The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1896-05-12
The Bond Sales to be Investigated.
VEST GIVES A SOLEMN WARNING
The Power of Federal Patronage
Must Not be Used ut Chicago
Righteous Indignation Against its
Exercise

BY the decisive vote OF 81 to 5, the
, Senate has inaugurated an investiga
tion, to be conducted by the Senate
Committee ON Finance, into the fact.
and circumstances connected with the
sale of United States bonds by the
Secretary OF the Treasury during the
last three years. The six adverse
votes were cast by Senators Caffery o
Louisiana, Faulkner of West Virginia
Gray of Delaware, Hill of New York
Mitchell Of Wisconsin,, and Palmer oi
Illinois, all Democrats. The resolu.
tion directing the investigation is very
explicit, as follows:
Resolved, That the Committee on
Finance be directed.
First, To investigate and report
generally all the material facts and
circumstances connected with the sale
of United States bonds by the Score
tary of the Treasury in the years 1894,
1895 and 1896.
"Second, To investigate and report
specially what the amount of avail
able funds, classified, was in the
United States Treasury and on deposit
In other places subject to the order of
the Secretary of the Treasury, at the
time the bonds were sold or offered for
| "hOUlST OuSEo was UT WAS uOU
coin enough on hand to meet all coin
obligations of the government due at
the time said bonds were sold, or when
they were offered for sale; what obi
cations were due at that time and the
amount of each, stated separately !;
what was the reason for any unusual
withdrawal of coin from the Treasury
shortly before the bonds were sold, or
offered for sale, If such unusual with
drawals were in fact made, and by
what persons or classes of persons and
Tor what purpose or on what account
such Withdrawals were made; who
purchased the bonds, in what amounts
and where, whether in the United
States or in foreign countries, and in
what proportions and from what per-
sons or classes of persons the gold was
procured with which to pay for the
bonds, what the bonds sold for, and
what was the market price of our
government bonds at the time, and
what effect the bond sales had on the
credit and business of the people of the
United States.
"Third, To investigate and report
as to the manner of disposing of said
bonds, by what authority, and what
contracts, advertisements or proposals
were made by the Secretary of the
~ASoooiy III hStdViOu OuSIC" WudU
agreements or contracts, and whether
oral or in writing, and whether pub
licly or privately, were entered into
by the Secretary of the Treasury and
any syndicate or person or persons
with respect to the sale and purchase
of the bonds, and the profits made or
to be MADE by such syndicate, or any
person or persons connected with such
syndicate, directly or indirectly;
whether such contract or agreement
had any and what effect on the prices
offered for the bonds, what the effect
was. and who, If any person, profted
by it, and to what extent"
The debate had been animated, and
at times sensational, throughout the
early hours Of the day. Mr. Palmer's
opposition to the resolution and his
reference to snap conventions"
brought on q heated colloquy with Mr..
Vest and Mr.. Cockrell.
oppose this resolution" said Mr..
Palmer, because l regard it as an
lllegitimate means of procuring mate
rial to affect and inflame the public
mind"
The Senator went on to say that he
did not suppose any Senator, except
possibly the Senator from South Da-
kota ettigrew), questioned the irte-
IVY Va WIG oOStSpdLJ vi UHC ECdSuFY.
The Secretarys judgment, perhaps,
might be disputed; the correctness of
his acts might be questioned; but there
was no question OF integrity involved
Mr.. Palmer reviewed the platform ut
terapces of the parties. Citing the
old adage, the world do move," Mr..
Palmer said the country had moved
since the platform declarations of 1892
and it was evident that the financial
planks at Minneapolis and Chicago
would not satisfy the people in the
coming elections. In mentioning Mr..
Cleveland's return to the White House
in 1893, Mr.. Palmer said the President
had called to his aid that able states
man, that pure and honest man, j. G..
Carlisle"
Mr.. Palmer asked If free silver would
bring about a fifty cent, sixty cent,
seventy cent, eighty cent or ninety cent
dollar. .
Mr.. Butler, Pop. of North Oarolina),
said he would answer the question by
reading from q speech by Senator
Hill, known as the Elmira speech.
He was proceeding to read at much
length Mr.. Hill's early views on the
metals, when Mr.. Palmer refused to
yield longer. saying: 81 asked plain,
distinct question, to which | have re-
ColNGu u BT0dI dlnOuub OI WlnQ, ana
decline to yield further"
At another point Mr. Palmer refer
red to the cowardice of candidates for
the Presidency and for Congress in
not being specific in their financial
views, and In this connection the SEN
ator had an article read from the desk,
arraigning Governor Nick Kinley for his
"Janus-fs.ced attitude on finance.
F" And yet," added Mr.. Palmer, "all
indications point to the fact that the
subject of that criticism will be the
Republican candidate for the Presi-
dency."
A Senator across the aisle whisper
ed to Mr.. Palmer the substance of the
bulletins from the Indianapolis con-
vention, whereupon Mr.. Palmer add
ed: In fact understand that the
opposition to him has broken down."
Mr.. Palmer was drawn into q hot
colloquy with the two Missouri Sen
ators, Mr.. Vest and Mr.. Cockrell. The
former wanted to know what MIR. Pal
mer meant by reference to "snap
conventions fayoring silver.
mean," replied M. Palmer, "the
convention held last year in Missouri
and Illinois"
What was the snap feature of the
Illinois convention 2"
An unnecessary coz vention Is O
snap convention" declared Mr.. Pal
mer. "These conventions were called
to commit the Democracy in advance
to the free silver dogma"
Mr.. Cockrell answered sharply thai