The Norfolk weekly news-journal. (Norfolk, Neb.) 1900-19??, 1908-01-31
CDRIAYOU MAKES REPORT
sGcRgTARN OF TREASURY RE.
PLIES TO SENATE QUERY.
GREAT DEMAND FOR BONDS
Amount offered Subscribed Forty.Four
Times over-Tells Why Banks Got
Panama issue-Lots Of irresponsible
Observation-Disclosures Of Money.

panama Issue-lots OF irresponsible
Observation-Disclosures Of Money.
Washington. Jan. 30.-The senate
was entertained by series of AMI.
mated comments on the method adopt
ed by Secretary of the Treasury Cor.
telyou in placing before the senate his
reply to the resolution calling for In.
formation relative to the operations
OF the treasury department In connec.
ton with tho financial disturbance.
The secretary had had the introduc-
tory part OF his reply printed and
copies of the pamphlet were on the
desks of all senators, which was de-
clared by Democratic senators to be
without precedent.
The secretary transmitted detailed
statements concerning the award OF
Panama bonds and per cent certif-
ioates, together with recent financial
transactions of the government. and
also embodying Information as to the
general state of the nations finances
the period over which the recent
f1nancial panic extended.
Turning Point Of Panic.
The announcement of the issues Of
new securities by the treasury" says
Mr.. Cortelyou, marked in some de-
gree the turning point of the panic"
Secretary Cortelyou defends the IS
sue of Panama bonds and treasury GER
tificates by saying that 1t was ad-
visable to take some strong and reso-
lutte step which would convince the
public, both at home and abroad, that
the government was thoroughly alive
to the situation and determined to
give its aid in every possible legal and
proper form.
Concerning the allotment of the new
Issues of securities, he says: Even
II there had been no other justiflca-
ton for limiting subscriptions to ma
tional banks. this consideration-tha
pressure for currency-would, In the
opinion of the department, have justi-
fed an absolute restriction Of the
awards to national banks"
Subscribed Forty,Four Times over.
The total bids for the Panama canal
bonds, continues the secretary,
amounted to $2.220, 6O4.5s0, or more
than forty-four times the amount Of
fered. This fact, not heretofore made
public, would have stamped the loan
as an even more remarkable success
than it was II all these bids could
have been regarded as made in good
faith by responsible parties.
Examination of the bids showed,
however that many of them were not
only speculative in character, but that
they were made in many cases for
very large amounts by those who were
personally irresponsible, When the
awards were made, therefore, the
bonds were awarded without hesita
ton to national banks in those cases
where the prices offered were 1925, or
higher. and whore the bid appeared in
other respects to be made in good
faith and with full capacity on the
part of the bidder to execute his con.
tract The amount thus awarded to
national banks was s24,9sS,040.
Concerning the distribution of pub.
lie moneys in banks throughout the
country, the secretary says that this
has been done without regard to par.
tisanship, and no section has received
other than the fair and impartial CON
sideration to which it is entitled. II
Is shown that the amount of public de.
posts on Aug. 90 was about $ll5,000,.
900, of which the New York banks
held $2S,253,9S6. On Dec Z the fig.
ures show public deposits through the
country amounting to 222,353252
Houses Discusses Merchant Marine.
The needs of an American merchant
marine as an auxiliary to the navy
formed the principal topic OF discus.
sion in the house during the consider.
alton of the urgent deficiency appro.
priation bill. The debate was partic.
ipated in by Littlefeld (Me), who
questioned the legality of the pro.
vision of the bill appropriating 81 OOO,.
900 to supply deficiency for coal for
the navy, caused by the transfer OF
the battleship fleet from the Atlantic
to the Pacific. He criticised congress
for Its failure to make appropriations
for a merchant marine. His remarks
elected from Fitzgerald IN. " the
charge that the Republican party was
responsible for that condition, while
Sherley (Ky) maintained that the
lack OF a merchant marine, "a ma.
tional disgrace" was due to Repub.
lican policies.
Walsh Arguments March 10.
Chicago, Jan. SO.-The arguments
m tho motion 20, N ,o,, .,to1 "a -