The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-01-04

resolution 10 TIE tiihHCt AoDiihtttrt.
Let us vote on that now" said Mr..
Teller.
mo, not just yet responded Mr..
Hill. There's can be no vote on this
resolution for the present" Mr.. Hills
deliberate assertion sent smile
around the chamber. The resolution
already passed, for an adjournment to
Tuesday, made it readily possible to
prevent vote on the resolution by de-
batting it at length.
Mr.. Hill proceeded 10 debate the
resolution He declared it TO be a
futile movement which could have no
more effect than the Popc's bull
against the comet.
Why should the Senate attempt at
this moment OF financial embarrass-
ment further to tiee the hands OF the
executive. Mr.. Hill said he had no
special sympathy with these money
syndicates in New York city. lie con-
tended that this method of sale of
bonds To syndicates was not new.
Under a Republican administration,
1887, a bond sale or this nature was
negotiated.
"But there was thirty days notice
OF sale" interrupted Mr.. Elkins.
And within that thirty days, ad-
lcd Mr.. Sherman, ''the public, instead
of the bankers, took the bonds"
Mr.. Hill declared that banks and
syndicates frequently pushed forward
"the public" TO disguise their own
transactions. The Senator read, in
detail, the bond contract made in 1878,
to which the names of the Seligmans,
ID II. Iea ron ~
tatiges OF the Rothschilds We're APP
pended.
"And who was the Secretary of the
Treasury at that time, asked Mr..
Turpie.
1T was that distinguished public
man, the Senator from Ohio, John Sher-
man. responded Mr.. Hill, with great
yigor.
"Who are the men in this present
syndicate?" asked Mr.. Hill.
"Who is this Mr.. Morgan, of whom
ue hear so much. Is he not the Mr..
Morgan who furnishes the sinews OF
war to the Republican party. There
was no reason to believe that the exc
utiye authorities would seek 20 grant
snecial favors 70 this gentleman" In
the Judgment OF Nh. HIiii, no contract
whatever had been made at the pre-
sent time Notwithstanding the repre-
sentatives of the newspapers. The
Senator referred frequently TO the first
National Bank of New York as one of
the participators in the bond transac-
tions of 1878.
what is the peculiarity of this first
National Bank 2" asked Mr. Harris,
that the Senator referred 10 il 50
nlysteriously."
Il will not 20 into the unpleasant
chapter said Mr.. Hill. THE public
will recall the transactions of that
day---the charges of favoritism ex-
tended to this bank-becausc of its
contributions to the Republican party
Mr.. Elkins was quickly on his feet.
Il deny said he that the First Ma
tional Bank OF New York, is contrib
utor TO the Republican cause. One of
the officials OF that bank is a Demo-
crat, another a Republican, another
an Independent--al honorable men"
Mr.. Hill, added sarcastically that he
did not doubt the integrity of these
men. He would not be led into dis
cnssion of the charges made that the
Secretary of the Treasury (Mr. Sher-
mani at the time of these bond con-
tracts had shown undue fayoritism to
this bank.
Mr.. Sherman interrupted, book in
hand, 10 read the details of the bond
contract referred to by Mr.. Hill, point
ing out the provision for a popular alb
sorption of the bonds.
Does the Senator mean 10 say" iu-
quired MIR. Hill, addressing himself to
Mr.. Sherman that he did not make
Il contract with a banking syndicate?3
u most emphaticatiy state, respond
eel Mr.. Sherman, that a large part of
these issues were taken by the public"
Mr.. Hill, insisted that if the public
took part Of the issues of ~, rs and
thcreabouts, it was outside Of and sub
ordinate to the main contract between
the syndicate and the Secretary of the
Treasury.
Returning to the resolution Mr.. Hill
gave it as his belief that the President
would not pay the slightest attention
to il. lie would be governed by the
laws now on the books, not by such
resolutions
MIR. Butler offered an amendment
to the resolution prohibiting issues of
bonds without congressional authorl-
ty. Mr.. Rntler spoke against the out
rage of midnight bond bargains and
dark lantern contracts
Mr. Chiffon, (Dem. TeX.), offered a
further amendment on the same line
of that of Mr.. Butler but differing in
detail. lie opposed the issue of bonds,
root and branch. lie believed in sill
yer coinage. lie did not approve tenn
porary expedients in dealing with these
questions.
Mr.. Lodge spoke of the extent of
gold holdings outside of New York
City. And yet under the prevailing
policy of the Treasury no effort was
made to get gold outside OF New York.
Americans at large were given no OPP
portunity TO take the bonds of their
government. Mr.. Lodge referred to
the offer of the New York World to
take one million of bonds. This offer
and all others from the public should
be considered and the people given I'M
opportunity to take the bonds.
Mr.. Teller referred to the offer of the
New York World to take n million of
these bonds at per cent.
II venture to say" interrupted Mr..