New-York tribune., 1896-01-04
ruE PROCEEDINGS IN DETAIL

Va directing that no DOnds snail be sofa al
va,e sale or under private contract was taken
- y. and Mr. Elkins addressed the Senate in favor
- tie adoption. Most of his speech was directed
% q criticism Of the enormous profits made by the
Candidates in floating Government bonds. and he
.ssar,ed on newspaper authority. that the syndi-
.,e which foated the last loan had made a profit
~ sspOODo and that the syndicate which would
Goa, the loan pending would make a profit OF
sonnnn The bonds which wers TO be sold at
ms were now selling In the market. he said. at
III He wanted no more syndicates to take Govern
mont loans He wanted the people to have a chance
.o take them He asked a vote upon taking up the
rssolufion for present consideration.
The vote was taken and resulted: Yeas. 4s: nays,
g. as follows:
YeasMessrs Aldrlch, Allen. AllIson Baker,
Bate Berry burrows bneip iipr CAL CdmerSn' nnhoa
Elkins, Faulkner. Frye, Gainger George. Hale.
NNsBre NsFTls Mantle. Marin Morgan Morrill, Nelson
Psffer Perkins, PeItigrew, Proctor, Push. Roach.
Walthal and Warren-N. $500
,sy 1WN and 8TJie arphyhs Eaery chon H
Mr. Hill dem. ~ " moved the reference OF the
resolution to the Finance Committee. As 10 the
propre.y of his motion it struck him that there
could he no question The subject was already
before the Finance Committee and was being con-
sdered day by day. The resolution would he OF no
legal avail 1t would be Ike the Pope's bull against
the comet Il merely declared that and so was
the sense OF the Senate.
He thought It untcconing, at least on the part of
Democratic Senator's. to vote want Of con
fdence in the Executive this question.
He knew no reason WHY Mr.. Carlisle should seek
10 do favors for the tmbers Of the proposed syn
dictate Who, ne asked. was this Morgan. OF
New-York? He the man who was a liberal
contributor to the Republican cause. He was the
man who in every Presidential election came 70
the front with the s.news Of war in favor OF tie
Republican party. Ard was II TO be whispered
f.i hat he Or
the Treasury was anxious TO do this man favor?
As matter Of financial history. Mr.. Hill read
from the contract made IN 1877 when Mr.. Sherman
was Secretary OF the Treasury, with a syndicate
which included the First National Bank Of New
York. for the Government loan under the resump-
ton act.
His criticism Of ttat contract was repelled by
Mr. Sherman. Who pointed out clause in tina,
contract providing for offer OF thirty days for
popular subscription.
What Is the popularity about the First Nation
al Bank OF New-York?" Mr.. Harris (Dem.. Tenn)
inquired in insnuating tone.
NO FAvORITIsM TO THE BANK
HAS not nv friend read" Mr. Hill said In re-
plv othe repor, Of an investigating committee OF
the House years ago In which It claimed tina;
undue favor.tisn had been extended TO that bank
on account Of it's liberal contributions 10 Repu5H-
can campaign funds
Mr. Elkins denied on the part OF the First Ma
uonal Bank OF New-York. that its managers had
been contributors 10 the Republican campaign
fund One OF them. he said. was Democrat one
a Republican and an independent "3ut ne
added. give hem opportunity TO make money
and they will make Il, either in syndicate or out
OF H."
Mr. Hill resumed his argument against the FL
kins resolution and declared that II he were Sec
retary Of the Treasury ne would not be hamperei
by H. but would proceed under the law OF 1919 and
would issue boHds sufficient in amount-a heroic
remedy he admit; ed-for the purpose Of solving the
question lie would issue bonds TO the amount OF
GaO'OOoo and thrs obtain control OF the financial
situation That would prevent the syphoning of
gold out of the Treasury In conclusion he de-
clared that II the resolution was agreed 10 ne d;d
not believe tha, the Prsyldon; would pay tho
slightest attention to H. ard ne ought not 10. The
Presidents duty was to he determined by the
statu;es-n0t by a resolution of one House o!
Congress and by the condition Of the Treasury.
Mr. Butler Gcp. y. c. moved TO amend the
Elkins resolution by making It read that 81 Is the
sense Of the ScHate that hereafter bonds Of the
United States shall be sold for any purpose what
syer without further authority from Congress"
Mr.. Chiffon Dcm.. ToX) also moved to amend it
BY making 1t read that 1t is the OF the Senate
% od to Of REDEEM }hs nc9 d tat notes
or Treasury notes shall be made by the Secretary
o. the Treasury, either by public advertisements
Mr Lodge CRep Mass favored the project of a
popular loan ana argued mat IL would DO taken up
And gold paid for ii.
MIR TELLER TO THE ATTACK
Mr. Teller tRep Col) criticised Mr. Hill's speech
And said that the New-Y York Senator seemed 10
think that. II the syndicate wer" not allowed 10
take the loan the loan could not be made He (Mr
Teller was not Of that opinion II the loan We're
offered to the public the syndicate would have the
same opportunity Of bidding for It which in
dividuals would have.
Mr.. Hin said that he ventured the assertion that
after this discussion not a single bank would OVER
70 take any large quantity Of coin bonds at " per
cent
Mr. Teller repeated his assertion that per cent
bonds would be absorbed In popular loan. He
had spoken the other day of the last bond issue
having shown either the dishonesty or imbecity or
the Executive lie repeated II today and declared
that could help coming TO the conclusion
that tha, affair was dishonest one. or that the
Mr Hili aaid this ,ak Of popular loan had
s99d dsa & OF Y IT. s hsa NO The
Were not Of his political party and he cared nothint
about them. They had right TO make their bids:
right Let theIa he exclaimed. put the Secretary 70
the test II men in Colorado bad got gold to invest
shape and lei them see what the Secretary OF the
Treasury would say But there were no such propo-
stions While The people were drawing gold from the
Treasury. syphonng II out by a million dolia rs q Gay.
impaired by The action Of the Senate today, was II
q time he asked for this great Governmenin, 10
there to Tom. Dick and Harry? lie aid not believe
that Senators who had spoken for popnar loan
simply attempting get political advantage. In
eeompetency GT DISHONESTY" he exclaimed. us the
suggestion John @. Carlisle incompetent One
o the ablcst mon ever IN uuhc life IN the country.
Dishonest. Look at his honorable career a. poor
man to-day this man. who has been In public HE
Tor thirty years has no bonds money Of any ac-
count poor who lives on his salary. Dis
honest Incompetent the words hisscd out here
on this floor. Mr. President he is neither can say
50. because If any man has suffered political in
Justice at the hands Of the Secretary Of the Treas
ury II is my colleague and myself. But am broad
minded enough to do him justice In his official re-
Muons TO the Government"
Before finishing his speech Mr. HILL addressing
MT Teller. said "relcgraph to your banker friends
70 present their propositions to Mr.. Carlisle. Let
them say: We Will take FIVE, ten fifteen twenty
millions Of these bonds at per cent And II he
fuses TO take them. then and then alone have you
he right to say that he IL incompetent or dishonest"