Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-02-15
THAT BOND DEAL.
Speech of Hon. Stephen 3. EIkins
In the u. S. Senate
FRIDAY, JANUARY 3. 1896.
In Opposition to the Private Sale of
Public Property.

FRIDAY, JANUARY 3, 1890.
In Opposition to the Private Sale of
Public Property.
The Senate having under considera-
ton the joint resolution Is R. 42l pro-
viding for the sale and disposition of
United States bonds-
Mr.. ELKINs. l wish to call up the
resolution / introduced on Tuesday
last.
MIR. FAULKNER. ] understood that
my colleague proposes to call up the
resolution for the purpose of supmmt-
ting some remarks.
Mr. ELKINs. And to try to pass it,
| if can.
Mr. FAULKNER. / shall not object
to the resolution being taken up for
the purpose of remarks, but I would
object to its being called up for action.
The PRESIDING OFFICER. Does the
Junior Senator from West Virginia ac-
cept the suggestion of his colleague3
Mr.. ELKINs. Yes. sir; 1 will call it
up for remarks just now
The PRESIDING OFFICER. And not
for passage2
MIR. ELKINs. Hoping TO pass it
later on. ask that the resolution be
read.
The PRESIDING OFFICER. The Chair
lays before the Senate the resolution
of the Senator from West Virginia,
which will now be taken up only for
the purpose of some remarks. The
resolution will be read.
The Secretary read the resolution
submitted by Mr. ELKINs December Al,
1895. as follows:
ResolUed That it is the sense of the
Senate that hereafter no bonds of the
United States shall be sold at private
sale or under private contract And in
case of any sale of bonds uuder exist
| ing laws the same shall be made only
| proposals invited, and then only to the
highest bidder.
Mr.. ELKINs. Mr. President, mas
much as there seems to be some mis-
| apprehension or some misunderstood
ing in the minds of Senators as to the
import of this resolution, will try to
explaiuit it. 1t does not raise any ques-
ton as to the policy of selling bonds.
1t does not question the action of the
President of the United States in pro-
posing to sell bonds. The simple
question raised by the resolution is
one as to the plan or method of sell
ing bonds and as to what is best for
the Government under the circumstan-
ces.
Itappears from the newspapers that
the President is about to conclude a
a contract at private sale for the dis
posal OF 500, 600, 900 of q per cent
bonds of the United States. NV con-
tention is that a sale of Government
bonds under private contract will
not result as bene6cially to the Gov
eminent as if they should be sold after
due notice and advertisement to the
highest bidder. In other words, l
think it best and to the interest of the
Government that the bonds be sold
directly to the people rather than at
private sale.
LAW AND POLICY OF THE GOVERNMENT
IN sELLR g PUBLIC PROPERTY.
We have on the statute books ofthe
United States law in regard to the
disposition ofpublic property in charge
of officers of the Government. 1t has
been the policy of the Government
uniformly that in the sale of public
property notice should first be given
OF the time and place as well as the
conditions of sale, and that it should
be to the highest bidder. The House
bill which is now pending before the
Finance Committee meets this ques-
ton pointedly, and provides that in
any sale of bonds it shall be done by
advertisement
Here we have the expression of the
House of Representatives by large
majority on this subject. If public
officer of the Government, a quarter
master OF any other office in charge of
public property, can not sell even one
hundred or one thousand dollars
worth of property without giving
notice of the sale and inviting pro-
posals, or if an officer can not buy
without first giving notice and asking
bids, why is it or how is it that the
President of the United States and the
Secretary of the Treasury should be
hedged around by some privilege lifting
them out o. this policy or general rule?
Surely if an officer of the United States
can not sell a small amount of proper
ty without public advertisement aud
due notice, why should the President
OF the United States and the Secretary
OF the Treasury be permitted to sell
500, 900, 600 of public property with
out giving notice of the time and place
of the sale and inviting bids from the
people?
This, sir, is the question raised by
the resolution. l contend that the
uniform policy of the Government of
United States and the law as well in
regard to subordinate officers should
be carried out in case of sale of bonds,
In all matters ofpublic concern officers
of the Government from the President
down should take the people into ac-
count and take them into their conf
dence. especially in a transaction as
large as one involving 500, 900. 900.
WAR LOANS.
Now, Mr. President. we are not
! without rrecedeuf in tla .-,.t+a~ e