New-York tribune., 1906-05-03
BOND PLAN OPPOSED.
California Senators DO Not Ask
Guarantee from Government.
IFrOm The Tribune Rurssu.l


Washington, May 2.-1Ir. Newlands startled the
Senate to-day by revealing the fact that he had.
without consulting any member OF the California
delegation, undertaken a great financial scheme
for the relief Of San Francisco 10 which he has IN
a measure undertaken commit the government.
Mr. Newlands announced that he had been IN New
York three or four days discussing his project with
fnanciers Of that city, and then introduced reso-
luton calling on the Finance and the Ways and
Means committees TO investigate the feasibility and
practicabIIity Of the governments guaranteeing
bonds to aid in the rebuilding Of San Francisco. The
resolution met with immediate opposition from the
Senators from California. and some California
members Of the House. discussing the project later.
expressed emphatic opposition TO IT, saying IL would
prove more beneficial TO a few capitalists than 20
the people who actually need assistance.
I'VE are asking many things OF the national gov
ernment" Senator Flint said, and are not so much
concerned whether the mionaires shall receive aid
in restoring their steel blocks that we shall
ceive assistance for the people who asking Tor
bread and meat"
81 am very sorry" Senator Perkins said "that
Senator Newlands introduced this resolution with
out consulting the Senator's from California
have no doubt that Mr. Newlands was actuated by
generous impulses, but IL he had consulted the
California Senators he might have been dissuaded
from presenting the resolution, which consider
would have been most desirsble.'
Senator Newlands said:
have been in New York for several days con-
ferring with large financial men regarding the San
among other things, the plan of great corpora
ton, With $OOOo000S capital one.half in cash SUP
eTty owners in San Francisco for property ut n
fair valuation which they might be unable to Inn
prove the S5OOOOO0O cash to be disbursed partly in
loans 10 individual property owners and partly for
Improvement of property conveyed. II IS TO De y
erty Of San Francisco and the money OF Eastern
1 was impressed with the Importance of prompt
action in large way with comprehensive plans tor
the restoration Of San francisco as a matter IN
Yolvtng not merely benevolent considerations, but
hOSina9S n Immediately
great por+ Of the Pacific tn it's pTo1er relations with
interstate and foreign commerce. It involved the
business as well as the transportation interests OF
CHIEF Counsel Of the sotSern Pacifc regarding the
OF the great railroad sysfems the Atchison and the
Southern Pacific with their related banks ami
financial interests. to back its promotion IN some
form. and lt announced that had successfully
OF slOO.OO0O0O ! had not intended publication rr-
garding this matter but felt that public explana
ton was necessary and that this was the opportulle
moment to call the attention Of the government to
either by guarantee OF its credit OF by private en-
terprise such have organized TO which the gov
ernment might lend it's aid in cooperative way,
just has done with the great eXpositions which
have in view the pEomotion of interstate and for
eign commerce
The whole country bears a certain important re-
lation to San Francisco as one of its great ports,
and is interested in business way in restoring 1t
as quickly as possible If it is intrusted TO indi-
vdual effort the development win be slow and
accidental It is really national enterprise. My
resolution calls the Finance Committee Of the
House to report to the pTacticability and feast
bity OF the government aiding In the immediate
of credit to the city. as in the case of the Pacific
railroads. the Philippine Islands and other mat
prise suggested. In any event, gift is confem-
plated A national port has been paralyzed. and
the nation should take part as a business matter
In It's restoration.
Mr.. Newlands's resolution was referred to the
Finance Committee