New-York tribune., 1896-01-04
TOR SfI:RMANS


/ its ruinOus and demOrazing policy of secret
! bond issues ana sophisticated Treasury book
keeping was shown this afternoon when on the
vague but readily credited suggestion that an
/ other secret contract was about to be struck with
the Morgan syndicate n spirited and significant
protest against the rumored bargain was
launched. and resolution interiicting any fur
ther private contracts was prevented from pass
ing only by resort to dilatory tactics the part
! of the few remaining "Cnckoos" in the "delibera-
! tive branch" The Senate had just listened for a
! couple of hours to a lucid and convincing speech
/ from Mr.. Sherman on the true catses OF the dis
orders into which The currency system has been
! plunged under Mr.. C.eyelani's second Admins
/ tration. and every one was looking forward to an
! immediate adjournment t. Tuesday next. when
+ the assault on the Presidents policy. past and
/ projected. was unexpectedly started in brief
but striking ten-mnute speech from the new Re
! publican Senator from West Virginia Mr. Ell
/ kns.
Mr. Ekns introduced some days ago a rcsou-
/ tion declaring It t. be the sense Of the Senate
that hereafter no bonds of the United states
should be sold. except after iue public notice and
by open competition This resolution was called
mp to allow the ex-secretary of War to finish
some remarks which had been cut Of by obiec
( ton last Tuesday. Mr. Faulkner stating that he
/ would consent to this one speech but would
fuse o. allow prolonged debate or permit any
1 definite action on the resolution to-day. s. Wig
orous and emphatic were Mr. Ellns's remarks.
however and go complete was his exposure Il the
Irregular and unprecedented character # the
February bond sale, repetition of which was
threatened at any moment. that at the close Of
his speech the Senate eagerly consented to Mr..
Elkinss reques, 10 lay all other business aside
and consider his proposed declaration of oppos-
tion 10 further sales Il bonds at private contract
HILL FIGHTS FOR THE PRESIDENT
! Mr. HI. resisted the general drift toward forc-
ing n decisive breach with the Administration on
lis bond policy as best he could, but on the vote
u lay aside the unfinished business and take up
Mr. Elkins's resolution only hve Democrats raj
He'd 10 his support, one Il them Joining with him
- sldetrack the F1kns declaration because 1t did
no, g. SO far az 10 prohibit bond sales under any
| and all contingencies Mr.. Chiffon of Texas was
th~ Democrat who thought the resolution made
quair AMI accordingly opposed It. The other
Senators VIII, voted with Mr. Hill and the Nd
rinisiration were Messrs Brice. Caffrey Murphy
ami Mitchell ~ Wisconsin To this baggarly
showing the ADMINISTRATORS forces In the Sen
at have come At last
The resolution once taken mp. Mi III set
/ about defeating vote on IT by dilatory debate
rightly assuming no doubt that his appr"ca-
ii,. client ia the White House. taking warn
ing from to-dav's narrow escape from legislative
r.nsur. would hasten t. n0at his bond ISSUE be
fore the senate could meet again 10 east any
! possible. doubt on its validity or viopririy That
Mr. Hin felt the vital importance Of Few hours
delay o. tie harlsscd Administrator which hc
has chosen 10 b.fil"nd ostentetiously i'm the
senate was evident from the husicred and scat
,erine arguments by which IA" sought 60 sustain
i.f.t .f,t l.. t..s.t I'm linn
Tho senior New-York Senator has rarely APP
pelred to 50 poor An advantage Oh the n'or OF
the Senate. FOR hc not only nounde'ed about
M - painfully IN his attempts ~ Justify the
secret and .xtoriiona'e contracts with the Nor
gan syndicate by comparing their terms with
those Of the early lssl under III" Resumption
act. bu, he reduced finally to consume time
in irrrleyanc,a simply for the sake Of consum-
ing II. ........,,.
DISHONEST OR MBEcILE
Mr. Teller. for the critics 4 the Admin.sira-
tions policy. renewed his bitter and vehement.
dcnunciations OF last week against the President
and Secretary Carlisle. again declaring THAI the
Treasury operations II February last. when the
first secret loan was noated could b. explained
only on the ground Of administrative dishonesty
or administrative imbecility Mr.. Teller earnestly
demanded that the Senate record itself emphati-
cally in opposition To- the repetition Of last Feb
ruar,'s scandalous sale Of bonds at prlNat"
terms. aud against the sweeping torrent of the
Colorado ScratoI's indignation Mr. lhil had
grca, difficulty in maintaining his dllatoty tar-
ties with success. BY o'clock however, when II
became evident that many confusing amend
ments would be offered and dilatory debate con-
/ tinucd on each. the more conservative element
In fh. cha mber decided that IT would be scarce
~ worth while t. push The resolution To a vote
by means Of night session. motion t. ad-
journ leaving the resolution pending, was made
by Mr. Adrich. ana it was carried amid much
excitement by Il single vote. Many Of the free
coinage Senator'S voted against adjournment In
the hope Of passing at once resolution hostile
to bond issues of any sort
whether or not Mr.. Cleveland takes the hint
and floats his bond issue before the Senate
meets again on Tuesday. the whole subject
OF his authority to use the Resumption act for
such purposes and Of the proprety OF his secret
negotiation with favored syndicate VIII come
up again next week. ami the Senate VIII un-
doubtedly make its r"pughance To- the freSi-
dents financial methods suihciently distinct
and emphatic Probably not more than ten
Senator'S all told. are willing 10 go on record
in defence Of secret bond sales while ma
iorty OF the senate seems ready to go the ex-
treme in questioning the Executives authority
To issie bonds at all under existing law. and or
wishing To prohibit further bond sales Of any
character or description.
MIR ELKINs AS A LEADER
The most notable incident Of the days debate
was undoubtedly the appearance OF Mr. Elkins
as an active leader the Republican side Of |
the chamber The ex-Seoretary of War made
clever ponted and effective speech and man.
aged his case with the skill of veteran para-
mentarlan He completely dem )lished Mr.. Hills
ATTEMPTED defence OF the February bond con
tract by showing that not only mad all the
great Government loans of the war OF the Re
bellion been hoated by open subscriptions but
that even the Mexica" War loans taken In Eng
land had been offered to the public for COM
petitive bidding. NJ" Eikins can most clearly
be counted on from to-day's showing as an I'M
portant addition to the debating strength and
POLITICAL capacity Of the Republican member
ship Of the Senate. -
Mr.. Shermans speech, which preceded the tur-
mou over the Elkins resolution. was as was to be
Continued Third Page.