The herald., 1896-01-04
"Let US vote on it now" said Mr. Teller


"No, not just yet" replied Mr.. Hill.
There can be no vote on this resolution
| for the present"
! Tne resolution, already pissed, for an
adjournment To Tuesday, made it readily
Dossipls to prevent a vote on the reso u
ton Ivy debating II at length. Mr.. Hill de-
elared the resolution to be fut le move
ment which could have no more effect than
he pope's bull against a comet. Why
should the Sc ate attempt at this moment
of financial emb trrassments TO further
tie the hands Jf the executive authorizes? ?
dr. Hill said he hai no special sVrnnathy
with these money syndic stes of New York
city. He conte ,ded that this method of
sale of bonds to syndlcates was not new
Under Republican administrator of
1878 bond sale of this nature was nego'
tiated.
But there was thirty days notice of
sale.'' interrupted Mr.. Eikins.
"And within that thirty days. added Mr..
sherman, "tAe public. spirited bankers took
the bonds"
MIR. Hill declared that banks and syndi-
Gates frequently pushed forward the pub
lie To disguise their own transactions. The
senator read in detail the bond contract
III ida in SIS, to which the names of the
>elgmans, Belmonts, Morg ans and the
represenl atives of the Rothschilds were
appended.
.'And who was the secretary of the treas
ury at that time?" asked Mr.. Turpie.
at was the distinguished public man. the
senator from Ohio-John Sherman," re-
piled Mr.. Hill, with great vigor.
"Who are the men in this present syndi-
cate?n asked T. Hill. Who is this Nor
gan of whom we hear so much? Is not
this the Morgan who furnished the slnews
of war to the Republican party? There
was no reason to believe that the executive
authorities would seek TO grant special IA
vors to this gentleman"
In the Judgment of Mr.. Hill no contract
whatever had been made at the present
time, Notwithstanding the wits of the
newspapers. The senator referred Il, the
First ma ional bank of New York as one of
the participants in the bond transactions
of 1878
"What is the popularity of this First
national bank?" asked Mr.. Harris, that
the senator refers 10 it so much?"
II won't go into that unpleasant chap
ter?n said Mr.. Hill. ''The public will re-
call the transactions of that day. The
charges of favoritism extended to this
bank because of its contrib utons to the
Republican cause; but do not intend to
go mo that subject"
MIR. Elkins was quickly on his feet.
II deny said he. THAT the First ma
tional bank is a contributor to the kepub-
Ii, 'an cause. One of the otfici ais of that
b.,, Tx is Democrat, another a Republican,
ano, her an indepsndent-all honorable
men.
net doub. the integrity of these men. He
would not bs led into a discussion of the
charges male that the secretary of the
treasury (Mr. S.herman) at the 'iTne of
these bond contr; sc had shown undue IA
vorltism to this bt1nk.
Mr.. sherman interrupted, hook in hand,
to read the details of the bOud contract re-
ferred to by Nc. i'll, pointing out the pro-
vision for pCpu ar subscription of the
bonds.
"Does the senator mean to say" inquired
Mr.. Hill, addressin,y his remarks 10 Mr..
sherman" hat he cid not make q contract
with a banking synd 'cHte!
~ emphalically s ate," responded Mr..
Sherman, .that lars e part of these issues
were taken by the pub 'ic."
Returning to the reso. .Nution. Mr. Hill gave
it as his belief that the lTesid ent would not
pay the slightest atteutlc to 1t. de would
be governed by the laws uow on the books,
not by such resolutions.
Mr.. Shern m followed with detailed
3 eyplanation of the bond issue under his
au m inistration. The contract OF 1877
vas with the bankers with whom the gov
ernm ent had previously dea It, After that,
during all the period of resumption, not
one d. olar was paid to any syndicate, but
all bond dispos4f5 were gi-Fen the widest
publicity, at postotficss and public places
throughout the country.
Mo cutter offered an amendment to the
resolution. prohibiting ISSUES of bonds with
Gut congressional auiho'ity.
Atr. Chiffon. Democrat. Texas, offered
that o. MIR. Butter but differing ia detail.
H spote briefly. it being his inii ial adj
dress Il, the senate. He opIpOsed the issue
of bonds. He beiieved in silver coinage.
Mr. Lod .e SPOKE of the yport OF gold
holdings outsit.e of New York City, and
yet, he said, under the PREVAIL az policy of
the treasury, no effort WAS m sde to get
gold side of New York. Tue American
pc ,ple at large were given no opportunity
to take the bonds. Mr.. Lodge T eferred 10
the offer of the New York Wo I'D to take
one million of bonds. This offer and all
others from the public should De consd-
cred aud the people given an op portunity
to take the bonds.
Mr.. Teller referred to the integrity of the
bond sales of | s7S. There had been no
public scandal over any bond sale up to
1895. He then compared the resu Is OF
the bond sales of ls77-1s with those of
1895, asserting that great loss es to the
government occurred under the contract
last year. There should be no secret APP
proval Of contracts AZ to bonds. k'ankers
should have Ihe same rights and no more
than the men having money in the sayings
banks.
M. Teller also referred to the offer OF
the New York World TO take a million of
the bonds at 3 per cent.
II venture to say" interrupted Mr.. Hill,
"that the offer of Mr.. Pulnzer is the ouiy
one that has been made. No bank in the
county has made such an offer. do not
believe there is IA single bank i'll this coun-
try that will take the coin bonis al per
cent"
Mr.. Teller proceeded to show that the
BANKERS throughout the country were ready
to take bonds. He recited specific orders
at the time of the last issue Tie senator
read, with much vigor, the psrsona appeal
of the New York World 10 the president.
This was a remarkable document"
said Mr.. Teller; "a profound appeal TO
president to avert a scandal in an admin
stration which the paper had helped to
bring into existence"
The senator denounced the imbecility or
dishonesty of the executive branch in maxi
| ing this special contract 1t amount ed, &,
said Mr.. Teller, to a misrepresentation of
public funds, and the public would 50 jud 20
| the pas and The coming transaction.
| Mr.. Hill replied that this talk of allowing
! the public to take the bonds was for polit-
cal effect. 1t SIN scked of deinagogy. Let
! the people of Colorado come forward with
their gold. Let gold come from any source
and see how quickly it would be accepted.
| Instead of offers there was assertion and
criticism.
At this point Mr.. Hill paid a tribute to
! Secretary Carlisle, repeatedly calling him
by his full name, which attracted marked
| atten ION.
"Imbecile, incompetent. dishonest is
| what we hear" said Mr.. Hill. 'sJohn G.