Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-10-13

M. Pierpent Morton and Wis Attempts II h.
nusaes tesislatisa.
WASHINGTON. u. c.. Oct ia.-tSpccial.l J.
II one looks behind the interesting sccnee
on the door Of the senate, he may sec tho
potential figure Of q man who Is not menl-
Der Of either house OF congress, and who
holds no official position. Though not pres
ent in the flesh, he is here In the spirit. and
his hand is one Of the most powerful a9cn-
cies now at work endeavoring to control
financial legislation at this critical period.
This Agure, to 10 seen only in the minds
eye, is Mr. p,erpont Morgan VI New York.
When the inside history Of this memorable
struggle shall be fully written, Mr.. Nor
gan's maine viii assume almost equal Inn
portance in the eyes Of posterity with tho
names Of Cleveland, German, Voorhees,.
Teller. Stewart and Dubois.
As yet Mr.. Morgan's connection with no
peal and the influence which he has exertet
upon the senate are little known. They
are real and tangible nevertheless. MIR.
Morgan is now conce,lcdly tho foremost
financer Of America. At the head of tho
bigges, private banking house In New York,
with connections all over the world, with
hundreds of millions Of dollars at his back.
directly or indirectly controlling railroad
systems comprising thousands OF miles, bis
influence in the financial world is almost
akin to that Of the president Of the United
States in the field OF politics Whether or
not Mr.. Morgan is n public spirited man.
whether his manipulations arc for mere
selfish or for patriotic purposes, 1t IL not
for your correspondent to judge, The truth
perhaps Is that with Mr., Morgan, rs with
most men, there is combination or mix
ture of motives His extreme partisan
would say he were actuated almost wholly
by desire to improve the general financial
condition Of the government and the coun-
try, whereas his equally extreme critic,
like Mr. Blackburn, or many another south
ern senator would say this great linancicr's
sole aim was 10 make money and increase
the already enormous power OF his house.
The Banker. Demand nonds.
Leaving aside questions OF motives and
coming to facts, II was Mr.. Pierpont Nor
gan md his associates who last spring
made desperate efforts to induce the gov
ernment to issue 800, coo, 900 OF bonds. The
effort was made while General Harrison
wasstiil PRESIDENT and Mr.. Foster secretary
Of the treasury. The gold reserve was
dwndlng away, aud the argument was
that nothing but All issue Of bonds to bc
cold In the foreign market for gold would
stem the tide. prevent the undermining Of
public confidence and avert panic. This
was an impressive argument, and many OBJ
servers think IL Mr. Morgan had Succeeded
in his efforts the panic Of last summer
might have been prevented, or the storm at
least rendered less terrific. President Iiar-
rison and Secretary Foster came very near
Welding TO this demand. They camo 80
near it that at one time AN order WAS given
to the bureau OF engraving aud printing to
prepare the blank bonds, but this order
was soon corntertnanded.
The Harrison administration was then
nearly at its end. and il is n curious Illus
traiion of the methods of lnancicrs and
politicians that "A prospective member OF
the succeeding administration prevented
bonds from being issued. II Mr.. Carlisle,
who was about TO become secretary Of tho
treasury, Aao given his consent, or rather
his advice and support. to the bond policy,
SO TINT the responsibility might have been
divided between the outgoing and the in
coming administrations. bonds would have
been placed on the market But MIR. Car
Isle had always been opposed to the iss,i-
ance of bonds. and though Mr.. Cleveland
was willing 20 take his share Of the rcspoI-
sibility, and after becoming president con-
| tinue the policy, Mr.. Carlisle's objections
decided General Harrison to withdraw the
| proposed issue. After the Cleveland ad-
| ministration came into power the effort ON
| the part Of Mr. Morgan and his associates
was renewed Again Mr.. Carlisle proved
| obdurate, and though the gold reserve sank
| below the traditional 5000 90 mark the
| bond scheme made no headway.
| Bisckburn's Sensational Charges.
Now come two sets Of theorie~-One,
| held both by Democrats and Republicans,
| that bond issue last April or May might
have ayerted the panic which afterward
| spread over the country; the other, that
| Mr. Morgan and his associates. angered by
| the refusal Of the administration to comply
| with their request, threatened 10 force the
| government to do that VI hicb two admins
| trations had refused to do and 10 create q
| condition In the financial world which
| would bring he government TO Its senses"
| IL il significant that this charge was made
| with elaboration and emphasis by senator
| Blackburn in his speech last week. and
| Mr.. Blackburn and Mr. Carlisle. though
no, fully agreeing as to silver, arr warm
personal friends and confdants The In
ference il that Senator Blackburn derived
his facts. or alleged facts, from the secre-
tary Of the treasury. and when he charged
nameless New York bankers with delibcr-
ateiy plunging the country into panic be
uttered one Of the most sensational accuse
tions ever heard In the United States ssn-
ate.
According 10 Mr.. Blackburn, when these
bankers, whom he did not name. but whom
| we know to be Pierpont Morgan. backed
by the RothschiIds. set out upon their ef
fort TO intimidste the government. they
brought millions Of money into play, drew
millions Of dollars Of gold from the treas
ury and shipped IL to Europe at n small
loss to themselves. II cannot be conceived
that Mr.. Morgan. Or any other bankers OF
finsnciers whose interests and the interests
Of whose clients arc bound up In the pros
perity of our country, would with malice
and deliberation plunge the country into
panic. In explanation Of this Senator
Blackburn says they intended 10 produces
only q squsii, but that their squail deyel-
Dped into hurricane. greatly to their sur
prise and sorrow.
The Demand For Ssonds Renewed.
Whatever may be the truth about this, is
4 J Pierpont Morgan who now appears be-
hind the scenes demanding az terms OF set-
tlernent with the silver end Of the senate
statutory and mandatory provision for
500 90 go gold reserve, and direct author
ity from congress for the issuance Of s30.-
0o. go Of bonds. rs they may be- needed, 70
Sreserve and protect this reserve. Through
ar. Henry Willard. Mr.. Morgan has i'm
pres-ed his views upon the president and
upon the cabinet. Through a number of
eastern senator's tfor IL must not bc sup
posed that the king Of finance l. without
his representatives Ia c0ngress) Mr.. Morgan
has found converts and assistants in the
senate The reader who wishes To under
stand the true inwardness Of the present.
remarkable situation In the senate must
take into consideration these unseen but
still most powerful agencies and influences.