The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-06-12

WALLSTREET KNOWS
The New New Sugar Tariff
Sent Trust Stock Up
from l18 to 1924.
DENUNcIATIoN BY VEST
Crowning Infamy of the Infamous
Tariff-Allen's Populist
Idiocy.
DENUNCIATION BY VEST

WASHINGTON, June Il, 1S9T.-The pre-
liminary business in the Senate today
was brief and unimportant MIR. Allen
(Pop-, Neb) introduced a resolution up
on which he said he would later address
the Senate, declaring against the dis
tinction made in special pension bills be-
tween the widows of officers and pri-
Yates.
AT 12:15 P. M, the consideration of the
tariff bill was resumed, the pending
amendment being that of Senator Jones
(Ark.) to strike out in line 20, page So,
the words ION all sugars
Mr.. Vest (Mo.) took the floor and call
ed upon the majority to answer the dec
larations made by the minority that the
present sugar schedule gave a large in
crease of protection to the sugar trust.
His side, he said, had made the direct
issue. The sugar trust was now making
20 per cent. on its enormous watered
stock. Its officials had admitted it.
In view of this fact it was due the
minority and the country that an explain
the other side But what was the reply
OF the majority to the challenge of the
minority? 1t was that leaving out the
a
cent there was no increase But what he
wanted to know was what it was if that
three-eights was included. BY what
sort of legerdemain was it to be exclud-
ed, he asked. Mr.. Vest repeated his
statement of Wednesday that the pro-
lection on s6 degree sugar was increased
py the caucus amendment over the Or
1glnal Senate amendment five cents per
nundred pounds. 1t was 66 cents in the
schedule adopted yesterday against "a
cents in the present law He went into an
elaborate calculation, he said Mr. Aldrich's
ngufes as basis and challenged the
majority MAJ to disprove his calculations.
should be admitted or disapproved, that
Senators may take their responsibility
her" The schedule he insisted, was ut
terly, indefensible. The only excuse he
Allison yesterday, that this duty was inn
posed, not for revenue, but to ncourage
the beet sugar industry.
on, Mr.. President" cried Mr.. Vest,
inconcluSlon, our experts may be mis-
taken, we may be in the fog ringing our
BELLS but repeat again what l said the
other day that there was one set of men
Our friends in Wall Street know what
this schedule means,'' he said his voice
rising. Within four hours after this
up s6 a share, from 11s to ia Last night
It closed at l25@. Does anybody believe
that Wall Street does not know what
protection this schedule gives to the
Trust? If the protection had been re-
dueed Wall Street would have responded
as my hand responds to my brain. The
cry in Wall Street is: The Trust has got
all it wants; up with the flag of protec-
ton that puts money in our pockets
Mr.. McEnery (Dem. La.) who yester-
day voted for the sugar schedule, follow
ed Mr.. Vest. It was his maiden speech
in the Senate and much interest was
manifested as he began. Several Repub-
1ican Senators moved over and took Seats
on the Democratic side. In opening he
referred 10 the denunciation of the sugar
trust as a corporation which was crush
ing the life blood out of the con-
sumer But that trust was not the
only organization he said which was
meeting with the consideration of the
people and helping to reduce them to beg
gary and starvation. In the SOUTH he
declared. there was a trust that sought
to throttle the people. Beside it the SUI
gar trusts expressions and exactions were
insignificant 1t was the trust which
controlled new process for baling cot
ton.
That company sought to bale and con-
troll the cotton of the south Its interests
were directly opposed to those of the cot
ton planters. The interests of the sugar
producers on the contrary went hand in
hand with these of the sugar trust The
interests of both were bound up together.