190 



HESS. (TflB BOJD QUESTION.) 



weight with the member* of tin- H..UM- \\. 

 mining their vote upn this question. Certainly 

 it ought n.-t to hn\. MIIV w.-ight with the K. pub- 

 lican inrmbrr* of tab House, when the\ know 

 from the earliest history of the Rapabiioan 



party we havo had but u|-n this 



question, atnl thnt imliry him i-nin.-d tin* c,.,,n- 

 m a course Off prosperity nnd financial and 

 isdustrisJ taocsss that lias been the marvel of 

 - - . 



aker. I have suggested these 

 few considerations in a genernlwa) (or the reason 

 of my opposition to tab measure. When we 



oomc to oonaider the of the contract 



that has been entered into by the Secretary of 

 the Treasury, we find reasons that are t^. nu- 

 merous to mention why we h>u 1.1 not give it.. ur 

 sanction by an affirmative vote in thi- II- UM. 

 -junker, it :- mark- 



able cotitnu In that wan ever entered into by this 

 Government with any private corporal ion. either 

 foreign or domestic. What is it f It i- a con- 

 tract, in the first place, that has been made in 

 private. Heretofore the obligations of the Gov- 

 ernment had been entered into in the open mar- 

 ket, with the entire American public taken into 

 thaoonfidenceof the Administration. Kven tin- 

 loans that have been previously made by this 

 Administration have been of that character. 



.-gentleman from West Virginia has 

 t hat 1 1 1 7.000.000 has been placed i n t h ,- T r -,- a > u r y 

 of the United States by the two loans that ha\e 

 been made within less than a year by th 

 ministration. Those loans were not made in 

 secret with a foreign syndicate. They were 

 made with the Am-rican people in the light of 

 American cili/cn having the 

 prmh-gv of sending hi- bid to the Treasury of 

 th- I int. ,1 States and adding his sum of money 

 to replenish the Treasury of the fnit.-d 

 Mr. Speaker, what has bean the result of this 

 f The result i- that loans have been 

 made for less than 8 percent, on ten-year bonds. 

 For lees than 8 percent. <.n in ten-year I 

 aixl here we have a contract entered 'into secret- 

 veen a hanking concern in New York and 

 one in London, not for a ten-year Inmd. not for 

 a fifteen-year bond, but br a thirty-year bond, 

 and one that mav. under it* terms," run for a 

 hundred years; a Imnd. Mr. Speaker, that re- 

 quires the Government of the United States to 

 pay 81 per cent interest, and that interest is to 

 be paid quarterly. 



- 1 n th<* very <fay that this contract was signed, 

 on the very day that the President of th. I 

 Slates sent his message to Congress, holding up 

 thb bribe of $16,000.000 to the House and the 

 Senate for their approval, like iK.nds were sell- 

 ing in the open marl nly twelve years 

 to run. at nof This syndicate bought them at 

 104$. payable thirty yean after their date. 



Carlyle admitted, when he was I* 

 theComm ,\H ami Means, that on the 



same bam. with thirty years to run. the market 

 value of thene bonds at the time when [,, made 

 thb ormtrart with thi I 

 ll&i In other words, the President and his 

 Secretary sold these bonds for |0,500.000 in 

 round numbers, less than they were selling for 

 in the open market. Then he gave a rate of in- 

 terest on the bonds higher than any civilized 



country in the world is paying to-day for its 

 I ten bankrupt Egypl has 



negotiated her loans for less than the figures 

 that t! Qt and In- 



to this syndicate of broker>. The richest, the 

 grandest. and the proudest country in the \\..rld 



under the rule of Democracy has been reduced 



to till- low estate. 



- They have given a higher rate ..f ii 

 than little \ 



i their obligation-. They have g 

 bighei rate of interest than the lii ii i^h \>r\ im-es 

 are coni|>clll to pay ; and y. I they come in hen-. 

 after having negotiated this secret" loan, ami ask 

 the American Congress to confirm them in this 

 contract with these concessions to Hdim-nt \ 



f New York, and Rothschild \ ' 

 London. When President Cleveland penned 

 that message and sent it to Congress it was not 

 for patriotic, but political |>u raises. 



He wanted to throw the responsibility upon 

 Congress of approving an indefen-ible contract 

 with this syndicate that was represented in the 

 negotiations by his former law partner. 



"Now, let us sec what this syndicate will 

 make by this contract, negotiated 'in the manner 

 I have indicated. They make $9,500,0< >< >, m 

 round numbers, when the contract is s 

 The President says they will make over 

 000,000 at the expiration of t he period the bonds 

 run." 



<>n Feb. 14 the motion for the engrossment 

 and third reading of the joint resolution was de- 

 feated by the following vote : 



YKA* Adam- <>f Pennsylvania. Aldrieh. Apsley, 

 Babcoek. Baldwin. Barnes, Barth old t, I'. 



.t /h< .over. 1 



hiiis, B\num. Cadmus, Campbell, Caruth, Catching!*, 

 Csusey, Chiokering, Clancy, Clarke of Alabama, 

 Cobb of Missouri. Coon -if Florida. 



er of Indiana, Cornish. c<, \rrt. < t:i 

 'i-.rk, Ian 



MIL iMirhomw, Knglish of C ;i 

 Knliuun. Kvcrett. Kiel.l. r. K<.rin;.' 

 luiiner. (Jillet }' New York, (iillt-tt 



M,;iM. (ir:ih:iui. tin -shjuii, (Jritlin of 

 Michigan, (iront. Haines, Hall of Minne-.,t:i, Ibun- 

 inond. Harrison. Hayes-. Hi ri-lrix. Ib-nry. Kril'i 

 ham. 1 ,,)). Martin of Inliana, 



Marvin of New York. M of Kentiiei 



(iann. M.-K.. IfontgODiei Mutcli- 



N'eil of Moasa* 



Paffe, I'lisehal. I'attiTson. J'ii;. :. I'- ll-lletou 



of Went Virginia. I'iu'ott. I'. 



Reed, Keilly. Ke\ I'enn 



f Conned rmer- 







W. 8t": "t' Kcntu-ky. I; 



Stnun, Tarsi I un.in, 



Updemfr, WadsworiK. 



D of Went \ 

 '-liner. Wright 1-"'. 

 - -Adam of Kentucky, Aitken. A! 

 Alexander. Allen. Arnold. A very, J'.ail.-\. linker of 

 Kansa-. Bai Hamrmhin 



! 



Boatn. alifornia. J'.r.-t/. Urod- 



eriek. BromwelL, Brooksbire, Brown. Bryan. Bundy, 

 Bunn. ' California.' Cannon of 



: .hart. Clark of Missouri. Col, I, of Ala- 



bama, t.V-krell. < :!:n ofMary- 



CrawJV.rd, Curtis 



of Kansat, Davis J)< Armond. D.-n-on. I) ; - 



!io\an. I)oolittle. Edmunds, 

 Ellis of Kentucky, Ellis of Oregon, J. 



