The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-18
A TIMELY HIT.
What Senator Eikins Undertook and
What He Accomplished Public Ser


vice.
Philadelphia Press: Senator FL
kIns, OF West Virginia, is said to
be well pleased with the result OF
the sale OF government bonds TO the
public under competition. He may well
be, for to him more than any other Is
due the abrogation OF the plan OF the
treasury department 10 mike another
syndicate sale or a private contract
with Mr.. Pierpont Morgan. BY the
breaking OF OF that arrangement, which
the government was compelled to DO
under the pressure which found tangible
expression In MIR. E1kins' resolution.
the United States treasury saved
$1,000 900.
on December 81 last Mr.. ElkIns In
troduced Into the senate a resolution
declaring 1t to be the sense Of the sem
ate shat hereafter no bonds Of the
United States shall be sold at private
sale, or under private contract. and In
case Of the sale OF bonds under existing
laws the same shall be made only after
due advertisement OF such sale and
proposals invited, and then only TO the
highest bidder" Subsequently Mr.. FL
kins made this joint resolution, with
some slight changes in phrnseoiogy,
and in this shapeIt is stillpendlng. Sem
ator Hill. acting in behalf OF the adj
ministratIon. apparently objected to
the Immediate consideration OF what he
termed this most extraordinary reso-
luton" At the next meeting OF the
senate. Senator Hill again objected to
the resolution being taken up. but he
was overruled by the senate. which
voted TO take up Mn Eikins' resolution
by a vote OF fcrtySeight to six. This
looked bad for the syndlcate's DISPOSE
ton OF bonds. but Senator Hill was not
discouraged; he spent the rest of the
day in speaking against the resolu-
ton, trying to show that Secretary Car
isles method Of dlsposinE Of bonds was
the same as that reSorted to long be-
fore by John Sherman. The Ohio SEN
ator refuted this on the spot, but the
discussion 'wore away the afternoon
and at $50. Friday. January 3, by a
bare majority OF one, the senate voted
to adjourn, without coming to a hnal
vote on the resolution.
But the warning was needed. The
vote OF torty-eight TO SIX by which the
opposition to taking up the resolution
was showed under must have seemed
portentous TO President Cleveland and
Secretary Carlisle. Before the senate
could meet again the administration
acknowledged its sense OF the wisdom
OF the Elktns resolution by practically
throwing overheard the syndicate and
asking from the public subscriptions
under seal for the proposed issue of
500. 100000 I per cent bonds. The an
swer came In subscriptions for more
than i've times that amount. and at q
rate so much better than lo4Is. which
the syndicate rendered. that 100000
was saved 10 the treasury that would
otherwise have been divided among the
members of the syndicate.
This did Senator Stephen B. Elkins
accomplish by his timely resolution,
presented, pressed and approved in the
senate Al time when the secretary OF
the treasury had his pen in hand 70
sign the contract. His most extraor-
binary resolution" as Senator Hill
characterized 1t. had the effect by Its
Introduction and discussion TO prevent
the administration making second
time a most extraordinary" and per-
nlclous contract with the Morgan syn
dictate for the undue enrichment OF It's
members at the expense OF a bankrupt
national treasury,