The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-01-04
TWAS ENTERTAINING


swift punishment on the part Of the
president against those responsible
for It,
Sherman's resolution was temporar-
lily laid aside and that of Elkins, d.
recting the disposal of bonds by public
sale, was taken UP. Elkins spoke Wig
orously in its support. He referred to
the fact that petty government OFF,
Gals were compelled to make contracts
after the advertisement, and yet the
president and secretary of the treasury
were entirely relieved of this valuable
safeguard. Elkins reviewed the COM
missions paid for floating loans during
the war to show the enormous extor-
ton of the syndicates who had taken
up the loans of the present administra-
ton. Only about S5.50o.00 had been
paid in commissions on loans aggre-
eating s2.500.00 during the war In
other words, the bond syndicate had
made more in placing a loan of s62,-
100000 than was paid for floating the
entire war debt. In conclusion Elkins
moved that the senate proceed with
the consideration of his resolution.
Hill sought to object. but was cut
off by the vice president ruling that
the motion was not debatable. There
upon the vote was taken, resulting as
follows: Yeas, As; nays, g.
The nays were: Brice Caffery. Chill
ton, Hill. Mitchell Of Wisconsin and
Murphy.
Hill moved to refer the resolution to
the finance committee.
Let us vote on 1t now" said Teller.
mo. not just yet" replied Hill.
There can be no vote on this resolu-
on fnr tha
already passed, for an adjournment to
Tuesday, made 1t readily possible to
prevent a vote on the resolution by de-
batting II at length. Hill declared the
resolution to be a futile movement
| which could have no more effect than
the popes bull against the comet. He
contended that this method of sale of
bonds to syndicates was not new. I'm
der a republican administration in 1878,
bond sale of this nature was negoti-
ated.
But there was 80 days notice of
SALE" interrupted Elkins.
And within that 80 days." added
Sherman. ''the public, instead of the
bankers. took the bonds"
Hill read in detail the bond contract
made in 1878, to which the names of
the representatives of the Rothschiids
were appended.
And who was the secretary of the
| treasury at that timer" asked Turpie
1T was the distinguished public man,
| theeenator frorR Ohih. JohH Sherman"
replied Hill. with great vigor who
] are the men IN this present syndicate?"
asked Hill. who is this Morgan OF
whom we hear so much? Is not this
the Morgan who furnished the sinews
Of war to the republican party? There
| was no reason to believe that the exc
cutive authorities would seek to grant
| special favors to this gentleman" The
senator referred to the First National
| bank of New York as one of the par
| Elephants in the bond transactions.
What is the popularity of this First
National bank?" asked Harris, that
the senator refers to 1t so much?"
II will not go into that unpleasant
chapter" said Hill THE public will
recall the transactions of that day. The
charges of favoritism extended to this
bank-because of its contributions to
the republican cause; but do not in
tend TO go into that subject"
Elkins was quickly on his feet 1T
deny" said he. that the First Nation
al bank Is a contributor to the repub-
lican cause. One of the officials OF that
bank is a democrat, another a republi-
can, another an independent-aI hon.
orable men,"
| Hill added sarcastically that he did
not doubt the integrity of these men.
He would not be led into discussion
of the charges made that the secretary
of the treasury (Shernan) at the time
of these bond contracts had shown
undue favoritism to this bank.
Sherman interrupted, book in hand,
to read the details of the bond contract
referred to by Hill. pointing out the
provision for a popular absorption Of
the bonds.
Does the senator say. inquired Hill.
| addressing his remarks to Sherman,
"that he did not make a contract with
banking syndicate?"
| II emphatically state responded
Sherman. that a large part of these Is
sues were taken by the public"
Returning to the resolution. Mr.. Hill
gave II as his belief that the president
would not pay the slightest attention
to IL.
Butler offered an amendment to the
resolutions prohibiting issues of bonds
without congressional authority.
Chiffon opposed the Issue of bonds.
root and branch. He believed In silver
coinage. He did not approve of tenn
porary expedbents in dealing with these
| questions.
Lodge spoke OF the export OF gold
holdings outside Of New York city and
said that under the prevailing policy
of the treasury, no effort was made 10
get gold outside of New York. The
American people at large were given
no opportunity to take the bonds of
/ their government.
Teller compared the results Of the
bond sales of 1s77-7s with those of 1885.
asserting that great losses to the gov
eminent occurred under the contract
/ last year He also referred TO the
j nAfc... o. The Naa- YnrL- NNnrIA "a. q.