New-York tribune., 1895-02-15
DEBATE.
fBY TELEGRAPH TO THE rRrBuNE.1

Washington Feb 1.-THE Administrators
financial bill No. 4, for the ratification OF the
alternative clause Of the Presidents extraordi-
nary bargain with the foreign bond syndicate
was defeated this afternoon in the House OF
Representatives by 167 votes to l2O. THIS adverse
majority was recorded on the question OF order-
ing Mr. Wilson's joint resolution to engrossmeht
and third reading and for oil practical purposes
killed absolutely the option Endorsement scheme
proposed by the Administration. This result WAS
due chiefly tc the feeling Of disgust and indigna-
ton inspired by the disclosures OF yesterdays
report from the Ways and Means Committee.
large majority Of the members on each side OF
the House finding in the details Of the contract
made with the Belmont Morgan syndicate serious
grounds for complaint and irritation Many Re-
publican Representatives who looked favorably
on the proposition to accept the ten-day option
offered by the makers Of the bond issue and thus
save the Treasury an annual interest cnarge OF
over $500.000, and who on the nnai vote sup
ported the Administrations latest measure, were
nevertheless greatly incensed by the disingen-
uousnoss Of the Presidents and Secretary Car
isles dealing with the House. and found grave
grounds for criticism in the fact that the Admin
istration had been led into making losing ana
Instantaneous contract with the bond synoi-
cate, through the agency, apparently OF for-
mer law partner OF Mr.. Clevelano
The facts that Secretary Carlisle had agreed to
dispose of thirty-year per cent bonds al a iowsr
rate than that brought in the market by Govern
uent per cents now outstanding which nave
almost reached maturity and that he concludeo
this wretched and extortonate bargain with the
knowledge that the alternative arrangement Tor
tho ,ssue Of 3 per cent gold bonds could never be
irdorsed by Congress- We're used on the Repup-
Ican as we'll as the Democratic side to defeat
the res,lution reported yesterday In pursuance OF
the Administrations wishes by Mr.. WILSON, AL
though most Of the Administration Democrats
In the House Joined with the Eastern fepuo-
cans in endeavoring to make the best OF the
Treasury Departments losing bond contract the
sense of the House proved overwneimihsiy ao-
verse to any action looking toward an indorse-
n,ent Of the President. extraordinary financial
onara tions the great body Of the party IN Con-
gress preferring to accept the responsibility oi
saddling an additional interest charge on the
Treasury rather than appear In any way 70 con-
aone or tolerate Mr.. Clevelands personal finan-
ciering.
The defeat Of to-day's measure will probably
put an end TO all efforts in the House 70 carry
ont the wishes and recommendations OF the
President. and leave upon his shoulders the DUR
do, of fulfilling unaided the onerous obligations
- ubich he has bound himself by his one-sided
regodations with the Bemont-Morgan syndicate.
.ro.dav's vote will also probably bring to an END
Nr Wilson'S career as a financial leader IN Con-
gress-a career which began in the preparation
~ a vicious and destructive measure for the oe-
nletion Of the Governments revenues. ana WHICH
closes now in a humiliating and futile enort 10
sanction the conclusion Of costly National loan
made necessary by the crudities ana errors Oh
his own mistaken efforts at revenue lessiauon'
Tbe Nve-hour debate in the House wheh cui-
minated In tho vote rejecting the Admnlstrai
ions ates; bill was marked by unusua. sp,rr,
and emnhasis much direct and pointed crlticisn
80 aimed az the President and Secretary Car
isle for tier readiness to yield to the ex,os
tionate demands of the bond syndicate, anu =.
,ha tortuous and evasive methods pursued oy
,hou In irving TO shift the blame OF their pau
bargain upon Congress. full abstract & 0d TINS
unusually important discussion Is gwen oeio"'