The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-01-04


particularly responsible for the legislation
OF that congress. The democrats had
turned over to the Harrison administra-
tion In 1889 SEQ 000. 900. How was II, he
asked. IL the claim that the Mckinley bill
had produced sufficient revenue was true
In 1898 when the democrats again as
sumed control, all that surplus was gone,
consumed and dlssinated?
Mr.. Mills compared the Mckinley and
the Wilson hills; the former was entitled
"A Bill TO Reduce Revenues" the latter
To Reduce Taxation" The report on
the Mckinley BILL written by Chairman
Mckinley, recited the probiematic effect
OF the measure ON the revenues of The
government. And yet, with the Mckinley
act responsible for the reduction Of rev.
enues, the cry was now raised that the
Wilson act was responsible for the de-
crease.
MIR, Mills criticized the double play"
proceeding by tho passage In the house OF
an emergency bin" II this bill passed
the senate. as II might by populist sup
port. 1t would meet with swift and sure
punishment on the part OF the people
against those responsible for II.
Mr.. Shermans bill was temporarily laid
aside and that OF MIR. Elkns (Rep., w.
Nal. directing the disposal OF bonds by
public sale, was taken up.
Mr.. EilSins spoke vigorously In It's supp
port. He referred to the fact that petty
government officials were compelled to
make contracts after the advertisement
and yet the president aud secretary of
the treasury Were entirely relieved OF
their valuable safeguard only s5.50O,0 goo
had been paid In commissions on loans
aggregatlng s., 500. 600 during the year.
In other words, if reports were TO lie
credited. the bond syndicate had made
moro In placing n loan of SCI, 900 than
ESQ., t...r tt,. l.l.
The war loans were fioated among the
people az all loans should be.
He insisted that the people would take
these bonds at much higher figures than
those paid the government. The credit
of tho country was unassaiable. In con-
clusion Mr.. Elkins moved that the senate
proceed with the consideration of his res
olution Mr.. Hill sought to object. but
was cut off by the ruling that the aues-
ton was not debatable. Then the vote
was taken follows:
Yeas-Aldrich. Allen, Allison, Baker.
Bate, Berry, Burrows. Butler. Call Cam
eron, Chandler. Clark, Cockrell Cullon.
Davis, Dubois, Elkins, Faulkner, Frye,
Gallinger George, Hale. Hawloy. Hoar.
Jones of Nevada, Kyle. Lodge, Mcbride,
Mantle, Martin, Morgan, Morrill,, Nelson.
PETER. Perkins. Pettigrew. Proctor Pugh,
Roach, Sherman, shoup. Teller. Tui'pic.
Vest, Voorhees,, Walthall, Warren, White
IS
Nays-Brice Carery. Chiffon. I'm,
Mitchell OF Wisconsin. Murphy--6.
Mr.. Hill at once moved TO refer the
resolution to the finance committee.
He declared the resolution to be futile
movement which could have no more
effect than tho popes bull against the
comet. Why should the senate attempt
at this moment of financial cmbarrass-
ment further TO tie the hands of the ex-
ecutive authority?
Mr. Hin said he had no special syni-
rathy with those money syndicates in
New York. He commended that this meth
Oh OF sale Of bonds to syndIcatcs was not
new. Under republican administration
in 1878 n bond sale OF that nature was
negotiated
But there was thirty days notice or
sale" interrupted Mr.. Ellsins.
And within that thirty days" added
Mr., Sherman, 1.-The public instead OF
bankers took the bonds
Mr.. I'LL declared that banks and syn
dicates frequently pushed forward "the
public to disguise their own transactions
The senator reviewed in detail tho bond
contract made In 1873 to which the names
of the Seligrnans, Belmorts, Morgans and
the representatives OF the Rothschids
were appended.
"And who was the secretary of the
treasury at that time?" asked Mr.. Turpie.
at was that distinguished public man,
the senator from ohlo-John Sherman. re-
spondei Mr. Hin with vgor
"Who were in the present syndicate?"
asked Mr.. Hill who is this Mr.. Nor
gan of whom we hear SO much about?
Is no not the Morgan who furnished the
sinews of war to the republican PARTY?
There was no reason to believe that the
executive authorities would seek TO grant
special favors to this gcntlemtn."
In h., ttAn ant ~ IT.
has been made at the present time, not
Wi outstanding the talk OF the newspa pers
The senator referred frequently to the
First National bank OF New York" MS
one OF the participators IN the bond
OF 1878 and mentioned the
charges of favoritism extended to this
of its contributions to the
cause.
Mr.. Elktns emphatically ienlcd that the
First National bank of New York was a
to the republican cause.
Mr.. Sherman proceeded, book IN hand,
to read the details of tho bond issue re-
ferred TO by Mr.. I'm. pointing out the
provisions for popular absorption of
The bonds.
"Does the senator mean to say In
nuired Mr.. Hill, addressing himself to
Mr.. Sherman, that HI did not mako
a contract With banking synd ,ate?"
II most emphatical!y state responded
Mr.. Sherman. that a large part OF those
issues were taken by the public"
Returning TO the reference, Mr. Hill
said the president would not pay the
slightest attention to II. He was to be
by the laws and not by books
MIR. sherman followed with a detailed
explanation Of the bond issues under his
Of the treasury. The con-
tract of 1873 was with the banks with
whom the government had previously
dealt After that. during all the period
Of resumption. not one dollar was had |
10 any syndicate but all bond disposals |
were given the widest publicity at post !
offices and public places throughout the |
Mr.. Butler offered an amendment to the |
prohibiting issics Of bonds |
without congress authority.
Mr.. Chiffon OF Texas offered a further |
amendment on the same line as Mr. But |
er's, but differing In detail. H. spoke
briefly, 1t being his initial address TO the |
prohibiting issues of bonds |
root and branch. He believed in silver !
He did not approve temporary |
experiments in dealing with these ques-
lions.
Mr.. Lodge spoke Of the extent OF the |