The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-04


sympathy. with these money syndicates In
New York city. He contended that this
method OF sale Of bonds TO syndicates was
not new. Under a Republican administra-
ton in 1873 bond sale of this nature was
negotiated.
but there was thirty days notice of
And within that thirty days" added Mr..
took the bonds.''
Mr.. Hill declared that banks and syndi-
Gates frequently pushed forward the pub
lic' TO disguise their own transactions. The
Senator read in detail the bond contract
made in 1878, TO which the names OF Selig-
mans, Belmonts, Morgans and the repre-
sentatives OF the Rothschilds were ap-
pended.
And who was the Secretary Of the Treas
ury at that timer asked Mr.. Turpie.
1T was that distinguished public man,
the Senator from Ohio-John Sherms.n." re-
Who are the men in this present syndi-
cate?" asked Mr.. Hill, continuing. Who Is
this Mr.. Morgan of whom we hear so much?
Is he not the Mr.. Morgan who furnishes
the sinews of war to the Republican party?
There is reason to believe that the ex-
ecutive authorities would seek to grant
special favors TO this gentleman" In the
judgment of Mr.. Hill no contract whatever
has been made at the present time. not
withstanding the announcements OF the
newspapers. The Senator referred frequent
~ to the First National Bank of New York
as one of the participators in the bond
transactions OF 1878.
National Bank" asked Mr. Harris. that
the Senator refers to it so mysteriously?"
II will not go into that unpleasant chap
the transactions of that day. The charges
of favoritism extended to this bank be-
an cause will be recalled. But do not in
tend TO go into that subject"
DENIED BY ELKINS.
Mr.. Elkins was quickly on his feet. 81
deny" said he. ''that the First National
Bank of New York is contributor to the
Republican cause. One of the officials of
that bank is Democrat, another Repub-
iican, another an independent-all honor
able men,
Mr.. Hill added. sarcastically. that he did
not doubt the integrity of these men. He
would not be led into a discussion Of the
charges made that the Secretary of the
Treasury (Mr. Sherman) at the time Of
these bond contracts, had shown undue IA
voritism to this bank
Mr.. Sherman interrupted, book in hand,
to read the details of the bond contract re-
ferred to by Mr.. Hill, pointing out the pro-
vision for popular absorption of the
bonds.
Does the Senator mean to say" inquired
Mr.. Hill, addressing himself to Mr.. Sher-
man, that he did not make a contract with
banking Syndicate?"
u most emphaticall state" responded Mr..
were taken by the public
Returning to the resolution, Mr.. Hill gave
1t as his belief that the President would not
be governed by the laws now on the books;
not by such resolutions.
Mr.. Sherman followed with detailed ex-
PLANTATION of the bond issues under his adj
ministration of the treasury. The contract
of 1878 was with the bankers, with whom
the government had previously dealt. After
that. during all the period of resumption,
MT doll x.of1
but all bond disposals were given the wild
places throughout the country.
Mr.. Butler offered an amendment to the
resolution. prohibiting issues of bonds with
out congressional authority.
Mr.. Chiffon offered a further amendment
on the same line as that of Mr. Butler, but
differing in detail He spoke briefly, it be-
ing his initial address to the Senate. He
opposed the issue Of bonds root and
branch. He believed in silver coinage. He
did not approve temporary expedients in
dealing with these questions.
MT Lodge spoke of the extent of gold
yet. said he. under the prevailing policy of
the treasury, no effort was made to get
gold outside of New York. The American
people at large were given no opportunity
to take the bonds of their government Mr.
Lodge referred to the offer Of the New York
World to take 81. 0O0. 600 of bonds This offer
and all Others, from the, public should be
portunity to take the bonds.
Mr.. Teller referred to the integrity of the
bond sales of 1878. There had been no pub
lie scandal over any bond sale up to 1895.
He then compared the results of the bond
sales of 1S77-7S with those Of 1885, asserting
that great losses to the government oc-
Cured under the contract last year. There
had been no secret, private contracts as to
bonds. Bankers should have the same
rights and no more than the men having
referred to the offer of the New York World
TO take a million of these bonds at per
cent.
II venture to say" interrupted Mr.. Hill.
"that the offer of Mr.. Pulitzer is the only
one that has heeu made. No bank in the
country has made such an offer. / do not
believe there is single bank in this coun-
try that will take these coin bonds at per
cent"
THE ADMINISTRATION SCORED.
Mr.. Teller proceeded to show that bankers
throughout the country were ready to take
the bonds. He recited specific offers at the
time of the last issue. The Senator read
with much vigor, the personal appeal Of the
New York World to the President. This
was a remarkable document" said Mr.. Tel
Ter, "a profound appeal to a President to
avert scandal in an administration that
the paper had helped to bring into exist
ence." The Senator denounced the "imbe-
cility or dishonesty of the executive branch
in making this secret contract. 1t amounted,
said Mr.. Teller, to a misrepresentation of
public funds and the public would so judge
the past and the coming transaction.
Mr.. Hill replied that this talk of allowing
the public to take the bonds was for politi-
cal effect; 1t smacked Of demagogy. Let the
people of Colorado come forward with their
gold. Let the gold come from any source
and see how quickly it would be accepted.
Instead Of offers there was assertion and
criticism. AT this point Mr.. Hill paid trib-
ute TO Secretary Carlisle, repeatedly calling
him his full name-John G. Carlise-which
marked attention. ''Imbecile, in
dishonest is what we hear" said
Mr.. Hill. John G. Carlisle incompetent,
One of the greatest public men that this
country ever produced. John G. Carlisle
dishonest! An yet, thirty years in public
life and a poor man to-day, living on his |
salary. 1mbecile, dishonest is what we hear
Kissed across the Senate" Mr.. Hill said if
anyone had suffered at the hands of Mr..
Carlisle 1t was himself and his colleague
(Mr. Murphy They had been ignored in
yet, Mr.. Hill was thankful that he was |
broad enough to recognize The unfiagging
patriotism and devotion of the Secretary to |
to country and his ability in meeting the |
requirements Of occasions. He was seeking
to act while the critics stood picking flaws
on this thing and that and pickering in
the face Of an emergency.
Mr. Hawley gave his personal observa-
tions in Paris when the people took up the |
great bond issue required to pay the Ger |
man war indemnity. Mr.. Hawley believed
the American people would take up a bond
issue with the same readiness.
Mr.. Hoar spoke of the calamitous condi- |
tons, unparalleled in the history of the |
%AI toto +a6 hxr tha cav,<1