The herald., 1896-05-08
THE F|FTY.FOURTA CONGRESS
The Senate Orders Investigation
of Bond Deals
ONLY SIX OPPOSING VOTES
The Resolution Is Very Specific and
Very Sweeping
The Investigation Will Be Conducted by ths
Senate Committee on Finance and
Due Report Made
ONLY SIX OPPOSING VOTES
Associated Press Special Wire.

| WASHINGTON, May by the de-
cisive vote of 81 to the senate today in
augurated an investigation to be con-
Quoted by the senate committee OH
fnance,into the facts and circumstances
connected with the sale of United States
| ponds by the secretary of the treasury
| during the last three years. Six adverse
votes were cast by Senators Caffrey of
! Louisiana. Faulkner of West Virginia
Gray Of Delaware, Hill of New York,
Mitchell of Wisconsin and Palmer of
Illinois, all Democrats. The resolution
demanding the investigation is very ex-
| plicit as follows:
/ Resolved, that the committee on
finance be directed, first to investigate
and report generally all the material
facts and circumstances connected witt.
! the sale of United States bonds by the
secretary of the treasury in the years
| 1894. 1895 and 1896.
second, to investigate and report spe-
| clhcally what amount of ayaila bic
| funds, classified, was in the United
States treasury, and on deposit in other
places subject to the order of the secre-
| tary or the treasury at the time the
| ponds were sold or offered for sale;
| whether there was or was not money on
hand to meet all obligations of the gov
| ernment at said time the bonds were
| sold or were offered to be sold: what OBJ
| legations were due at that time and the
| amount of each stated separately; what
was the reason for any unusual with
drawal of coin from the treasury shortly
before bonds were sold or offered for
sale, If such unusual withdrawals were
in fact made. and by what persons or
classes of persons and for what purpose
or on what accounts such Withdrawals
We're made, who purchased the bonds,
in what amounts, and whether in the
United States or in foreign countries.
and in what proportions and from wha t
persons 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 gov
ernment 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 treasury in re-
latlon thereto; what agreements or
contracts, and whether oral or in writ
ing, and whether publicly or privately,
were entered into by the secretary of
the treasury and any syndicate or per-
son or persons with respect to the sale
and purchase OF the bonds and the
profits made or to be made by such syn
dicate or any person or persons con-
nected with the syndicate, directly or
indirectly; whether such contract or
agreement had any, and what effect, on
the price offered for the bonds what
the erect was, and who, If any person,
profited by it and to what extent.
The bond resolution came UP imme-
diately after the morning business, and
Palmer, Democrat of Illinois, took the
floor.
Il oppose this resolution" said he
because I regard it as an illegitimate
means of procuring material to affect
and inflame the public mind
The senator went on to say that he
did not suppose any senator, except pos
sibly the senator from South Dakota
(Pettigrew), questioned the integrity of
the secretary of the treasury. The sec
retary's judgment perhaps might be dis
puted, the correctness of his acts might
be questioned; but there was no uues-
tion of integrity involved. Mr.. Palmer
reviewed the platform utterances of the
parties, citing the old adage, 1.-THE world
DO move" Mr.. Palmer said the country
had moved since the platform declara-
tion of 1892, and it was evident that the
nnancial planks made at Minneapolis
ana Chicago would not satisfy the peo-
pie In the coming elections In mem
t1oning Mr.. Cleveland's return to the
White House in 1898 Mr.. Palmer said
the president had called to his aid that
able statesman. that pure and honest
Iiidii, JOfl1 u. Cdrl1SIe.
Mr. Palmer referred to the cowardice
of candidates for the presidency and for
congress in not being specific in their
1lnancial views, and in this connection
the senator had an article read from
tne desk arraigning Gov. Mckinley for
his Janus faced" attitude on finance.
o.tia, ana yet, ADDED Mr. Palmer, "all indi-
catlons point to the fact that the subject
or that criticism will be the Republican
candidate for the presidency" y
senator across the aisle Whispered
TO Palmer the substance of the bulletins
from the indianapolis convention, where
upon MT. Palmer added: I'm fact, un-
broken down."
Mr.. Palmer was speedily drawn into a
hot colloquy with the two Missouri sena-
tors, Vest and Cockrell.
The former wanted to know what Mr..
Palmer meant by reference to snap"
conventions favoring silver.
Il mean" replied Mr.. Palmer. "the
conventions held last year in Missouri
and Illinois,"
What was the snap feature of the
Illinois convention"
AN unnecessary convention is a snap
convention" replied Mr.. Palmer.
These conventions were called to
commit the Democratic party in advance
to the free silver dogma"
Mr.. Cockrell answered sharply that the
Missouri convention was one of the most
representative gatherings ever held. 1t
was called because the Democracy was
being misrepresented and an attempt
made to commit it to gold. Mr.. Vest de-
clared that the Missouri convention was
a response to the people. The people led,
end, added Mr.. Vest, the people assem-
bled conventions and any man who tries
to stop them will be crushed. Manhood
and .decency will no longer permit us
to stand here and be accused of advo-
eating "unsound money" and of assem-
bling snap conventions.
At this point Mr.. Vest branched off
into sensational recital of personal his
tory. He spoke of the order just made
public by which this administration ex-
tended civil service reform. 1t was not
of the tenets Of this school that the pat
ronage Of the government shall not be
used to influence politics.
Mr.. Vest referred to the Nebraska
convention, where, he said, "office hold
ers, postmasters, collectors Of internal
revenue, their lungs filled with the air
which came from the treasury" were in
control. The senator spoke Of cabinet
officers speaking about the country, and
added that he had not heard a whisper
of criticism from bis excellency." Next
he turned his attention to the recent