The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-09-12
TELLER HITS THE BANKERS
To Them Is Mainly Due the
Present Depression.
THE SENATOR'S ROAST
Legislative Misconduct Is Also GreatI
Responsible.
ssThe Bankers of New York Called tn
Panic on; When They Get Ready
TO Call 1t OF, 1t VIII
Come OH"

WASHINGTON, Sept. 11.-Stewart sub
mitted resolution for a committee of five
to report whether any of the senators
were interested as stockholders or other
wise in any national bank.
Hill objected to it on the ground of re-
Election on senators. 1t went over until
tomorrow.
The repeal bill was then taken up.
Pugh, of Alabama, spoke in opposition
to it.
Pugh said if the Sherman law was re-
pealed to restore confidence among the
money lenders the lion of discomfort
among the toiling millions would be
awakened and the roar shake the CONT
nent. 1t was the unaIterable purpose OF
the opponents of repeal to stand upon the
conviction of public duty and fidelity to
the pledges to the people they represented
and who had honored them with confidence
on this vital question, until their physical
strength was exhausted.
Teller then resumed his speech begun
Saturday against the repeal of the bill.
lie asserted that il it had not been Tor the
preconcerted efforts in money centers to
prevent it, September 1st would have
seen better times in the finances of this
country than the people are experiencing
today. He recent V asked gentleman OF
national reputation when the panic would
be over. The gentleman replied:" When
the men who called it on, call it off. The
bankers of New York called it on;
when they get ready TO call it 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 con-
diuion. In his opinion it was due to leg
islative misconduct. Teller next directed
himself to stock operations. Anew York
paper had published daily for some time
the depreciation in the value of stocks,
or the destruction of values occasioned by
the Sherman law, as the paper said. The
paper had finally got the amount up to
500. 900, 600. In his opinion great many
stocks were selling OF the market today
for more than they are worth. He cited
the Northern Pacific, which, he said, had
fallen from 20 to IL. It was said all the
great owners connected with it I'M
loaded when it was 20. That company
had $3.50, 0oO, GOO OF indebtedness, SIS, 200, :
COO held in Germany, great amount
owned in Holland aud England. Don t
YOU think,'' asked the Colorado senator,
ssthat when a great corporation like that
collapses and is LETT with debt 80 great
that its most enthusiastic friends cannot
hope 1t can ever pay. that the finances in
this country might be disturbed as we'll
as those in Europe?D Teller then spoke
of the Erie, and said he did not suppose
anybody pretended that the Erie would
ever pan out. He also spoke of the Read
ing, and again asked if any intelligent
man believed that either OF the three
great concerns he had named were SOL
vent. This disturbance did not come
from the Sherman law; it came from mis-
conduct of officials. The good stocks
of the country maintain themselves, with
rare exceptions, almost at par and
many of them above par even during the
crisis. It behooved Congress when it
came to legislate upon this subject to find
the cause of this evil and if within its
power remove the evil. He did not claim
Congress could touch the condition OF
dealing in stocks; that was one of the
evils that had to be allowed to exist.
Dolph presented a printed petition of
the conference of the Methodist Episcopal
church of Oregon Tor the repeal of the
Geary act. The petition alleged state
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 the House,
extending the time for registering one
wear. he said he would have no objection
TO its enactment into law if such an ex-
tension were requested by the Chinese
government, or If there were any assur-
ance that the Six Companies would per-
nit the Chinese laborers to register.
After brief executive session, the Sen
ate adjourned.