St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-04

PEELED the charge that the Fifty-third
congress was in any way responsive
for the present financial crisis he
burden belonged to the Fifty-first con-
gress, and Sherman was partly respon-
sible for the legislation of that con-
gress. The Democrats had turned over
to the Harrison administration, in
1889, 1920, OO0, 900. How was it, he ask
ed, if the claim that the Mckinley bill
had produced sufficient revenue was
true, that in 1893, when the Repub-
Hcans relinquished control, the surplus
was gone, consumed and dissipated?
Mr.. Mills compared the Mckinley and
Wilson bills. The former was entitled
"a bill to reduce revenue" the latter
ITO reduce taxation" The report on
the Mckinley bill, written by Chair
man Mckinley, reeited the problematic
effect Of the measure on the revenue
of the government. And yet, with
the Mckinley act responsible for the
reduction Of revenues, the cry was
now raised that the Wilson act was
responsible for the decrease. Mr.. Mills
criticised the double play proceeding
by the passage in the house of an
emergency bill" If this bill passed
the senate, as 1t might by Popuiist
support, it would meet with swift and
sure punishment on the part of the
people against these responsible for
it,
Mr.. Shermans resolution was tenn
porarily laid aside and that of Mr..
Elkins Rep., w. Va), directing the
disposal of the bonds by public sale,
was taken up. Mr.. Elkins spoke Wig
orously in it's support. He referred
to the fact that petty government Of
ficials were compelled to make con-
tracts after the advertisement. and yet
the president and secretary of the
treasury were entirely relieved of this
valuable safeguard.
FLOATING OF BONDS.
Mr.. Elkins reviewed the commissions
paid for floating loans during the war,
to show the enormous extortion of the
syndicates who had taken up the loans
of the present administration. Only
about $4,000 900 had been paid in COM
missions on loans aggreating $780,
100000 during the war; In other words,
II reports were to be credited, the bond
syndicate had made more in placing
loan of $62, 900, 900 than was paid for
floating the entire war debt. The war
loans were foated among the people.
as all loans should be-, 1t was said
that one banker was to obtain 81 ,000-
600 commissions for floating the con-
templated loan of $100000,000. The peo-
pie We're unable to comprehend such
reckless and wanton waste of money.
He did not mean to criticiSe the pres
ident, the secretary of the treasury or
the syndicate, which was simply TAX
ing advantage of an opportunity, but
he insisted that the people would take
these bonds at a much higher figure
than that paid the government. The
credit of the country was unassailable.
We were immeasureably the richest
country on globe. The Rothschilds, the
Morgans and the money-changerS of
the world should not have us by
the throat. In conclusion Mr.. Elkins
moved that the senate proceed with
the consideration of his resolution.
Mr.. Hill sought to object, but was
cut off by the vice presidents ruling
that the motion was not debatable.
Thereupon the vote was taken, result
ing-4S yeas, 6 nays.
Mr.. Hill at once moved to refer the
resolution to the finance committee
LET us vote on that now" said Mr..
Teller.
NOT IN ANY HURRY.
mo, not just yet" responded Mr..
Hill. 'FThere can be no vote on any
resolution for the present"
The resolution already passed for an
adjournment to Tuesday made it read
lily possible to prevent a vote on the res
olution by debating at length. Mr.. Hill
declared the resolution to be futile
movement, which could have no more
effect than the popes bull against the
comet Why should the senate attempt,
at this moment of financial embarrass-
ment. further to tie the hands of the
executive authority? Mr.. Hill said he
had no especial sympathy with these
money syndicates in New York city. He
contended that this method of selling
bonds to syndicates was not new. I'm
der a Republican administration in 1878
n bond sale of this nature was nego-
tiated
.sBut there was thirty days notice."
interrupted Mr.. Ell<ins.
"And within that thirty days" added
Mr. Sherman, 'the public, instead OF
the bankers, took the bonds"
Mr.. Hill declared that banks and syn
dictates frequently pushed forward the
public to disguise their, transactions.
The senator read in detail the bond
contract made in 1878, to which the
names of the Seligmans, Belmonts, Nor
gans and the representatives of the
Rothschilds were appended.
And who was the secretary of the
treasury at the tine?" asked Mr.. Tur-
pie.
ct was that distinguished public
man, the senator from Ohio-John Sher-
man." responded Mr.. Hill, with great
vigor. "Who are the men in this pres
ent syndicate?" asked MIR. Hill. who
is this Mr. Morgan, of whom we hear so
much? Is he not the Mr.. Morgan who
furnished the sinews of war to the Re
publican party?"
There was no reason to believe that
the executive authorities would seek to
grant special favors to this gentleman.
In the judgment of Mr.. Hill, no contract
whatever has been made at the present
time, notwithstanding the reports of the
newspapers. The senator referred fire.
quently to the First National Bank of
New York as a participation in the bond
transactions of 1878.
THE FIRST NATIONAL.
What is the popularity of this First
National bank" asked Mr.. Harris, that
the senator refers to so mysteriously?'
81 will not go into that unpleasant
chapter" said Mr.. HILL "The public
will recall the transactions Of that day.
The charges Of favoritism extended to
this bank because of it's contributions
to the Republican cause will be recalled.
But I don't intend to go into that SUBJ
ject.''
Mr.. Elkins was quickly on his feet.
81 deny" said he, "that the First Ma
tiona1 Bank of New York is a contrib
utor to the Republican cause One of
the officials of that bank is a Democrat,
another Republican, another indie
pendent-all honorable men,"
Mr.. Hill added sarcastically that he
did not doubt the integrity of these men.
He would not be led into a discussion
of the charges made that the secretary
of the treasury (Mr. Sherman) at the
time of these bond CONTRACTS had shown
undue favoritism to this bank
Mr.. Sherman interrupted, book in
hand, to read the details of the bond
contract referred to by Mr.. Hill, point
ing out the provision for popular alb
sorption of the bonds.