The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-30

Washington, Jan. ,29-The creden-
tials of Mr.. Cullom, of Illinois, for the
term beginning March next, were pre-
scented to the Senate today, by his col
league, Mr.. Palmer.
The credentials of William H Sew
ell of New Jersey, were presented by
Mr.. Mcpherson. who will be succeeded
by Mr.. Sewel.
Mr.. Hill Democrat, Of New York,
presented a resolution from the New
York chamber of commerce, passed
with but one dissenting vote, heartily
approving the financial course of the
president as given in his message yes
terday, and urging Congress to aid in
sustaining the governments integrity
and meeting the emergency by the is
sue of bonds as suggested by the ex-
ecutive. The resolutions adopted, said
that while monetary reform is requi-
site, yet it should not be undertaken
until recommended by a thoroughly
qualified commission.
Mr. Voorhees,, from the committee on
pilation of all the laws bearing on the
issue of paper money. 1t was ordered
printed as part of the financial Itera-
ture being prepared.
Compromise Essential.
The financial emergency came up,
when Mr.. Henderson RepubEcan), of
Nebraska, presented a. resolution on
the subject. He presented it by stat
ing that some compromise was essen
tial. There must be an adjustment of
views, a giving and taking. The reso-
! luton directs the committee on finance
to prepare a measure having THE fol-
lowing essential features:
First-The secretary of the treasury
to maintain a reserve fund of 100000
900 gold and 100000 silver.
Second-An issue of bonds payable
! in either gold or silver at the option
of the holder tor the maintenance of
| the reserve.
Misunderstanding legal tender
notes to he redeemed in gold or silver
at the option of the holder and not re-
issued.
Fourtl-For the next five years gold
TO be exchangeable for silver and sill
Yer eNchangeable for gold.
| Fifth-Naitional banks to be author
lied to use the foregoing bonds as a
basis for issuing notes and the tax on
notes to be removed.
Sixth-Inport duties from countries
having the gold Standard to be pay
able in either gold or silver at the OPP
ton of the importer.
! Seventh-Authorize the coinage of
silver and gold at a ratio of 16 to l, to
the capacity Of the minis.
The foregoing resolution, coming
from a Republican senator and includ-
ling a concession to silver, attracted
the closest attention. Mr.. Henderson
asked the immediate consideration of
the resolution.
Mr.. Teller said this document was
rather obscured by the lecture the
president had read to Congress.
IF" continued Mr.. Teller, "we had a
president who would take twelve men
in q, rooln-twelve who are known and
recognized in financial circles-and say
to them: Gentlemen, the government
will make its payments in silver. Now,
if you want a panic, have it, there
would be no panic. New York does
not want panic. The run Of gold
would stop in an hour"
Mr.. Mandersons resolution was re-
ferred to the finance committee, to be
considered together with other plans.
After the Railroads.
Mr.. Chandler introduced the following
resolution:
merce commission be directed to send to
the Senate a statement prepared from
the later returns to the office OF the
commission showing the capitalization OF
ali and each of the eight principal rail-
way lines transporting passengers ana
merchandise between Chicago and the
Atlantic seaboard, showing also the pro
portion which such capitalization bears
to the total capitalization of the rail-
roads of the United States and including
also for the last years the aggregate
gross and net income of said lines; also
compared with the gross and net income
of all the railroads of the United States.
Mr.. Chandler said this information was
necessary to understand the effect of tho
on Interstate commerce He quoted the
section of the bill allowing pooling, and
continued:
The authority given by this para graph
is stupendous. Under such authority all
the railroads of the country may pool
all their gross and net earnings from
or form one company or partnership with
a capitalize ton equal to that existing on
June so, 1898. of s11, $685. 2S5, 41O. The gross
s ea9 4ssn 2f S Ts and 2F the n raf
income after paying fixed charges, was
$l11, G34. They may agree to commit
the disposition Of this gross or net in
come to a managing board of ten or even
of three officers of the various roads.
This board can be given authority and
discretion to pay out for the purpose of
controlling legislatures, state or national,
or other public officers or for any other
purposes, such portions as they may see
fit of the gross or net earnings of this
gigantic partnership and afterwards TO
divide the remainder of the net earnings
among the various companies, according
to arbitrary fixed portions of one hundred
per cent. of the whole. The profits of
railroad management depend largely up
on the rate Of wages paid. The COM
panies may embody in their partnership
agreement a schedule Of wages for all
classes of railroad operatives. to be
maintained upon all railroads of the
country. In short this eleven thousand
million partnership Is given unlimited
power of railway consolidation; all rail-
road competition anywhere in the coun-
try is abolished by act of Congress,
rates of fare and freights for the whole
country may be fixed by one managing
body. In view OF the attempt thus made
to create an eleven thousand million
road monopoly with unlimited power to
fix railroads and the wages of railroad
] laborers. I feel it to be my duty to en-
/ deaVor to secure certain amendments"
! The senator then read the amendment
The offered in committee. which he has
since proposed. He then said he could