New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-10
THE STORY or THE BONDS.
HOW THE LEGISLATORS OF TAHLEQUAH
ANSWERED. MELROYS CALL.
WHEN WINCHESTER RIFLES WERE USED AS
AN ARGUMENT THE CHEROKEE CHIEF
SIGNED THE BILL WILL AN IN
JUNCTION STAND AGAINST

AN ARGUMENT THE CHEROKEE CHIEF
SIGNED THE BILL WILL AN IN
JUNCTION STAND AGAINST
TREATY-MAKING POWER?
At the highest pitch of the financial excitement
last summer there appeared in Wall Street pictur-
esoue group OF Cherokee chiefs and their followers.
Like the bankers and merchants. they wanted TO
borrow money-a trife OF 100000 Clearing House
certificates then the fashion, currency was at
a premium. BARRIERS bills were settled with cert-
fed checks. and many men went unshaven and
unshorn.
This is what happened to the Indian fnanclers at
that time. And although they had as collateral
Vac.e Sans direct obligations. given in exchange
for a principally GO miles In l-ngth by 100 In width.
and although Congress. by special statute. passed
in March, 1892 had plainly Intended that they might
hypo,hecate sell these securities. not dollar
could they get on them from money-enders.
With their boods under their blankets they jour-
neyed in vain to Boston and Providence. then
to Philadelphia, and far Washington The
way home.
This was hard blow 70 the braves themselves
but Il fell with stunning force upon the mer
chants and bankers OF the Cherokee Nation. The
head of each family in the tribe had enjoyed
during the summer credit OF 500 from his store
keeper trader. The day OF reckoning came,
and the nation owed 20 traders In Kansas City
and St Louis nearly all the proceeds OF its bond
issue and not a bond could be sold. This is about
near the bankruptcy court as an Indian ever
got. and from loaf sugar and straight cut there
quick descent TO molasses and plug" to-
bacco The Chcrokees managed to worry through
the early fall months. and In November their
finances experienced change.
a firm OF German bankers. the Erlangers sent
ambassador to the Cherokees. They proposed TO
take the nation. 1t were. out OF pawn. do for
them what Rothschil does for countries OF Europe
b,if hIx bo 4. .b.r, =, rip nd ch
In debt They first proposed to buy the Chero,
kee per cent bonds at par. Interest had been
ming since March al the rate Of $500 day. but there
had been much legislation proposed and
tempted by the Commons and House OF Lords OF
the Nation that IA member of the Indian Parlia-
mcnt had not known where he was at for many
moons. The Erlangers thought the Cherokees could
afford waive this little matter of interest and
f.. d. Chadick Of Rockland County. y. V, their
representative, urged this view of the with
such effect that December 10 he able 10 pass
a joint resolution OF both houses accepting the pro-
posa for the entire issue OF the Cherokee bonds.
To be there Is nothing In the constitution
Of the Cherokee Nation providing for legislation
by joint resolution. But imitation il the sweetest
nattery. and the simple natives rushed this Amer-
can resolution through az If the ways had been
creased. There is no doubt that this ciylizsd pro
from the agent vino had hung up" a hoe for
gentleman farmer 10 the old woman who had
"tOffPe' In circulation ana unsettled Tor through
the Indian schoolboy systems OF Tahlequah and tho
surrounding country.
CUADIcK'S RACE FOR THE MONEY
This measure gave Mr. Chadck. OF Rockland
County New-York. limited number OF days In
which to pay $4,000 on account OF the Eranger
purchase. BY this time the Nation swarmed with
bond buyers. Money in financial centres was down
to / per cent. There sprung up an unappeasable
longing for Cherokee I per cent bonds. not in the
souls OF Eastern corporations, but In their financial
committee meetings. Their emissares all envied
b br should not take advantage Of his option at
the appointed time 80 that they might step down
into the bond pool ahead OF him.
Chadick IN the mean time rushed down To ST. Louis
for the 10000 nominated In 'his bond. There was
ton 1t was like the trial trip Of modern war yes
sell Ills profit and the success OF the entire negotia-
Days were lost ST. Louis In getting the money to-
gether Finally 1t was secured te sent out press
dlsnatrh that the money was on deposit and the tr
hangers had bought tn, bonds He was due In Tale
quah at Of certain day He arrived at o'clock
For the tickle Parliament had passed bill assigning
the WsdS Of the Of !" Its to
IL also appeared that the check Chadck brought
with him required nine Endorsements IN ORDER 10 make
Il good at the ST. Louis bank
MIR. MELRoYs STROKE OF BUSINESS.
Now appears for the first time the name OF
lanes f. McEroy, formerly of Kansas City. now
OF Chicago. He had neither a German an
American syndicate back of him. Just McEiroy.
out I'm the Windy City" he Ia known the man
who bought Chicago Heights and improved II, and
then brought the waters OF Waukesha. by a pipe
seventy miles long, to the Worlds Fair Grounds.
where he sold 1t by means Of slot machine for a
cent glass.
As the story goes he walked into the Office OF
r. r. Wilson. in wall-st last December without
an introduction and asked to see the great banker
IL can sell you the Cherokee bonds" he said.
Will be when deliver them"
r. r. Wilson Is rapid transit man. and he
did not ask to see the Westerners family tree. He
became convinced. in the language of the Street:
Immediately placed at his disposal check for
100000 to the credit OF the Nations Executive.
which deposited In the Fourth National Bank
kilograms were sent to bankers at Tahlequah say
Ing that the person making this deposit was able
to buy the whole issue OF 100000 at sight.
Armed with these credentials. McElroy started
with his attorney. William b. Hord. OF New YORK.
for the capital OF the Nation. He left New YORK
on Christmas Eve. and arrived at Tahlequan at
o'clock the morning OF the day the Erlanger
OF the Legislative day bill passed repeating
all other legislation the subject and substituting
X. T. Wilson. Of New-York. in the room and stead
of the Cherokee Nation the creditor or the
I'nitei States Government. ~
IL was said there half peck OF bills before
the Cherokee Speakers desk waiting their turn az
the expiration OF the Erlanger option. But tneir
turn was never called. The members o, ootn
storekeepers. traders. men who pougnt, Seule.
horses and hogs in the Territory. hdd neh h o.
Elroy. The Chief himself called MN MS sreat
and good friend" and this was PAD omen h ,or
two days later. when the lndiah ,used his nonw
prorogued and each delegate had mounteu ms Poly
and started for the interior Of the Reservation the
old Chief. the head OF the Nation, summ0ns. NC s
Elroy and said that he had seen s'e@' "s"" "A'u