Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1908-02-01

Desks, Proceeding Which Was Sc
Verely criticized by Some Of Them.
Washington, D., C.-In response TO q
resolution agreed to by the senate on
Dec. 12 the secretary Of the treas
ury transmitted to that body detailed
statements concerning the award of
Panama bonds and percent certifl-
Gates, together with recent financial
transactions OF the government, also
embodying Information as to the gem
eral state of the nations finances dur
ing the closing months OF 19O7-the
period over which the recent financial
panic extended.
The document was not read in the
senate, but a printed copy of 1t was on
the desk of every senator and nearly
all of them at once gave it their at
tention.
Mr.. Culberson inquired OF the vice
president whether the pamphlet con-
tanned all of the secretarys communca-
tion. The vice president said he had
not examined the report and did not
know whether the pamphlet contained
all of the message.
~ do not recall an instance" said
Mr. Culberson, "in which a head of
department of the government has an
swered senate resolution in printed
form"
Mr.. Aldrich remarked that all the re-
ports of the secretary of the treasury
are made to the senate in printed form.
of statistical matter in the reply of
the secretary That part was now be-
ing printed, while the body of the re-
port had been laid before the senate.
Mr.. Culberson said that the fact of
which he complained was that the sec
retary of the treasury had printed his
argument and had laid it on the desks
of senators, and had left the statement
of facts which accompanies 1t to be
printed afterward.
Mr.. Tillman admitted that he had not
read the report, but declared that the
printed part of the secretarys report
was merely filled with assertions.
Mr.. Lodge said he was surprised at
the senator from South Carolina. II
know no one" said Mr.. Lodge, who
has pleaded so. much for light and
shows so much anxiety to have 1t shine
In dark places as he, and yet when we
begin to shed light he resists because
of the partial illumination. l think
1t Is a great convenience to have in
printed form this report summarizing
the exhibits, all of which will be here
tomorrow"
Does the senator assert there is any
light in this pamphlet% interrupted
Mr. Tillman in high pitched voice
and then adding in falsetto tones, Il
say light, light, light Don't go on on
anything else-light, light, light"
81 think" replied Mr.. Lodge, there
is abundant light in it, but whether the
senator from South Carolina will be
able to see 1t do not know"
Mr.. Culberson then. said that upon
cursory examination he discovered
that the secretary admitted that he had
not replied to the specific inquiries of
the senate resolution. His main OBJ
lection was concerning the piecemeal
method used by the secretary in giving
the report to the senate.
Secretary Cortelyou In his report
made the following statement, in
part:
"The justification for taking vlgor-
GUS action to arrest panic is found in
the remarkable figures Of the disap.
pearance of currency during the Pc
riod of about six weeks from the sus.
pension of the Knickerbocker Trust
company on Oct. % until confidence
was partially restored early in De-
cember. The amount of currency
which disappeared from sight during
this period as nearly as can be as
certained from the national bank re-
ports and other sources Of informa-
tion, was about $296,000,000
"The issue of new securities by the
treasury department was Influenced
by the conclusion that it was advisa-
Bile to take some strong and resolute
step which would convince the public,
both at home and abroad, that the
government was thoroughly alive to
the situation and determined to give
It's aid in every possible legal and
proper form.
ut was with this view that the sec
retary Of the treasury, in proposing
to the president an announcement of
an issue of $50,000,000 in 2 percent
bonds for the construction of the
Panama canal and $10O,0O0,OO0 in g.
percent treasury certificates for one
year, made the qualification that
these amounts should be issued only
II necessary
while the pressure upon the
banks was not allayed at once by this
measure, confidence was so far re-
stored that the premium on currency
fell Immediately, and bids were re-
ceived in such volume for both classes
of issues that it was not consid-
ehed necessary to allot even half OF
the total amount Of the two issues.
"The legal right Of the department
to make allotment Of these bonds and
securities to such persons and banks
and in such amounts as 1t might see
fit can hardly be called in question. in
view OF the fact that reservations on
these points were made when sub.
scriptions were invited"
The sum of $4,000 has been left by