New-York tribune., 1908-01-15
PANAMA BOND ISSUE UP
Senator CuIbersOn Renescs Demo-
cratic attack on Cortetyou.
tFron The Tribune Bureau

Washington, Jan. AL-Senator Cuberson again
led an attack on the Secretary Of the Treasury In
the Senate to-day. He declared he had evidence
and witnesses to prove that favortism had been
shown and the law violated In the assignment of
the last issue of Panama bonds. Mr.. Culberson
insisted on the adoption of his resolution calling
on the Secretary for information regarding the
sale of these bonds.
Mr.. Aldrich opposed its adoption at this time.
saying the report of the Secretary would be re-
ceived tomorrow. and it would probably afford
the information desired Finally he entered formal
objection to the adoption OF the resolution, and IT
went over. It " as more than ever manifest to-day
that the Democrats nursing the hope that
they can political capital out of the recent
efforts of Secretary Cortelyou to save the country
from financial disaster.
Mr. Culberson said during the debate that the acf
# Congress under which the Panama bonds were
awarded provided distinctly and unequivocaliy
that the bonds may be disposed of by the Secre-
tary of the Treasury at not less than their par
value under such regulations as he may prescrioe'
giving continued Mr.. Culberson. ito all citizens
of the United States equal opportunity TO SUD-
scribe therefor
Not only that" he added. The circular of the
Secretary, dated November IS, 1907. contains this
statement: In considering bids the bidders oHer-
ing the highest prices Will receive the nrst allot-
ments 1 desire to submit the Senate one or
two fsrts which indicate that the Secretary has
violated the Law in issuing the bonds he mas
awarded"
Mr. Culberson then read letter from j. L Cos
ton. Of Osceola. Ark, who said he had bid lot
81 10000 of these bonds. and added that several
millions of dollars worth of the bonds had been
5,snose6 of below the amount he had bid. His bid
was so44 for sl,0oo00e of the bonds and sl055 for
81 10000. He had asked the Secretary for an ex-
PLANTATION and had received the following:
In reply to your letter of the 18th inst, you sre
Informed that the department did not accept any
individual bids where the amount exceeded sloe0
The letter was signed by J. H Edwards, acting
Secretary.
Mr. Culberson said he also had letter from an
attorney in this city. saying he had bid 5000 for
s10soo of the Panama bonds. The writer. he said,
gave him the names of several persons who had
bid for the bonds and had not received them The
statement, he said showed that bonds had been DID
for by individuals aggregating S1,So,oO and not
one Of these bids was below s1o2ts. and yet &C
cording to the newspapers bonds aggregatng
81 2S25e0 awarded TO national banks, the BIDS
for which were below those of individuals
Senator Tillman introduced resolution calling
upon Secretary Cortelyou for detailed information
concerning insoivent national banks. which is TO
include the number of national banking associa-
tions placed in the hands of receivers since jan
uary l. 1888; the capital of each the name OF the
receiver, the amount Of his compensation, 20
gether with the OF all attorneys or or special
EMPLOYEES under such receiver and the compensation
paid them for such service, the states from which
they were appointed and their previous occupa-
tons; also, an itenlized statement Of money PAID
out by each receiver to creditors and sharehoioers
and the amount of assessments levied upon snare
bor5ers of each association The resolution also
asks as to the method of selecting national bank
examiners, receivers special employees and no"
their compensation is fixed.
Senator Scott introduced a bill which provides
for a tax on the deposits of national banking as
socfations II provides that whenever any such
association shall receive from the Secretary OF the
Treasury under the national banking act any de-
posits of public money. such deposits shail po
subject TO a tax of one-twenty-fourth OF per
o,t a wear which shall be assessed upon the
average amount of the deposits. The bill pro
vides that these banks shall make returns OF oe-
nosi,s to the Collector of Internal Revenue Fall-
ure 10 do so is made punishable oy nno Vi s-vv "
~, 80 oo,,ec+ed from this tax is to be used to
reimburse depositors of failed national banks.