The herald., 1893-09-12
SENATE PROCEEDINGS.
Pugh and Teller Speak Against the Re
peal Bill.

Pugh and Teller Speak Against the Re-
peal Bill.
WASHINGTON, Sept. 11.-In tbe senate
today Stewart submitted resolution
for committee of five to report whether
any senator was interested as a stock
holder or otherwise in any national
bank. Hill objected to it on the ground
that 1t was reflection on the senators.
Laid oyer. till Tueedsy.
The repeal bill WAS taken up. Pugh,
OF Alabama spoke in opposition to it.
Pugh said themessage of the,president
calling an extra session was declara-
tion in favor Of gold standard. If the
Sherman law were Internationally re-
pealed, such action would cause discon-
tent among the toiling millions to such
an extent as would shake the country.
He would never vote for unconditional
repeal, but in favor of any substitute
which carried out the platform of the
Democratic party.
Teller then resumed bis speech begun
Saturday against the repeal bill. He
asserted that if it had not been for pre-
concerted efforts in the money centers
to prevent it, September 1st would have
seen better times in the finances of the
CouHtiy ehnA tuo pcOpio wore cApoTlcuC-
ing today. He recently asked gentle-
man of national reputation when the
panic would be over. The gentleman
replied: when the men who called 1t
on call it off. The bankers of New York
called it on. When they get ready to
call 1t off it will come off,
Teller said he would at some other
time give the senate his conception of
the cause of the recent distressed condi.
tion. In his opinion it was due to legis-
lative misconduct.
Teller next directed himself to stock
operations. A New York paper had
published daily for some time q depre-
citation in the value oil stock, or de-
struction of values, occasioned by the
Sherman law, as the paper said. The
paper had finally got the amount up to
$700,000,000. In his opinion a great
many stocks were selling on the market
for more than they were worth. He
cited Northern Pacific, which, he said,
had fallen from 20 to II. 1t was said ali
the great owners connected with it un-
loaded when it was 20. That company
had $3.50, ,0OO, 600 OF indebtedness s75..
100000 was held in Germany, and a
great amount was owned in Holland
and England. Don't you think"
asked the Colorado senator, "that when
a great corporation like that collapses
and 10 left with debt 80 great that its
most enthusiastic friends cannot hope
that it can ever pay. that finances in
this country might be disturbed as well
as in Europe?"
Teller then spoke of the Erie, and
said he did not suppose anybody pre-
tended that the Erie would ever play
out. He also spoke of the Reading,
and again asked if any intelligent man
believed that either of the three great
concerns he had named were solvent.
This disturbance did not come from
the Sherman law. It came from the
misconduct of the officials. The good
stocks of the country maintain them
selves, with rare exceptions, almost at
par, and many of them were above
par even during the crisis. 1t be.
hooves congress when it comes to leg
islate upon this subject to find the
cause of this evil, and if within its
power to remove the evil. He did not
claim that congress could touch the
condition OF dealing in stocks; that
was one of the evils that had to be
allowed to exist.
After . brief executive session, the
senate adjourned.