The sun., 1896-06-20

Government was Interested directly or indi-
amgupt @ SfJ oi pro- y Mr. yost S:fod ss0H ~ 10 tho
who did You sell the bonds o." was tho
That was subsequent to the purchase, and 1
Mr.. Morgan said that he had had no corre-
with any memoeT OF Sysp ins sanS II
1905. Ills understanding with the Goyernment
wss that he %as 70 sess nmass hS pa hcy
Your understanding was that you were to
take any bonds, no matter the price, that others
meant up to reasonable time after tho date
when the first payment was due and was de-
Mr.. Vest Now II any bidder failed to make
was oS You censered yoHrsef ST II entitled 10 ,Gose
bonds and bound to take themf
5 NJ No. Pa M SSrssS SS%S: TGEs but
one aim In the whole matter and that was to
secure ,sSuc gold , for the GSvsrnm%snt % and avert
cave the disaster that was Inevitable in case
foreign gold was not obtained" d."
you and Belmonl should have absolute control
IN the mettp1 II your sole object was TO save
Ket gold. why shouldn't other people help save
itI A.-They couldn't do It
SrhTow T do you knowf A.-Thats my opinion.
Mr.: rlett-Wass your house engaged, in shin.
of gold abroad in tho last last three Hs np.' years. 'O
When questions ceased to come and the Sem
stoFs seemed to Be- waiting for an
suggest 70 the committee that no questions have
been asked about the last loan. There have
been good many accusations made. | would
mittee cared to ask"
II will be remembered that there were charges
from from ,s ,isrre%sponsiole % quarters that Mr., Moraen
thoee of the stewart syndicate, when he nut in
his bid for the last bonds. ills surmised that
cusation. and have been willing to take ' ad- ad
vantage OF the opportunity to deny publicly
that he knew anything about the figures OF the
MI; Morgan while the. conversation was still
wandering about the subtect OF the loan of this
right TO state that he had no conference with
President Cleveland or any official Of the Gov
sidered the situation. and had talked with Sec
retary Carlisle about it's seriousness. lie had
of $500, ,0o0, 900 OF bonds and he had stood ready
to supply the Goyernment with S2o0oOo 900 OF
Belmont about that, Mr.. Belmont being at that
time out OF towns
A discussion on gold coin and bullion fol.
the questioners was something that the city
men @ In the sb room could hHTdiy comprehend It
gan got the Senators-Mr. Vest being the prin-
eipsl 9nes,ioner,,o .T TO understand or to seem to
no! ayaSSlo hal flor. for rsdsmptMTn M pIIrpSsss
there ' was only s79oo gold COIN in in nHS the
Treasury; Had gone .hsre with slg,oo060o
got the coin for them"
He said that the Bank Of England held more
United States gold coin than the United States
Treasury, There being gold bullion In the Sub.
Treasury here. the question was asked and re-
pea,sd why IT could not be % used d for redemption
side. The senators could not see that even by
Ge Se Ssps s IN
London for coin and the coin got back here to
redeem gold notes Mr.. Morgan said that gold
coin could not have been secured in this coun-
try for the bullion to any extent and only at a
heavy discount. by ssle OF the bullion abroad
and the needs of the Government required i'm
med late action.
Here Senator Jones distinguished himself.
and made MIR. Morgan lump by asking III they
couldn't be exchanged by cablet" Tue banker
looked around at him and then said: Not by
John A. Stewart followed Mr.. Morgan in the
witnss: chair He sad in part speaknS Of his
iSs4e''''A isa4: WIN '"' '0Aa ISSUE o' fs0'uA'''
Treasury and others at the Sub-Treasury.
Many OF the bankers seemed TO think that they
should not take The loan. as the rate was not
that the loan should be taken and the Goverii-
ment be sustained. The next morning some of the
slioughl they had been wrong and i right. and
that II would go ahead they would sustain me.
Thc iosn was taken. That is in brief the history
"A bout the the second loan of lsei was
Of tho Treasury not as to the Rdvisabillty Of
issuing the loan but as to how 1t could best be
| marketed. and II ] was willing to taks an inter-
est in marketing It had no personal interest
| In this oan-G never had 1 acting
| simply as n citizen for the best interest OF tho
| Government and the banking community. too
| as | thought. | came back here AMI spoke TO
| Mr. Morgan and others. and they all expressed
! a perfect willingness to do all they could. The
| loan was taken. IL was At a loss to the invest
| ors.
I'm the Belmont Morgan loan tho United
| States Trust Company was awarded partici-
| patton. | had no personal Interest In it
Senator Nest--What wns that participation ,
Al think that would DO best obtained from
Mr.. Morgan.
Q.-You know how much your company got.
| How much was 1T? A.-$l. 800. 900.
| O.-At what price! Al must decline tn an
| sver that question Mr.. Morgan Is the proper
| person from. whom to get that.
Mr. stewart again declined to answer, and
| that ended his examination.
Assistant United States Treasurer Jordan said
| that no tender WAS made to him at any time Of
| money in payment for tho so-callcd Graves
| bonds. Graves had some witnesses before tho
| committee who didn't help him cut at al with
| his grievance. Senator Harris announced that,
| merely TO give Graves every chance for which
| he could ask. tho committee would convene at
| 10 o'clock this morning and roe II he iGraves)
were able to bring his other witnesses, and that
| II they did not appear the committee would ad-
| 1ourn.