The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-18
A TIMELY HIT.
What senator Eikins Undertook and
What He Aecomplished-A Public Ser


vice. r
Philadelphia Press: Senator FL
kins. OF West Virginia, is said to
be well pleased with the result OF
the sale OF government bonds to the
public under competition. He may wen
be, for to him more than any other ID
due the abrogation OF the plan OF the
treasury department to make another
syndicate sale or n private contract
with Mr.. Pierpont Morgan. By the
breaking off OF that arrangement, which
the government was compelled TO do
under the pressure which found tangible
expression In Mr.. Elkins' resolution.
the United States treasury saved
100000.
On December 81 last Mr.. Elkins in
troduced into the senate a resolution
declaring It to be the sense OF the SEN
ate that hereafter no bonds OF the
United States shall be sold ut private
sale, or under private contract. and In
case OF the sale OF bonds under existing
laws the same shall be made only after
due advertisement OF such sale and
proposals invited, and then only to the
highest bidder" Subsequently Mr.. FL
kins made this joint resolution, with
some slight changes In phraseology,
and In this shapeit is stillpendlng. Sem
ator Hill. acting in behalf OF the ad-
ministratIon, apparently objected to
the immod!SSte consideration OF what he
tsrtned this mQSt extraordinary reso-
luton" At the next meeting OF the
senate. Senator iHill again objected to
the resolution beng taken up. but he
was overruled BY the senate, which
voted to take up NM Elklns' resolution
by vote OF fcrtysNjght to six. This
looked bad for the sSndicate's dIsposI-
tion OF bonds, but Senator Hill was not
discouraged; he spent the rest OF the
day in speaking against the resolu-
ton, trying to show that Secretary Car
isles method of dlsposIuE OF bonds was
the same rs that resorted to long be-
fore by John Sherman. The Ohio sen
ator refuted this on the spot, but the
discussion swore away the afternoon
and at $50. Friday, January 3, by a
bare majority OF one, the senate voted
to adjourn, without coming to a final
vote on the resolution.
But the warming was needed The
vote OF torty-eight 10 six by which the
opposition TO taking up the resolution
was showed under must have seemed
portentous to President Cleveland and
Secretary Carlisle. Before the senate
could meet again the administration
OF the Elidns resolution by practically
throwing overheard the syndicate and
asking from the public subscriptions
under seal for the proposed issue OF
sl0Q,oOo.o00 1 per cent bonds. The an
swer came In subscriptions for more
than five times that amount, and at q
rate so much better than 1o4Is. which
the syndicate rendered, that $1,000, 900
was saved TO the treasury that would
otherwise have been divided among the
members OF the syndicate.
This did Senator Stephen B. ElkIns
accomplish by his timely resolution,
presented, pressed and approved in the
senate at a time when the secretary OF
The treasury had his pen In hand TO
sign the contract. His most extraor-
dina-y resolution" as Senator Hin
characterized II. Ind the effect by its
introduction and discussion to prevent
the administration making second
time most extraordinary" and per-
niolous contract with the Morgan syn
dictate for the undue enrichment OF its
members at the expense OF bankrupt
national treasury.