Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-04

morning ne baiu, uau tOiu the dtory OK
the pending bond issue. Action should
MIR. Butler asked unanimous consent
TO put his bill upon Its passage. aud
MIR. Hill. who happened TO be In tho
chair. rather startled the senate by
himsolf Immediately !ntcrposing an OBJ
lection
MIR, Mills (Dem., Tcx.) then took the
floor to reply to Mr.. sherman.
He repealed the charge that the Fifty
third congress was IN any way re-
sponsiole Tor the present financial cris-
is. The burden belonged to the Fifty
first congress, declared Mr.. Mills. and
Mr.. Sherman was principally responsl-
Bile for the position of that congress-.
TIE DEMOCRATS had turned over to the
Harrison administration In 1859 $780,
100000. How was II. he asked, II the
claim that the Mckinley bill had pro-
duced sufficient revenue was true that
In 1898 when the Democrats again as
sumed control all the surplus was
gone. consumed and dissipnted
Mr.. Mills compared the MCKINLEY
and the Wilson bills. The former was
entitled "a bill to reduce rsvenues,"
the latter ito reduce taxation" The
report on the Mckinley bill written by
Chairman Mckinley reclted tho pro-
blematlc effects of the measure on the
revenues OF the government. And yet
with the Mckinley act responsible for
the reduction OF revenue, the cry WAS
now raised that the Wilson act was
responsible for the decrease. He crlti-
clsed the double play" proceedings
by the passage In the house of IAN
emergency bill" II this bin passed,
the senate as It might by Populiat sup
Port, u would meet with swift anu
sure punishment ON the part OF the
people against those responsible for II.
m ri T.a4 a
temporarily laid aside and that OF Mr..
Elkins (Rep,. w. Va.) directing the
disposal OF bonds by public sale was
taken up.
Mr. lslkins spoke vigorously in Its
support. He referred TO the fact that
petty government officials We're com
PEELED TO make contracts after the ad-
vertisemcnt ana yet the president and
secretary OF the treasury We're entirely
relieved OF this valuable safeguard.
Only sbb0o,000 had been paid In COM
missions on lonns aggregating ,2.6O0,-
100000 during the war. In
S sa s words credited reports lS% S %srs
syndicate had made more in placing
loan Of t2Oo.000.000 than was paid
for floating the entire wnr debt, The
war loans were foated among the
people as all loans should be. He an
sisted that the people would take those
bonds at much higher figures than
those paid the government The credit
OF the country was unavoidable.
In conclusion Mr. Eikins moved that
the senate proceed with the considera-
tion OF his resolution
Mr. Hlll sought to object but was cut
off by the ruling that the motion was
not debatable. Thereupon the vote
was taken resulting the follows;
Yeas-Aldrich. Allen, Allison. Baker,
Bate, Berry. Burrows. Butler. Call,
Cameron, Chandler. Clark, coclrell,
Cullom. Davis. Dubois. Elkins, Faux
ner, Frye. Gnlllnger, George. Hale.
Hawley, Hoar. Jones tNev.). Kyle.
Lodge. Mcbride Mantle, Martin, Nor
gan. Morrill,, Nelson. Peffer, Perkins.
man. Shoup, Teller, Turpie Vest. Noor-
hecs. waitheil. Warren. Whites.
Nays--Bricc Caffery, Chiffon, Hill.
Mitchell. CWis) Murphy-6
Mr. Hill at once moved TO refer the
resolution TO the finance cpiiimittee.
lie declared the resolution to he n
futile movement which could have no
more effect than the Pope's bull against
the comet why should the senate at
tempt at this moment OF financial en-
barrassment further TO tie the hands
OF the executive authority Mr.. Hin
said he had no special sympathy win
those money syndlcates In New YORK
CITY. lie Npn1tUutu tiNl INN HNNhNp'
of sale OF bonds to syndicates was not
new. Under Republican ndministra-
tion IN 1878 bond sale OF this nature
was negotiated.
but there was thirty DAYS notice OF
snle." interpoaed Mr. Elklns
''And within that thirty days" added
Mr. Sherman, "the public instead OF the
bankers took the bonds"
Mr.. HIN declared that hanks and
syndicatea frequently pushed forward
"the public" to Disguise their own
transactions. The senator read In de-
tail the bond contract made in 1878, to
which the names OF the Seligmans, Bel
anonts. MorRans and the repre- lentabVes
of the Rothschilds were appended.
and who was the secretary of the
treasury ut that timer asked Mr.. Tur-
pie.
st WIS that distinguished public
man. the senator from Ohio-John sher-
man" responded Mr.. Hill. with great
vigor.
syndicate2" asked Mr. Hin who IL
this Mr.. Morgan OF whom we hear so
much? Is he not the gentleman who
furnished the sinews OF war to the
Republican party7 There was no rcn-
son to believe that tha executive auth
critics would seek TO grant special fav-
ors to this gentleman.
III llit JhhEitN - shhs sffa s'' 49,
tract has been made at the present
time Notwithstanding the talk OF he
newspapers. The senator referred fire.
quently to the First National bank OF
New York as one OF the partlcipatorB
in the bond transaction OF 1873, and
mentioned the charges of fevoritism
extended to this bank because of lts
contributions TO the Republican cause,
Mr.. EllSins emphatically denied that
the First National bank of New York
was q contributor TO tho Republican
cause.
Mr. Sherman snterposed. book In
hand, to read the details of the bond
contract referred to by Mr.. Hill. point
ing out the provision for a popular
absorption OF the bonds.
"Does the senator mean to say" In
quired Mr.. Hill, addressing himself TO
Mr.. Sherman. that he did not make
q contract with n banking eyndicateT'
II most emphatically statc,n re-
sponded Mr.. Sherman. that a large
part OF those issues were taken by thu
public"
Returning TO the resolution Mr.. Hi
gave II as his belief that the president
would not pay the slightest attention
to II. He was to be governed by the
laws now on the books. not by reso-
lutiona.
Mr.. ehcrman followed with detail
ed explanation OF the bond issue under
his administration OF the treasury. The