The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-03
THE CHAPMAN CASE
Effect on Public Men, if Law is
Sustained.
INVESTIGATIONS AHEAD
Some of the Statesmen Have
Been Dabbling in Stocks
ARE SENATORS IN DANGER ?

If Law be Constitutional, Might DE Much
Malicious Annoyance of officials
Evil Effects of MoneY-Lending
in the Departments.
Especial Dispatch to the Baltimore Sum-
Washington, Dee. 2.-Uncomfortable
consequences may accrue to good many
persons should the Supreme Court of the
United States finally uphold the constltu-
tionality of the law relating to contuma-
eious witnesses before Congressional in
yestigating committees. As has been
shown, the decision rendered yesterday Ia
the case of Mr.. Chapman, of New York,
does not bear at all upon the consutu-
tional aspects of the question. When Mr..
Chapman secures the opinion OF the court
of last resort upon this point witnesses
who are summoned before Congression-
al committees viii understand precisely
the measure of their privileges and I'M
munities Should the Supreme court up
hold the constitutionality Of the law
much wider scope will be given to its
operations than was intended or suspect
ed by the trainers of it.
THE OBJECT OF THE LAW,
The principal and, perhaps, it may be
said. the only object Of the act was to
compel newspaper men to disclose the
names of confidential Information inn
narted to them. lit has usually failed IN
this purpose, and the prospects are it
win continue to fail, no matter what the
decision Of the Supreme Court may De.
But it would accomplish results which
in many instances would be neither pleas
ant nor profitable to men III pubic IRE.
1t would sweep away the plea or the
brokers' immunities and Obligations us
set I'D by Mr. Chapman and Mr.. Macart-
nev. of this city. Brokers would nave
no alternative but to testify to all the
details of transactions between theh
and their specializing clients. inns IS
not a very reassuring prospect for a Inul-
titude of men in Congress and IN the
departments who are accustomed to hold
very high heads.
PUBLIC MEN AS SPECULATORS.
Although it has never yet been sus-
ceptible OF proof, every one in Washing
ton firmly believes that the wealth which
attaches to certain Senators, Represen-
tatiyes and department officials has come
through speculations in stocks, prompted
nv the first knowledge of prospective
legislation or prospective policy. There
are a good many of them. Those VINO
have eyes and ears have frequently seen
some Of them darting and buzz1ng a.
round the private offices of brokers and
of bucket shops, while others more
shrewd and cautious are prone to make
their deals through Intermediates.
MANY WOULD BE INVESTIGATED
If once settled that brokers must an
swer questions, how long would it be
before the truly good or the Intentionally
malicious would contriye to bring such
charges and allegations against all the
susnects as to make the request for in
vestigation imperative. In such eontln-
gency the disclosures which would be
inevitable would cause the high heads
to hang very low.
USURY IN THE DEPARTMENTS.
While the order issued to-day by the
Secretary of the Treasury forblddIng
under pain Of dismissal the loan of mon
ey to each other by the employees OF the
department will in some degree break
M a. yillainous business, it is pity some
authority does not exist to eXtermnate
II root and branch 1T is doubtful wheth-
or there is a community in the whole
country grooming under such burden
of usury as the inhabitants at the seat
of government. Fixed salaries and COM
narrative permanence Of tenure appear
to develop improyident habits, and the
contagion OF the example of government
employees has spread more or less
through all classes Of employees and, in
deed, to many others.
BORROWERS AND LENDERS.
This community seems practically di-
vided into two elements, lenders and bor-
rowers. the former only as drop IN the
bucket to the latter, and, by reason there
of. frequently reaping such profits and
premiums as would have made Shylock
knash his teeth in impotent rage.
To those who are fortunate enough To
possess tangible and solid collateral the
rates Of interest average no more than
anywhere else, as the legitimate and re-
spectable institutions are always ready to
accommodates But oh! for those who
have no security but their word.
THEIR BANK ACCOUNTS IN
THEIR POCKETS.
The friends" who accommodate them
are generally men who carry their banks
around in their pockets, Their capital IS
put out among innumerable borrowers
and in small amounts-fve ten and twenty
dollars. Fifty is a big loan, and a hundred
q nrincely one. On these small amounts
rate of interest is exacted, running up
ia twenty per cent for a week, and in
cases even much higher. The lenders JUS
tifv themselves with the plea that they
have to take desperate chances and can
only rely upon the honor of the unfortu-
nate borrowers. This is true to some
extent, but with all their losses, these win
ners make gains which are absolutely