The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-12-09
Wants Finance Committee
to Investigate Operations
Of Treasury Chief.
TWO SETS RESOLUTIONS
Carolina Senator Questions Right
of Government to Issue Pana-
ma Canal Bonds and Wants
to Have Public Protected
From Unlawful Money.

WASHINGTON. Dec. 9.-Senator
Tillman today introduced resolutions
directing the committee on finance to
investigate the recent proceedings OF
the Secretary of the Treasury In con-
nection with the financial crisis and
also to make inquiry concerning clear
ing house certificates.
The resolutions were presented in two
series, the first dealing with the ques-
tions of the Treasury Department and
the second with clearing house certif-
Gates, both being divided into three
subdivisions.
The first of the resolutions directs
the committee on finance to invests
gate and report to the Senate as fol-
lows:
..First-Whether the issue of certih-
Gates of Indebtedness bearing 8 per
cent. interest, bids for which were in
vited by the Secretary of the Treas
ury November is. 1907, were for the
purpose of borrowing money to meet
public expenditures as provided by
Is, 1899. and If not whether there is
any warrant of law for the issue of
said certificates.
"second-Whether the issue of $50
0O0.0 600 of bonds of the Panama a
loans. bids for which were called for
by the Secretary of the Treasury on
November Is, 1907. was required to de-
fray the expenditures on said canal,
there being at the time when both of
these loans were made upward of $500
100000 in the Treasury for current
expenditures.
"Third-Whether any legislation is
necessary TO protect the people and
business interests of the country from
the issue of unlawful money, If clear
ing house certificates are such, and to
prevent the illegal increase of the
public debt In time of peace"
The second series of resolutions directs
the finance committee Ito investigate and
report to the Senate as soon as practicable
on the following points:
"~First-Whether clearing house Ger.
~fificates with which the country is now
flooded nave been issued under author
ity of law or contrary to the same.
'Second-Whether the issuing OF such
certificates by an association of banks,
both State and national and the use of
the same as money subjects such GER
t~ificates or notes te the tax Of 10 per
centum provided in section 3412, United
States revised statutes.
"Third-Whether it would be permits
sibte under the. law as 1t is for an asso-
sa>Ssfatton Of banks, warehouses and ele-
va Egs to issue certificates based on
cotton, wheat and tobacco, store 1t IN
sNch warehouses and elevators and
fully insured. to be used as money IN
marketing said crops In the same way
as clearing house certificates are now
used"
Senator Tfilman asked that unanimous
consent be given him to address the Sem
ate on his resolution, but Mr.. Lodge sug-
sested that in the absence of Mr.. Aldrich,
chairman of the committee on finance,
the resolutions should go over.
THAT is satisfactory TO me- said Mr..
Tillnlan.
Senator Culberson also called up his reso-
lutions asking for information concerning
the issue of s50, 000, 600 of Panama Canal
bonds and the total number of banks IL
operation October / aud November IS, 1907
and the amount of public money on de-
post In the banks OF each State and Terri
tory on those dates.
The President today sent to the Senate
a list of decorations sought to be con-
veyed by foreign powers to American Of
fcials. Included in the list is a gift, in
the shape of a large silver urn, presented
by the Central American Republic to Com
mander r. Richard Mulligan.
A long list of ~postmasters nominated in
cluded Robert l.. Barber, at Camden, N. j.
The Senate, in executive session. today
confirmed the nomination of George Otis
Smith, of Skowhegan, Me. to be director
of the United States Geological Survey.
The nominations of nearly sixty post
masters were confirmed.
WASHINGTON, Dec. with only one
committee appointed, that on banking and
currency, and with the assurance of
Speaker Cannon that no other committees
would be ennounced until next week. the
House of Representatives today after q
session of only a few minutes, adjourned
until Thursday.
Representatives Bede. of Minnesota; Pol
lard. OF Nebraska: Coudrey. of Missouri,
and Lands, of Indiana, were sworn in.
MAHL Err Is COMING.