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The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, January 04, 1896, Image 1

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ESTABLISHED AUGUST 24, 1852. WHEELING, W. YA., SATURDAY, JANUARY 4, 1890. " VOLUME XL 1Y -NU.M 15KR II I.
A GREAT DAY
01 Debate on Bond Issues in tlic
Senate.
SENATOR SHERMAN'S ADDRESS
In Which lie Takes Issue With
President Cleveland.
CAUSE OF REVENUE DEFICITS
And the Remedy, nnd the Correct
Financial Policy.
SENATOR ELKINS* RESOLUTION
nrlugi on a Warm Drliate-Hriiatr 0%-erwhcluilugly
Yotea lo Consider It?The
West Virginia Senator Show* Uut It
Cost More for (he President to Float He.
cent Uoiul* than It Cost to Float the War
I)cbt of Tito a ml n Half IlllJIoiis-Ilc
penonnoea the Effort to Put Moury In
the Poeketa of Syndicates at the Expeuae
of the People?Illll Appears fur the Syndicates,
WASHINGTON, D. C.. Jan. 1?The
senate hoard a stirring debate to-day
the bond question being the main
theme. t
Mr. Shermnn's speaoh, which hnd
been anticipated with much Interest for
some time. Initiated the financial discussion.
The veteran senator was In
good voice, and his speech was closely
followed throughout. This, however,
was merely a prelude to an unexpected
financial controversy, vigorous and pefactnal
in character.
Mr. Elkin*. of West Virginia, naught
to secure nn Immediate vote on his resolution
directing that nil lmnd ls?*<u??? l>e
advertised und the bonds offered to the
public.
Mr. Hill attempted to have the Elklns
resolution referred to the committee,
but on a roll cnll the vote was overwhelming
In favor of proceeding with
the question. Only six negative votes
were cast, viz.: Chilton. Cattery, Hill.
Mitchell, of Wisconsin; Murphy and
II rice.
Mr. Hill spoke vigorously ngninst the
resolution. He asserted that Mr. Sherman.
when secretary of the treasury,
had made bond contracts with New
York syndicates similar to the one now
assailed. This brought on a sharp-personal
debate, in which Mr." Hill. Mr.
Hoar, Mr. Sherman, Mr. Teller and
others participated.
At 5:30 the senate agreed to adjourn,
although the motion carried by a bare
majority of one.
During the day, Mr. Morrill, from the
finance committee, reported that the
tariff and bond bills would be ready on
Tuesday, to which day the senate adjourned.
After considerable routine business,
on the assembling of the senate Mr.
Sherman begun Mis speech on the financial
question, rending from manuscript,
and receiving close attention.
Speaker Reed and Messrs. Henderson.
TTfltieil. Walker and pther members of
" ? ??">?? /in *Vi<. flnnr nf that Rl>n.
ate and followed Mr. H henna n with
close attention.
Mr. Nhrrmnn'a Spfrch.
Mr. Sherman began by asserting
that while Congress would support the
President in maintaining the honor and
Integrity of our country In the field of
djpplomacy It will not apj?rove his recommendation
a of the more important
subject of our financial policy and especially
of our currency. "The President,"
aaid ilr. Sherman, "has mistaken
the en use of our present financial
condition in attributing it to the demand
for gold for United States notes
Instead of the deficiency of revenue
caused by the legislation of the last
Congress. He placen the effect before
the cause. He projK>?e* as a remedy
the conversion of the United States
rotes and treasury notes Into Interest
bearing bonds, thus Increasing the Interest
bearing debt nearly JiOO.OOtf.OOO.
"The only difficulty in the way of an
easy maintenance of our notes al par
with coin is the fact that during this
administration the revenues of the government
have not been sufficient to
meet the expenditures* authorized by
Congress. If Congresa ha-l provided
the necessary revenue or if the President
and Mr. Carlisle had refused to
expend appropriations not mandiutory
In form but permissive so as to confine
expenditures within receipts they would
have no difliculty with the reserve. This
would have been a stalwart act In harmony
with the President's character
and plainly within his power.
"He knew as well n/i anyone that
in * ?ho rineif nf the elvll war to tli
<ta.te ot Mb Inauguration the expenditure*
of the government had been less
than Itfi receipts.
"The President in his recent annual
meewage complains that the law of October
6, iv:?<"'. known as thb McKinley
ad. was 'Inefficient for the purposes of
revenue.' Tlin.t law, though It largely
reduced taxation by placing many articles
on th?! free list and granted a
bounty for the production of sugar. >*"t
did riot reduce revenues below expenditures.
but provided a surplus nf J'l/.239.7G2
f?7 June 30. 1591. and I9.91M53W
June 30. IS'j2. and >2.341.074 29 on the
80th of Jun?\ 1R93, when Mr. Cleveland
was President and a Democratic majority
in both houses of Congress ha I
been elected, all pledged to rt-penl the
McKlnley net and tn reduce duties.
.\o fctirju Ur.
"That the McKlnley act did not produne
more revenue In 1893 and 1S94 Is
not a matter of surprise. Any tariff
Jaw denounced by the party In power
with a promise to n-je-nl it and to reduce
duties would pn vrnt importation
undfv the old law and thus lower th*
revenue. Ilarly In h'-cembcr. IS93, at
the first recuinr s?i--:i.?n of Congress
during .Mr. Cleveland's term a bill was
r..r.nnlnlail .< u .u . . t 11>1 1 I <
psasod th<? house *.r representatives.
'I hat Mil niel tho h?;irty approval of tho
J'rofld<?nt. If It furl hocomo n Inw an
originally prcsmtr \ th? deficiency In
thA r'-voriiio would have boon much
gr-ntor than now, hut comwrvatlvo
?>emooratlo lonntorii with thfl fll<l of
If publican nrrratorM, grimily Improved
th * hoijfl'* bill, added oth#r dull''* and
ehanged the moop?- of tho measure.
Wllh thw ani'-ndmentfl It bocarno <t
law. The Prenldejit r?'fus?*d to ?U?n It.
rxprrnnitiK hi* opposition to the wennb*
nri).-ri<lm?'nf* nnd y?1 now wupportu It
when dolloN-ricles hnvf l"-en greatly Inni-fitik'd.
when the puhllc debt In Ini
nr. and doubt* arti oxprcisnd in
to tho ability <>f tho governmoiit to
maintain It* note* at par with coin.
"I !i:iv?? a ntsitfinorit Hhowing tho reoflli'W
' '"I expenditures under etoh law
on h month, the M< Kinley Inw from Itn
in !?: ?? tho election of Cleveland,
arid the WIIv ?n law from Itn pannage lo
I >ocomh< r 1, iI >ur Ing the twonty
live month" ?.f tho M.Kinley law tho
ttvcratpj monthly nurplun wan
Purine the cxistcncc of <ho Wilson law
the average monthly deficiency was
COD,60S. If the McKlnley law was. In
tho opinion of the President, Incident
for ruvenae ho should have said of tho
"Wilson law that It was bounteoui in
deficiencies."
Mr. Sherman then entered Into comparative
analysis of the McKlnley and
Wilson laws <o ehow that under tho
latter we exported In a year ajrricultural
productions valued at 1301.578,835,
while durlnc the last year of tho McKlnley
law we exported similar productions
valued at |37M25.2yi?. Proeldont
Cleveland, he continued, "believed
In lanro Importations at tho lowest cost
without regard to the Industries and
htl*>r of our countrymen, while 1, believe
In a careful discrimination and
the Imposition of such duties on articles
that compete wltli some productions as
will diversify our employments and
protect and foster irnpartlaily all
Industries, whether of the farm, workshop,
the mine, the forest or the sea."
Catiu of Flnmiclnl Troubles.
Mr. Sherman continuing* declared
that the deficiency of the revenue was
the primary cause of the demand for
United States notes and that the only
remedies are cither radical reduction
of expenditures or an Increase of taxation,
nnd perhaps both.
Ho thought it strange thai the President,In
dealing with our financial condition.
should Ignore entirely the fact
that during his term of olllce thus far
thrco issues of bonds have been made
amounting In the aggregate to 1162.315,400
to meet current expenses In time
of profound peace. "The President."
he said, "attributes all our financial difficulties
to tho continued circulation of
United States notes and treasury notes,
debts bearing no Interest, amounting
to nearly *500,000.000."
Senator Sherman then read from Secretary
Carlisle's report to show that
prior to 1831. the demand for coin for
United States notes during a period of
thirteen years, from July 1, 1879. to July
1,1892, was only $ 13.3iu.si?6. while the receipts
of gold for United States notes
luring the same period amounted to
5160,000,000. -The withdrawals from the
treasury from July 1, 1892, to December
1, 1895, have amounted to $360,266,612.
"During the first term of Mr. Cleveland,"
he continued, "when he was powerless
to affect our currency and tariff
policy, the senate being Republican, the
golil increased rrom 9Z4u.wu.uuo on me
first of April. 1SS3. -to J320.000.000 on the
first of April. 1SS9. This gold came Into
the treasury without cost In exchange
for United States note? or gold certificates.
"It Is Just to Mr. Carlisle to say that
ho attributes the withdrawals of gold
to ."liver legislation, yet the Hland-AllLwn
art was In force from 187S to 1S90.
When the accumulation of sold occurred
and the great body of gold was
withdrawn after the act of July 14,1S90,
was repealed.
"In view of these official facts can
any fair man doubt an to the cause of
our financial condition? What other
cause can be stated than that unwise
legislation reduced our revenue! below
our expenditures. Impaired confidence
In our ability to maintain our currency
at par, and compelled the government
to sell bonds provided for the redemption
of United States notes In order to
meet deficiencies? What other remedy
Is there for our financial difficulties
except to borrow money on the best
terms possible to pay current deficiencies
and to provide addtlonal rovonu*
for further wants? To this extent and
for these purposes 1 am willing to support
this administration, however much
I may disagree with its general policy.
Will Fall.
"nut the President Is not satisfied.
He demands the retirement nnd cancellation
of all the United States notes
and treasury notes by the sale of bonds
of the United States hiring interest,
"If this policy Is adopted to compel
tho people of the United States to Bur
renaer me uesi ymn^r tuuntw ?-???/
have evr enjoyed. it will fall." The deficiency
would not have occurred, Mr.
Sherman Inflated, "had not the President
And both house* of the Fiftythird
Congress, then In j>olitical sympathy.
united in passing a law reducing
the revenue below expenditure* for the
flr??t time since the close of the war.
"I do not wish to criticise the sales
of bocids authorized by the resumption
act to meet these deficiencies. Under
the circumstances the administration
wan Justified In doing this, even to the
lm;<ilrment of the resumption fund,but
It ought frankly to say thnt the cause
of tihe invasion of the resumption fund
was the deficiency of revenue created
by faulty tariff legislation by the last
Congress. The trtK- remedy in to supply
in some form additional revenue, and
until this can be effected, to borrow
from the people of the United States
enough money to cover past and future
dellclencles. This done, gold will readily
be exchanged for United States
notes, ns was done from Jnnunry, 1S79,
to the election of Mr. Cleveland. ,
"The two defects In existing law to
latlm: to redemption are mentioned tjy
the President.
"First, that the notes presented for
redemption must be reissued. It seems
from the? newspapers that h.; has found
the power to hold notes redeemed until
they can be exchanged for coin, a discovery
that he should havu made sooner.
"Second, that the resumption fund la
ft part of,the general balance in the
treasury and may bo applied to current
expenditures.
"(.'onk'r.-sfl neglected to cure the dof"Hs
pointed out by me as secretary of
the treasury In 1S80, Ifut 1 hope will correct
them now at the request of the
President. It was not then anticipated
hat u d- flclency of revenue would occur.
or tbnt If it did occur the governiinot
wouid us." a fund specifically
pledged for another purpose to meet
current liabilities.
"Notes once redeemed should only bo
, re-issued for gold coin and sue)i ro-laI
juies should be mandatory when coin Is
deposited In the treasury. With tho
provision of law tho scarcity of currency
should create such a demand for
it that (cold will be freely deposited In
I exchange for tho more portable and
convenient notes of the United Ktntes.
1 Tho resumption fund should be segre|
cated from all other monies of the United
States and paid out only In redemp1
tlon ??f United ,States nol"??. With
nil oh provisions Iji the Inw the resumpI
Hon fund could not lw Invaded to met't
I deficiencies In the revenue. They should
| be provided f>?r by bonds <?r certificates
I nf indebtedness of small denominations
! nt <1 lnw r.i!? of Intorwt which would
I l*> readily taken by tho people through
national banks, mib-trcasurles and
i postolflces.
I "Au the term 'lawful money' Includes
| gold coin there Is a 'Imposition by timid
! banks to convert th"lr United States
no?tcs Into coin, thus aiding In deplotln/T
tho redemption ivjwrvo. This ought to
l. prevented by a provision of law
Hint tli - bmtik reserve of lawful monoy,
I Mball b- United Stains notes ??r trenmtry
| n<?tes only. Tho resumption fund Is tho
?if.-Kiiar<l of I ho monoy of tho people
and Ms us" for any other purpose Is a
jflurtlral repudiation of tho public
faith.
Tititf "Hii'llraa f'liitlit."
J "The President complains that the
I notes nr. ppr-.-nted and paid. re-lnsucU
I and paid again and agaUi, making a
continuous circuit. When did this circuit
common'"'? The only answer Is
when thin administration supported by
ib? last Congress created a dellolonoy.
I Why docs the circuit contlnuo? It Is
becauso tho deficiency continues. The
government resorts to tho financial policy
of Mlcawber. It gives It# bonds
and thinks the debt paid. Ilut the
circuit continues.
If deficiencies occur Congress should
Immediately supply the moans to meet
them and Congress nnd not the administration
must be the Judge of the
mode and manner of relief. The President
Is of tho opinion that the United
States notes and treasury notes should
ho retired and rlvo nlnco to bank notes.
This Is a question for Congress to decide.
It Is certainly not of that opinion
now, nor was the last Congress of that
opinion."
"A careful study of the systems of
banking, currency and coinage adopted
by the principal nations of Europe convinces
mo that our system when cured
of a few dcfeots developed by time,
founded upon the bimetallic coinage of
gold and silver maintained at par with
each other of the free national banks
established In every city and town of
Importance In the United States Issuing
their not??s, secured beyond doubt by
United States bonds or some equivalent
security redeemable on demand in United
States notes, anil -the Issue of U4i
amount of United States notes and
treasury notes, equal to the amount
now outstanding, with provision for a
ratable increase with the Increase of
population always redeemable In coin,
supported by an ample reserve of ooln
in the treasury not to be Invaded by deficiencies
of revenue and separated by
the sub-treasury system from all connection
with the receipts and expenditures
of the government-rsuch a system
would muke our money current In
commercial circles In every land nnd
clime, better than the best that now
exist* In Europe, better than that of
Great Brlaln which now holds the purse
strings of the world."
M1IU llrpllra.
Mr, Mills (Dem., Texas) took the floor
fonlv in \fr S?iormn.n. Hrt ronelled
the charge that the Fifty-third Congress
van in any way responsible for
the present financial crlsiH. The burden
belonged to the Fifty-first Congress.
and Mr. Sherman was partly responsible
for the legislation of that
Congress. The Democrats had turned
over to the Harrison administration
In 1SS9, 230,000,000. How was it. he asked,
If the claim that the McKlnley bill
had produced sufficient revenue was
true that In 189.1 when the Democrats
Again assumed control, ull that surplus
was gone, consumed and dissipated?
Mr. Mills criticised the "double play"
prooeedlng by the passage In the house
of an "emergency hill." If this bill
passed the senate, as It might by Populist
support. It would meet with swift
and sure punishment on the part of the
people against those responsible for It.
The Klkliis Resolution.
Mr. Sherman's resolution was temporarily
laid aside and that of Mr. Elklns
(Hep., W. Va.) directing the disposal of
bonds by public sale, was taken up.
Mr. Elklns spoke vigorously in Its
support. He referred t" the fact that
petty government officials were compelled
to make contracts after the advertisement,
and yet the President and
secretary of the treasury were entirely
relieved of this valuable safeguard.
Mr. Elklns reviewed th? commissions
paid for floating loans during the war
to show tho enormous extortion of the
syndicates who had taken up the loans
of the present administration. Only
about 16,500,000 had been paid In commissions
on loans amounting to $2,&00,000,000
during the war. Jn other words,
If reports were to be credited, the bond
syndicate had made more in placing a
loan of $62,000,000 than was paid for
floating the entire war debt. The war
loans were floated among the people, as
all loans should be. It was said that
one banker was to obtain $1,000,000 commission
for floating the contemplated
loan of $100,000,000. The people were
unable to comprehend such reckless
and wanton waste of millions. He did
not mean to criticise the President, the
secretary of the treasury or the syndicate,
which was simply taking advantage
of an opportunity, but he Insisted
#hn? the neonle would take these bonds
nt much higher figures than those paid
the government. The credit of the
country wa? unassailable. W e were
Immeasurably tho rlchept country of
tho globe. The Rothschilds, the Morgans
and the money changer** of the
world should not have us by tho throat.
In conclusion Mr. Klklns moved that
the senate proceed with the consideration
of his resolution.
Mr. 11111 uought to object, but was cut
off by the vice president's ruling that
the motion was not debatable. Thereupon
the vote was taken, resulting as
follows:
Yeas?Aldrlch, Allison, Allen. Baker,
Cameron, Chandler, Clark, Cockrell,
Cullom, Davis, DuBols, Klklns, Faulkner,
Frye, Galllnger, George, Jlale,
Hawley, Hoar. Jones, of Nevada; Kyle,
Lodge, McBride, Mantle, Martin, Morgan.
Morrill, Nelson, Fcffer, Perkins,
Pettlgrew, Proctor, Pugh. Hoach, Sherman,
Shoup, Teller, Turple, Vest. Voorhevs,
Walthall, Warren and White?IS.
Nays?Price, Cattery, Chilton. Hill.
Mitchell, of Wisconsin, and Murphy?3.
Hill'* I'nrtUaiiahlp.
Mr. Hill at onco moved to refer the
resolution to the finance committer.
"Let us vote on that now," said Mr.
Teller. "Not Just now," responded Mr.
Hill. "Why should the senate attempt
at this moment of financial embarrassment
further to tic the hatidH of the executive
authority?" Mr. Hill said he
had no special sympathy with these
money syndicates In New York city.
He contended that" this method of sale
of bonds to syndicates was not new.
Under a Republican administration in
1878 a bond snlo of this nature had
been negotiated.
"But there was thirty days' notice of
MllC." imoiTUpieu An. r.mniH,
"Ami within that thirty days." added
Mr. Sherman, "the public instead of th?;
bankers took the bonds."
Mr. Hill declared that hanks nnd
syndicates frequently pushed forward
"the puhllo" to dlsgulso their own
transactions.
The senator read In detail the bond
contract made in 1878, t?? which the
names of the Kellgmans, IJelinonta,
Morgans and the representatives of the
Rothschilds were apponded.
"And who was the socrotary of tlic
treasury at that time?" asked Mr. Turpie.
"It was that distinguished public mnn
the senator from Ohio. John Sherman,"'
responded Mr. 1TIII with great vigor.
"Who arc the men In this present
syndicate?" asked Mr. Hill. "Who hi
this Morgan, of whom wo hear so
much? I? he not the Mr. Morgan who
furnishes the sinews of war to the Republican
party? There was no reason
to believe thnt the executive authorities
would seek to grant a special favor
to this gentleman."
Tip- senator referred frequently to the
Firm National I lank of Now York as
one of the participators In the bond
transaction* of is?x.
"Whnt Ih the peculiarity of this First
National IJank?" asked Mr. Harris,
"that the senator refers to It so much
ami so seriously?"
"I will not go Into that unpleasant
chapter," said Mr. ITIII. "The public
will recall the transactions of that day.
The charges of favoritism extended to
this bank?liecaunn of It?* contributions
to the Republican cause- will !>? recalled.
Hut I do not Intend t?? go Into that
subject."
Illltlm1 VlgnrotM Driilnl. r
Mr. Klkinn was quickly on his feet.
"I deny," said he, "that the First Na
tiona! Bank of New Tork Is a contributor
to the Republican cause. One or
?ho olfila'Ji ot that bink Ib a Democrat,
another a Republican, another an Independent?all
honorable men."
Mr. Hill added sarcastically that he
did not doubt the Integrity of these
men. He would not be led Into n discussion
of the charge!! made that the
secretary of the treasury (Mr. Shernian)
at the time of these bond contracts
had shown undue favoritism to
this bank. ,
Mr. Sherman Interrupted, book in
hand, to read the details of the bond
contract referred to by Mr. Hill, pointing
out the provision for a popular absorption
of the bonds.
"Does the senator menn to say. in
quired Air. IIIII. uuurc?i?u?k iiiiuol-u
Mr. Sherman, "that he dlrl not make a
contract with a hanking syndicate?"
"I most emphatically state," rosponded
Mr. Sherman, "that a large part of
those issues were taken by the publle."
Ileturnlng to the resolution, Mr. Hill
gave It as his opinion that tho President
would not pay tho slightest attention
to It. He would bo governed by the
laws now on the books, not by such resolutions.
Mr. Shermqn followed with a detailed
explanation of the bond issues under
his administration of the treasury. The
contract of 1878 was with the bankers
with whom the government had previously
dealt. After that, during all the
period of resumption, not one dollar
was paid to auy syndicate, but all bond
deposits were Riven tho widest publicity
at postofllcesand public placcsthroughout
the country.
Mr. Teller referred to the integrity of
tho bond sales at 1878. There had been
no public scandal over any bond sale
up to 1895. Air. Teller alBO referred to
the offer of the New York World to
take a million of these bonds at 3 per
cent.
"I venture to say," Interrupted Mr.
Hill, "that tho offer of Mr. Pulitzer Is
the only one that has been made. No
bank In the country has made such an
offer."
Mr. Teller proceeded to show that
bnnkers throughout the country were
ready to take the bonds. He recited
specific offers at the time of the last
Issue.
Tho senator denounced the "Imbecility
or dishonesty" of the executive
branch in making this secret contract.
It amounted, said Mr. Teller, to a misappropriation
of public funds, and the
miMir> wmikl ludffu the nast and the
coming transaction.
Mr. ilill replied that this talk of allowing
the public to take the bonds
was for political effect; it smacked of
demagogy. Mr. Ilill paid a compliment
to Secretary Carlisle, repeatedly calling
him by his full name?John G. Carlisle
?which attracted marked attention.
At 5:15 o'clock Mr. Aldrlch rose to
state that as It was apparent no vote
could be reached to-night, he would
move an adjournment.
Mr. Elklns demanded a roll call, and
there was a chorus of seconds to ids
demand. On the call the senate voted
27 to 20 to adjourn.
THE ST. LOUIS DISASTER,
The ToIaI Jm of Life Is Six?Firemen
Hllll ?r?rchliig for Vii-flmn.
ST. LOUIS. Mo., Jan. 3.?Six men are
dead and two are missing as the result
of the terriblo ejfl)losion of fireworks
in the If. P. Orubb commission building,
at 309 North Second strct, yesterday.
The identified dead are:
Frank Niohaus. 15) years old; Paul
Haueptner, 17 years old; Albert Chemiler,
21 y?ars old; Aloysius Schnletz. 20
years old, taken from the ruins alive
and died at the city hospital several
hours later; Xorman McArthur, 35
years old; Lewis Lay, 22 years old.
H. S. Willams, 19 years old. and
Charles Erlckson, 23 years old, both
employed by the Excelsior AVI re and
Iron Manufacturing Company, are still
missing and their bodies are thought
to be burled in the ruins.
All night long the firemen worked in
the bitter cold, pouring several streams
of water on the smouldering mass of
debris. In the alley between Second
and third streets there arose from the
wreck Hi-smemng smoitc. i ni-y tonfined
their efforts at first to the renr of
tho Excelsior Wire Company's building
and had not been at work long: bofore
they mnde a ghastly find. It was
the head of one of the victims, severed
from the body and denuded of flesh.
The body to which the head belonged
was soon found. By Its side was another
l?ody, both burned beyond nil recognition.
Superintendent Mack, of the
iron works, identified one of the bodies
by the clothing ns that of Norman McArthur,
an employ of tho Excelsior
company. Up to a late hour no more
bodies had been recovered and no more
deaths have resulted from the accident
The search Is still being carried on by
fifty firemen, who are clearing away
the muss of debris as fast us possible.
TJ?r PIHibnrgh "I^xow."
PITTS BURGH, Jan. 3.?Tho senatorial
municipal Investigating committee
examined Controller Gourlcy and Mayor
McKenna to-day, but nothing of a
startling nature was developed. The
committee then adjourned to meet In
Philadelphia next Monday. Chairman
Andrrws stated that the committee
would return to Pittsburgh later. In
the meantime tho Citizens' Municipal
League will continue the collection of
evidence to present to the committee
upon Its return to this city.
BBIEF TEKORAMS.
Tho gold reserve is now down to $62,703,0111.
The house of representatives was In
session only five minutes yesterday,
transacting no business.
The exports from Sheffield. England,
to the United Htatew ln?t year Increased
I7M.000 under the Wilson tariff.
The Flip re me president of the A. P.
A., In a circular claims that many Congressmen
are.memhers of the organization.
The remains of Miss Mary Lee, who
disappeared in May 1Si?4, at Marlon.
Ohio, have boon discovered under a corn
crib.
A Poy nnmcu Hiuint., m aiuicuKevllle.
Ky., shot his two little jrlrl cousins,
aged four and eight, and Mew out hla
own brains.
Hro at Oroston, Iowa. destroyed the
Summit House nnil thirteen mercantile
establishments. Jjos:<, JIIOO.OOO; insuranco,
$.">0,000. No lives wore lost.
Tho President will to-day Ismuo his
proclamation declaring Utah ono of the
United Stages. 1 he now state's otlicors
will tako their seats Mnnilay.
Tho miners In tho employ of tho
Pittsburgh, Chicago and First Pool MononKTihela
this Coal Campanles wore
notified yostordny that tho mining rate
of (VI cents would bo paid.
An unnamed number of tho Amorlean
Economist Association Is quoted as saying
that Andrew White, one of th<Vonoxuolan
commissioners, is strongly
In favor ?>f President Cleveland's position.
Tho rhlladelphla Press rays that'the
committee to investigate Lnrfl Dunraven's
charges regarding tin- recent International
yacht race will report a
censure <?f Lord Dunravcn and say that
he beggod tho real question at Issue.
Spectacles wore first used In the latter
part of tho thirteenth century.
CUBAN ADVANCE
Into the Province of JIavutM Is
Officially Announced.
A CRISIS FAST APPROACHING,
SpanUli Anlhorltlm Xow Yirtnullj* Admit
That the lunurgrut Approach to the
t'apltnl la a Pact?Cuban Sympathizer*
In the City flroniiiff Holder, and Tlirre
are Ftara of nil Uprlalng?The Movement*
of the Tivo Ziiaiir^ciit Division*
MADRID, Jan. 2.?An official announcement
says that the advance
puard of Generals Gomez's and Macco's
innurcent army has Bucceeded in en
terlng the province of Havana.
It Is added that several Spanish columns
are pursuing the Insurgents, who
have cut tlie telegraph wires and destroyed
the railroads as they; passed
on wetward toward Havana.
HAVANA. Jan. 3.?The Insurgents
are apparently malting a swift advance
directly upon Havana.
The advance guard of their cavalry
under ("Jen. Lacret was, at the latest
accounts, .it Daposto, which Is only
eighteen miles from Guanbacoa, the latter
being but a suburb of Havana, five
miles from the city, where a bathing
beach frequented by the citizens of Havana
1% located.
It Is believed that Bandera Is simply
planning a demonstration against Havana
to divert attention from Gomez
and the southern wing while that general
completes the work of destruction
In the cane fields of Havana province
or makes a dash into Pinar del Rio.
In the cane Holds near Amarlllas are
sr.ld to have been found the dead bodies
of thirty-seven insurgents, four of them
bndly burned.
It Is said that at Vega a force of fifteen
armed volunteers has surrendered
to the Insurgents.
HAVANA, Jan. 3.?The authorities
confess the grave condition of affairs
by proclaiming martial law for the
provinces of Havana and Pinar del Rio.
Maximo Gomez has declared his purpose
to penetrate Into the province of
Pinar del Rio. Although his forces
have not yet reached the border of that
province, the action of the authorities
Is understood to indicate that they
have no hopes of preventing him from
carrying out his threat.
It Is not only the organized force of
the advancing insurgents that they
And themselves compelled to prepare
against, but the irresistible progress of
the Insurgent army, whither it llsteth
from one end of the Island to the other,
has served Immensely to Increase the
boldness of their sympathizers, who
have hitherto remained passive noncombatants.
If these were to see the
occasion for a successful stroke there
is no doubt that great accessions to the
insurgent forces would be pained
throughout the province of Havana and
Pinar del Rio. and there are grave fears
that an uprising would occur in the
city of Havana itself.
It Is believed that a Inrge band of the
Insurgents Is still trying to force Its
way Into Havana by way of the mountains
about El CJuanamon, which Is on
the border In the southern part of the
province of Havana, going thence south
ui San Nicolas.
TBEND OF TBADE.
II. C3, Dun & Co.'t WitUIv Review of Dm.
incus Conditions.
NEW YOliK, Jan. 3.?li. U. Dun ?:
Company's weekly review of trade
which Issues to-morrow will say:
The commercial failures during the
complete year 1S95, number 13,197,
against 13,885 in 3894, put the aggregato
liabilities Is slightly greater, $173,196,000,
against $172,5*92,856, so that the average
per failure is $13,124, against $12,458
In 1S94. The bright promise offered by
a large decrease in the first quarter was
followed,by a small increase in the second
and third quarters and a large Increase
In the Inst quarter of the year.
In thnt quarter also the deferred liabilities
to each firm In business increased,
and also the proportion of deferred liabilities
to payments through clearing
house*.
Remarkable contrasts are shown this
week In prices of materials and of manufactured
products. Compared with
January 1.1895, prices of manufactured
products and materials rose?for pig
Iron 75.1 per cent at the highest point,
but only 9.1 at th^ close. while manufactures
of Iron rose 53.7 at the highest
point and 23.5 nt the close, anthracite
eoal rising 15.3, but closing 5.C per cent
low?r than January 1, 189."
The produce markets ' .e been the
theatre of surprising changes which
have Influenced all business. The acreage
in cotton was wisely restricted, in
order to give producers a better chance
for fair rctur s, and the crop was further
reduced to some extent by Injury,
but growers were Injured still more by
frantlo speculation, which checked exports,
and by false Information and advice.
Wheat producers suffered In like
mnnner from wild speculation, which
prevented the exporting of many million
bushels, and false reports which encouraged
the farmers to keep back tlielr
grain until the cream had been taken off
the market by speculators. The Inovlt
able consequence has been n very low
range In prices, the yield being clearly
In ejccoas of nil demands, while Atlantic
exports for4he last Ave weeks. Hour Included
have been 3.411,250 bushel!',
against 9,70.1.073 lost year. The great
crop of corn has materially affected the
prices of meats.
ALASKAN BOUNDARY.
Tlir People Up There l)o Sot l.lkr IlrtlMi
AsKtfiiloil.
fIRATTLE, Wash.. Jan. 8 ?Tn discussing
the Alaska boundary question, the
Hon. Warren Trultt, retiring United
States judge of Alaska, having turned
over his otllco to his successor. Hon. A.
K. Dflaney, Mid: "The unanimous
' pinion on tin- boundary question Is
that the line should stay right where It
In. People do not want England's
eontentlon granted, for It would take
some of the bent of southwestern Alaska
and control the Yukon trade.
"People are opposed to any more of
England's mup-maklng and they don't
want .arbitration. for they consider that
there Is nothing to arbitrate. They
have seen enough arbitration In the lie.
ring si-a controversy, when Kngland got
all she defdred. The line Is where It has
been conceded for years. The nu'Stfutte
of President Cleveland on the Venexuelan
boundary question Ih taken to have
some Iteming on tie* Alaskan boundary
dispute. It Is reeelved with favor and
there |h no division with us on either
ease.
"The Alaskan Indians, who are great
!overs of the stars and stripes. It being
their custom i" put the ling at haif
innst over their ! vol, are wry much opposed
to tin- Hrltl h ruining possession
of any territory."
Judge Trultt added: ' l.lquor In the
i ause nf nomiy nit the law-breaking In
Alaska. When i went to Alaska four
yearn ngo. the grand Juries would not
Indlrt for ll?ju??r selling. obeying public
sentiment rather than the law. but at
the last term, every saloonkeeper in
Alaska was Indicted."
VENEZUELAN MATTER.
A London Clironlclu Conimlntltmer
Thinks He Haa Hlml t'p tl?c httuatlon
An Important DUpntch.
LONDON, Jan. 3.?The spcclal commissioner
of the London Dally Chronicle,
who Is now In Washington, sends
the following Important dispatch:
"I am now at length able to ?peak
with confidence of opinion In the highest
American quarters. flPhe only condition
on which the men whom I especially
desired to see would speak has
beeu my personal pledge not even by a
hint to betray their names, therefore, I
can only give you my word that 1 am
not exaggerating my authorities.
MPr*?ililr?nt fh-velnnd's m-.s.-airo to
Congress has done several things, good
and evil. First, it has destroyed every
chance of saving the Armenians. Second.
it Ints given a strong impetus
towards closer ties between Great Britain
und her colonies. Third, it has
enormously emphasized the line of
cleavage always existing, hut discreetly
ignored, between east and west in the
United Stages. The west to-day regards
the east an practically a European annex
and New York bankers as allies
of the 'money sharks' of Europe.
Fourth, it has rendered certain the
creation of a great American navy,
Which the next generation will be almost
irresistibly tempted to use for
aggression. Fifth, ami most Important,
it has, unless foolish or unforeseen
events bar its natural consequence,
paved the way for better future
relations, because the Americans have
perlence of the consequences and will
cease their ignorant denunciations, and
the Englishmen will learn to show
much greater respect to American national
opinion, knowing that force Is
behind it, and will therefore refrain
from provoking it by utterances and
acts of veiled contempt. I can positively
nfllrm that the American government
is above everything anxious for
arbitration. Whatever may have been
its actual result, the intention of President
Cleveland's message was amicable.
"Now. how shall arbitration be
reached? The best way of all would
be for Lord Salisbury to comfr to an
arrangement direct with Venezuela.
The cabinet here would much prefer
this course.
"The second method is if Lord Salisbury
will say he believes the commission
fair and competent to consider
the historical question, and ask if the
American government would pencftit
him to name British commissioners to
loin it. without committine himself to
abide by the result. I can assert that
the cabinet would Instantly welcome
the proposal.
"The third method is, supposing the
American commission devotes its attention
llrst to the territory England
i3 willing to arbitrate, and reports there
Js a prima facie case for considering
the lamer question at the same time, r
will Lord Salisbury then consent to
submit that question to either the single
or a dual commission?
TBANSVAAL BUMOBS
In London, Xone of Which Are Cozu
flrmrd-Kxclttng Storie*.
LONDON, Jan. 3.?All kind of rumors
were current in the streets about the r
stock exchange this afternoon, one being
to the effect that Dr. Jameson had
been tried by court martial and shot
Hut, as the government is in control of
the telegraph wires very little news is
obtainable. Several Arms llko the
Rothschilds have advices from their
correspondents In South Africa, but refuse
to publish them.
The latest story published this afternoon
was that the second body of men
belonging to the British chartered company,
numbering about 400, which. It is
said, had started out to reinforce Dr.
Jnmeson's troopers, had been cut to
pieces by the Boers. This is the force
which Is supposed to have been advancing
from Buluwayo.
It was also rumored on the stock exchange
and s-^emlngly confirmed by a
dispatch received here that there has
been an uprising In Johannesborg. It
was added that many persons were killed
during the disturbance.
Sir Ellis Ashmede-Bartlett is quoted
as saying that he has heara that u?rman
pallors have been landed at Delogoa
Bay. *
The Berlin correspondent of the
Times fears that Emperor Wllloms telegram
will Induce President Krupcr
to denounce the Transvaal treaties
with England.
Kmprrnr WIHIbiu'i Slgnlflcant DUpalrb*
BERLIN. Jan. 3.?Emperor William
lias telegraphed to President Krugcr as
follow*:
"I express my sincere congratulations
that, with your own people, and without
appealing to the help of the friendly
powers, you have succeeded by your
own energetic action against the armed
bands which Invaded your country as
disturbers of the peace and safeguard
the Independence of your country
against attacks from the outside.
(Signed). WILLIAM."
~~ l)o \ot Mines Wonts*
PARIS, Jan. S.?-Not one of the newspapers
of this city minces words in commenting
upon the Invasion of the Trans\.n?i
(.wrttnrv hv thrt filibustering exne
<lltton under Dr. Jameson. In spite of
tho statements made by tho British
colonial secretary. Mr. Joseph Chomberlaln.
and tho assertions of tho governor
of Capo Colony, tho premier of Capo
Colony ami tho managing director of the
British South Africa. Company, the
Figaro IiihIhIm (hat Dr. Jameson did not
act without having recolvod orders to do
no from Cecil Rhodes, the premier of
Cape Colony, who In turn, according to
tho newspaper mentioned, was in communication
with England. The Figaro
adds:
"The Englteh simply wish to do with
tho mlnrs of South Africa as a pickpocket
does with one's purse, and with
the help of a well organized hustle."
Tho Kappei.says:
"Rfttmany. France and Russia are In
accord. What will England do? Will
she darn, with the I'nited States already
on her hands, to defy Europe with her
insat iablo rapnolty and untenable)
claims, and end by arousing a formidable
coalition t<? which who will be compelled
to humllinto herself?"
Tt Is reported that the steam yneht
Talisman, with a number of wealthy
Now Yorkers on board, has been
wrecked off the Virginia shore near
Norfolk. The names of the passengers
are unknown and the report is unconfirmed.
Wenthrr I'nrrrait for To-day*
For West Virginia and Western
Pennsylvania, fait- and decidedly colder;
northerly winds.
For oblo, fair and colder; northwesterly
winds.
TEA! I'Ell ATI* UE YESTERDAY
n* furnish**! l>y r. Srhnopf. druKKl?t, corner
Market and Fourteenth streets:
7 a. m a-ti.i p. ni r<
'.'a. in :?U|.~ p. m 1<
l- iu Wcathor?Chans'le.

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