyist
or attorney in Washington but has had more or
less interest in forwarding this legislation.
Strong opposition was manifested 10 the bill At
the outset, which il was necessary to allay. A
party Of individuals at once commenced buying
silver on a margin. 1t was then worth "a to IS
cents, but 1t was promised that it would reach
Sl-2S to 20 IL the silver bill passed Mem
bers of Congress were offered opportunities for
purchase. Brokers, their agents and agents of
the pool agreed with their customers TO buy |
silver and hold it for them, putting up the mar
gan themselves and giving such customers the
natural profits resulting from the impetus of
legislation without the customer investing any
thing in the deal. or, in some instances. even |
dealing upon the agents OF brokers' books |
The whole business WIS often in the operators |
name. but il was held out a Legitimate in |
vestment for those whom il was useful to have |
interested In raising the price of silver"