Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-01-04

made more in placing loan of S62,-
000O than was paid for floating the
entire war debt. The war loans were
flOated among the people as all loans
should be. 1t was sad that one banker
was to obtain s1,OO0,O00 commission for
floating the contemplated loan OF $780,
100000 The people were unable to
comprehend such reckless and wanton
waste of millions. He did not mean TO
cr.t.c'se the President, the Secretary or
the Treasury or the syndicate which
was simply taking advantage OF an op-
portunity. but he insisted that the peo-
pie would take these bonds at much
higher figures than those paid the gov
ernment. The credit of the country
was unassailable. We were ;mmeas-
ureably the richest country CT the globe
The ROthsch,ds, the Morgans and the
money changers OF the world should not
have us by the throat
In conclusion, Mr.. Elk.ns moved that
the Senate proceed with the cons.dera-
ton cf his resolution.
Mr. Hill sought to object, but was cut
off by the Vice Presidents ruling that
the motion was not debatable., There
upon Lue NUtt WIS ldht-'
RESULTING AS FOLLOWS:
Yeas-Aldrich. Allen. Allison, Baker,
Bate, Berry, Burrows, Butler, Call, Cam
ercn. Chandler Clark. C0ckrell, Cul-
l0m. Davis, Dubois, Elk,ns, Faulkner,
Frye. Gallinger. George, Hale. Hawley,
Hoar. Jones, of Nevada; Kyle, Lodge,
Mcbride, Mantle. Martin, Morgan, Nor
rill, Nelson, PETER, Perkins, Pettigrew,
Proctor, Pugh, Roach, Sherman, Shoup,
Teller, Turp.e. Vest, Voorhees,, Wal
thall. Warren and Wh.te-4S
Nays-Brice, Caffery, Chiffon, Hill,
M:chell. Of Wisconsin, and Mwphy-6.
Mr. Hell at once moved to refer the
resolution to the Finance Committee.
Let us vote on that now" said Mr..
Teller. mot just now," responded Mr..
Hill. There can be no vote on the
resolution for the present. The resolu-
ton already passed for an adjournment
to Tuesday. made It readily possible to
prevent a vote on the resolution by de-
batting It at length Mr.. Hill declared
the resolution to be a futile movement,
which could have no more effect than
the POpes bull against the comet. why
should the Senate attempt at this mo-
ment of financial embarrassment fur
cher to tie the hands Of the executive
authority" Mr. Hill said he had no
special sympathy with these money syn
dicatas in New York city. He contend
Cd that the method Of sale Of bonds to
svndicates was not new. Under a Re-
publican administration IN 1873. bond
sale OF This nature was negotiated.
"But where was that thirty days no
tice Of sale" interrupted Mr.. Eikins.
"And within that thirty days" adj
ded Mr.. Sherman, "the public instead
of the bankers took the bonds"
MR.. HILL DECLARED
that banks and syndicates frequently
pushed forward "the public" to dis
guise their own transactions.
The Senator read in detail the bond
contract made in 1878 to which the
names Of the Seligmans, Belmonts, Nor
gans and the representatives OF the
Rothschilds were appended.
"And who w2s the secretary Of the
treasury at that time?" asked Mr. Tur-
pie.
1T was that distinguished public
man. the Senator from Ohio, John Sher-
man" responded Mr.. Hill with great
yigOr.
who are the men in this present
syndicate?" asked Mr.. Hill. who is
this Mr.. Morgan, of whom we hear so
much. Is he not the Mr. Morgan who
furnishes the news of war to the Re
publican party? There were no rea-
sons to believe that the executive au-
thOrites would seek to grant a special
favor to this gentleman" In the judg-
ment of Mr.. Hill no contract whatever
has been made at the present time. not
withstanding the reports Of the news
papers.
The Senator referred frequently to
the First National Bank of New York
as one of the participatOrs Of the bond
transaction of 1878.
what is the popularity of tn $ First
National Bank?" asked Mr.. Harris,
chat the Senator refers to 1t so much
and so ser.ously?"
Il WI not go into that unpleasant
chepter," said Mr.. HiM. "The public
Will recall the transactions of that day
The charges Of favcr.tism extended to
this bank-because Of IT'S contributions
to the Republican cause-will be recall
ed But I do not intend to
GO INTO THAT SUBJECT"
Mr.. Elkins was quickly on MS feet.
"I deny" said he, that the First Ma
tional Bank Of New York is a contrib
utcr to the Republican cause. One OF
the officials of that bank is a Democrat.
another Republican, another an IN
depandsnt-all honorable men,"
Mt HI added sarcas.ically that he
d.d not doubt the integrity Of these
men. He would not be led INTO a dis
cussion Of the charges made that tha
Secretary Of the Treasury (Mr Sher-
MANI at the time Of these bond con-
tracts had shown undue favor.te.sm TO
tbs bank.
NJ Sherman interrupted. Book in
hand. TO read The details Of tla bond
contract referred to by Mr. Hi. point
ing out the provision for a popular alb
sorDton of the bonds.
docs the Senator mean 70 say" in
ouired Mr. Hill addressing himself to
NJ. Sherman. cha. ne did not make a
contract with banking synd.cate?"
Z most emphatically state" respond
ed Nr. Sherman. that a large part Of
those issues were taken by the public"
Returning to the resolution, Mr. HH
gave It as his belief that the President
would not pay the slightest attention 70
it. He would be governed by the laws
now on the books. not by such resolu-
tons.
Mr.. Sherman followed with a detailed
explanation of the bond issues under
mis- administration Of the treasury. The
contracL Of 1873 was with the bankers