The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-09-12
HOT SHOT FROM TELLER
WHERE THE TROUBLE LIES
Pugh Also Hits the Repealers Right
and Left-Doiph Tells of the
Ignorance Regarding the
Ceary Act.

WASHINGTON, Sept. 1.-In the sen.
ate to-day Stewart submitted q reso-
luton for o committee Of five to re-
port whether any senators are Interested
as stockholders or otherwise In any na-
tional bank. Hill objected to 1t on tho
ground that It was q reflection on the sem
ators. Il went over till tomorrow. The
repeal bill was taken up. Pugh Of Ala
bama spoke In opposition to 1t. Pugh said
the message of the president calling an
extra session was declaration in favor
OF q gold standard. II the Sherman law
was Internationally repealed such action
would cause discomfort among the toilinR
millions to such an extent that 1t would
shake tho country. He would never vote
for unconditional repeal, but in favor Of
any substitute which carried out the plat
form Of the democratic party.
Teller then resumed his speech began
Saturday against the repeal bill. He as
serted that II il had not been for precon-
certed efforts In the money centers to pre-
vent 1t, September would have seen bet
ter times In the finances Of the country
than the people were experiencing to-day.
He recently asked q gentleman of ma.
tional reputation when the panic would
be over. The gentleman replied: "When
ttbo SbCI WIZ ~ otl GeAAA ~ oIs u0
bankers of New York called 1t on; when
they get ready to call it OF, it will come
or"
Teller said he would at some other time
give tho senate his conception of the
cause of the recent distressed condition.
In his opinion 1t was due to legislative
misconduct. Teller next directed himself
TO stock operations. A New York paper
had published daily for some time
the depreciation in the value Of stocks,
or destruction of values, occasioned by
the Sherman law, as the paper said. The
paper had finally got the amount up to
800, ,000,0 900. In his opinion great many
stocks were selling on the market to-day
for moro than they were worth. He cited
Northern Pacific, which, he said, had
fallen from 20 to IL. 1t was said that all
the great owners connected with it un-
loaded when IL was 20. That company
had $3.50, 600 of indebtedness, s75 5,O0o,-
0C0 held In Germany, q great amount
owned in Holland and England. Don't
you think" asked the Colorado senator.
''that when great corporation like that
collapses, and is left with debt 80 great
that it's most enthusiastic friends cannot
hope 1t can ever pay, that the Qnances in
this country might bc disturbed as
well as In Europe?" Teller then
spoke Of Erie, and said he did not
suppose anybody pretended that Eric
would ever pay out. He also spoke OF
Reading and again asked il any intelli-
gent man believed that either of the three
great concerns he had named were sol.
vent. This disturbance did not come
from the Sherman act; II came from the
misconduct of officials. The good stocks
of tho country maintained themselves.
with rare exceptions, almost at par aud
many of them above par even during Q
crisis. II behooves congress when IL
comes to legislate upon this subject to
find the cause of this evil and, IL within
its power, remove the evil. He did not
claim that congress could touch the con-
dit,on of dealing in stocks, that was one
of the evils that had to be allowed to exist.
Dolph presented a printed petition
from the conference of tho Methodist
Epischpal church of Oregon for the repeal
of the Geary act. Tho petition alleged u
states of affairs as to that law, which,
Dolph said, showed that much of the
opposition to the law was the result Of
ignorance as to it's provisions and effect.
Referring to the bill recently introduced in
tho house extending the time for register.
ing one year, ho said he would have no
objection to it's enactment into law IL
such an extension were requested by the
Chinese government, or IL there wor re any
assurance that the Six Companies would
permit Chinese laborers to register. After
a brief executive session the senate adj