The San Francisco Call. Newspaper, January 4, 1896, Page 2

2 THE SAN FRANCISCO CALL, SATURDAY, JANUARY 4, 1896. PE— SHERMAN ON FINANCE Unwise Tariff Legislation Reduced Receipts Below Expenditures. ONLY ONE REMEDY LEFT. Borrow Money on the Best Terms and Provide Additional Revenue. MISTAKES OF THE PRESIDENT. In Stating the Cause of the Country’s Condition Cleveland Had Argued Erroneously. WASHINGION, D.C., Jan. 3.—For over five hours to-day the Senate was in the tur- moil of a financial discussion. It was opened by r's speech from Sherman (R.) of Ohi ce Comm port of on to set 000%00 gold when in the treasury, and sej te it fram the ordinary current re- ipts. He argued that there was no other for the financ iculties of the vernment than the unwise tariff iegis- ion of Congress which had reduced re- ceipts below expend ad impaired confidence, and had compelled the Gov- ernment to sell bonds in order to meet de- ficiencies, and that there was no other except to borrow money on the best terms possible to pay current de ciencies and to provide sufficient revenue. To that extent and for to sup] Cleve with its general policy. The coin reserve must be, Sherman said, kept unimpaired instead of be drawn upon'to meet current expenses. The im- 12 ng of that fund (from which $62,000,000 had been d out in the I twoand & hali yea: he source and fountain of all the financial difficulties and the true remedy was to supply by taxation addi- tional revenue and to borrow from the people of the United States enough money to cover past and future deficit . No action was taken on the resolution, which lies on the Vice-President’s table to be tak: for further dis ion. Assoon as it was laid aside the resolution offered some day} ag be the that the Unitéd not be sold under ct and without advertise- ken 1 di ith spirit me o A motion to refer it to the ommittee was defeated by the immense ty 48 6, and the adjournment \ was carried by a majority of only majo the routine business of the hour Morrill (R.) of Vermont, chairman of the Finance Committee, that when the Senate adjourned He expressed the hope that at that time the Finance Committee would be able: to report both the bond and tariff bill the House. The motion was agreed to. Hale (R.) of Maine introduced a bill to facilitate. the construction and mainten- nce of telegraphi¢ cablies in the Pacific Jeean for the useof the Government in its foreigmr intercourse. It waslaid on the tab] Hoar (R.) of Massachusetts introduced, by request, a joint resolution proposing an smendment to the coasutution of the VUnited States so as to give the right of suffrage to women. Referred to the Judi- y Committee. Squire (R.) of Washington introduced a joint resclution appropriating $75,000 for the share of the United States in the ex- pense of locating and determining the boundary line betwe: laska and British North American territory. Referred to the Committee on Foreign Relations. George (D.) of Mississippi introduced and asked unanimous consent for the con- sideration of a bill for the repeal of the law which requires proof of loyalty during the War of the Rebellion as a prerequisite in any application for bounty land warrants to soldiers in the Mexican War. The bill was passed. The resolution offered by Sherman (R.) of Ohio last Tuesday in relation to the re- eerve fund was laid before the Senate, and Sherman proceeded to address the Senate, prefacing his speech with a remark that contrary to his custom he had reduced his speech Lo writing, on account of the im- portance of the subject and for the sake of clearness and brevity would proceed to read 1t. Sherman opened by a reference to the two recent messages of the President of the United States in relation to the Mon- roe doctrine and the condition of the Na- tionzl finances. Asto the former, he re- marked that Congress had ‘“‘perhaps too hastily, but with entire unanimity’ sup- ported the President in maintaining the interests and honor of the country *in the field of diplomacy,” butas to the latter, Congress had not approved and would not approve his recommendations as to the financial policy, and especially as to the currency. The President had mistaken the cause of the present finamcial condi- tion in attributing it to the demand for " gold for United States notes instead of to the deficiency of revenue caused by the legislation of the last Congress, thus plac- ing the effect before the cause. And he had proposed as a remedy the conversion of United States notes and treasury notes into interest-bearing bonds, ““thus increas- ing the interest-bearing debt nearly $500,- 000,000.” The President bad proposed a Jine of policy that would produce a sharp contraction of currency, add greatly to the burden of the existing debts and arrest the progress of almost every American indus- wury that competed with foreign produc- tions. In these views the President was sup- ported by the Secretary of the Treasury. It was with diffidence that he (Sherman) undertook to controvert their opinions, but his convictions were so strong that he hoped to convince the Senate by the facts which he would submit that the true line of public policy was to supply the Gov- ernment with ampie means to meet cur- rent expenses and to pay each year a por- tion of the public debt. The gold reserve - could then be easily maintained without cost, except the loss of intereston gold in * the treasury, but with a saving of interest on United States notes and treasury notes - of five times the interest lost by the gold held in reserve. But a vastly greater bene- fit than the saving of interest was secured to the people by a National paper currency, it adjourn to meet on Tuesday | at par with coln, supported by the credit of the United States and redeemed on de- mand in coin at the sub-treasury in the principal cities in the Union. The only difficuity in the way of an easy maintenance of the United States’ notes at par with coin was the fact that during the adminisiration the revenues of the Government had not been sufiicient to meet the expenditures. If Congress had provided necessary revenue, or if the Presi- dent and the Secretary of the Treasury had refused to expend appropriations not mandatory in form, but permissive, so as to confine expenditures with receipts, they would have had no difficulty with the re- serve, This would have been a stalwart act in harmony with the President’s char- acter and plainly within his power. The President knew as well as any one that from the close of the Civil War to the date of his inauguration the Government ex- penditures had been less than the receipts. In this connection Sherman produced s table showing that every year during that long period there had been a surplus of revenue, which had been applied to the re- duction of the interest-bearing debt. The President, Sherman continued, had complained in his recent annual message that the tariff act of 1890 (the McKinley act) was insufficient for the purpose of rev- enue. That act, Sherman asserted, had not reduced revenues below expeuses, but, on the contrary, had provided a surplus. If the tariff bill that first passed the House of Representatives (the Wilson bill)—and that met the hearty approval of the Presi- dent—had become law, the deficiency in revenue would have been much greater than it now is; but conservative Demo- cratic Senators, with the aid of Repub- lican Senators, had greatly improved the House bill, adding other dutiesand chang- ing its scope. The President had refused to sign that act and yet now he sup- ported it. After a discussion, in much detail, of the effects of the McKinley act and of the existing tariff law on imports, exports and revenues, Mr. Sherman said that he could pursue no further the analysis of the two law He regarded the McKinley law as infinitely better than the Wilson law, which was, he declared, the cause of all the evils now encountered, of adverse bal- ance of trade, by exportation of gold and by derangement of the monetary system. The President attributed all the financial difficulties to the continued circulation of the United States and treasury notes, amounting to nearly $500,000,000 and bear- ing no intere It is just to Mr. Carlisle,” continued Sherman, *‘to say that he attributes the withdrawals of d to silver legislation; that the Bland silver act was in force from (1878 to 1890, when the accumulation of gold occurred, and the great body of gold | was withdrawn after the act of July 14, | 1890, was repealed. What other cause can } be stated than that unwise legisiation re- | duced our reserve below our expenses, | impaired confidence in our ability to the redemption of United States notes in | order to meet deficiencies? What other remedy is there for our financial difficul- ties except to borrow money on the best terms possible to pay current expenses {and to provide additional revenue for | future wanis? To this extent and for | these purposes I am willing to support this administration, however much I may disagree with its general policy.” L donot wish to criticize the sale of bonds authorized by the resumption act to meet deficiencies,”” said Sherman. ‘“Under the circumstances the adminis- tration was justified in doing this, even to | the impairment of the resumption fund. There is no difficulty in collecting by | taxation more money than is necessary | for its expendifures. The true remedy is to supply by taxation in some form ad- ditiogal revenue, and, until this can be effected, to borrow from the people of the United States enough money to cover past and future deficiencies. “Notes once redeemed should only be re- ssued for gold coin, and such reissues should be mandatory when coin is de- ed in the treasury “The resumption fund should be sezre- gated from all other moneys of the United States, and paid out only in redemption of United Statee notes. With such provi- sions in the law the resumption fund could not be invaded to meet deficiencies in the revenué. It should be provided for by bonds 'or certificates of indebtedness of i such denominations at a low rate of inter- est which would be readily taken by the people through National banks, sub-treas- uries and postoffices.”” Further on in his speech Sherman spoke of the President's complaint that notes were presented and . paid, reissued and paid again and again, making a contin- uous circuit. When, he asked, had that circuit commenced ? It had commenced when this adminis- tration (supported by the last Congress) had created a deficiency, and it continued because the deficiency continued. What was Secretary Carlisle’s ground for the hope expressed by him that in two or three years there would be no deficit? The only ground for such a hope was that a new administration would provide more Tevenue, and then the circuit would be broken. Why not apply the remedy now ? The free coinage of silver he regarded as the most dangerous policy of all. There was scarcely a doubt but that in all proba- ble conditions of trade or finance (except the contingency of war) the whole mass of United States and treasury notes now in circulation could be maintained at par with coin, if it were supported by a reserve oy gold coin or bullion or silver bullion in due proportions, equal {¢ one-third or one- fourth of the amount of such notes. In conclusion Mr. Sherman said: “All T ask now is that you will not dis- turb our present financial system with your deficiencies; will not rob it of its safeguards; will not return to the days of wildcat money; will not lessen the savings of the prudent laborer, or the accumuia- tions of the rich. Time makes all things even. Let us give the executive author- ities ample means to meet the appropria- tions you have made, butletus strengthen rather than weaken our monetary system, which lies at the foundation of eur pros- perity and progress,” The delivery of the speech occupied ex- actly one hour. It wasread with distinct- ness and force and listened to with the closest attention on both sides of the chamber, No vote was asked for on the resolution, but the floor was taken by Butler (Pop.) of North Carolina, who argued in support of his bill to prohibit the issue of bonds with- out the consent of Congress. The consideration of the bill was ob- jected to by Hill (D.) of New York, who was at that moment acting as President pro tem. The resolution heretofore offered by Elkins (R.) of West Virginia directing that no bonds shall be sold at private sale or under private contract was taken up and Eikins addressed the Senate in favor of its adoption. Most of his speech was directed to a criticism of the enormous profits made by the syndicate in floating Government bonds. He asked a vote upon taking up the resolution for present con- sideration, The vote was taken and re- | maintain our currency at par and com- | pelled the Government to sell bonds for | | Monday was taken. ] sulted—Ayes 48, noes 6. The noes were | Brice, Caffery, Chilton, Hill, Mitchell of Wisconsin and Marphy. Hill (D.) of New York moved the refer- ence of the resolution to the Finance Com- mittee and spoke to his motion. Hill said the. resolution would be of no legal avail. It would be like the Pope's bull on the comet. He denounced it as an unwise step and did not think the people would approve of it, and he declared his belief that if the resolution were agreed to that the President would not pay the slightest attention to it. ‘“And,”” said Hill, “he ought not to.” Teller (R.)of Colorado criticized Hill’s speech and said the New York Senator seemed to think that if the syndicate were not allowed to take the loan the loan would not be made. He (Teller) was not of that opinion. If the loan was offered | to the public the syndicate would have the same opportunity of bidding for it which individuals now have. A colloquy of some few minutes occurred between Hill and Teller on this topic, and Hill, in the course of his remarks and finishing his part of the discussion said, addressing Teller: “Telegraph to your banker friends to present their proposi- tions to Mr. Carlisle. Let them say we will take five, ten, fifteen, twenty millions of the bonds at 3 per cent. And if he re- fuses to take them, then, and then alone have you the right to say that he is in- competent or dishonest.” A colloguy occurred between Hill and Hawley (R.) of Connecticut in regard to the likelihood of a free coinage of silver amendment being reported to the Senate irom the Committee on Finance, and Hawley said: *Shall we throw aside the House bill and vote a free coinage of silver bill, which, whether right or wrong, would discredit us in all the markets of the world 2’ ““That is a different subject,” said Hill. “That,” said Hawley, “isa subject we will have before us next Tuesday.” Despite the opposition of the free-coin- age men, who hoped to have a vote taken on Butler’s resolution to-day, the Senate, by an aye and no vote, agreed by a major- ity of only one, not to vote until Tuesday next, to which time an adjournment was taken, ————— TO CUNSIDER BONDS FIRST. The Two House Bills to Keach the Senate Monday. | WASHINGTON, D. C., Jan. 3.—The Fi- | nance Committee met again this morning. | There was a very short conference betwesn | Republicans and Democrats and nothing was accomplished. An adjournment until | The silver men are | not yet ready to submit their bill, but said | they hoped to be able to do 5o at the next | meeting. Another conference of silver | men will be held before the bill is laid be- | fore the full committee. While no plan of action has been agreed upon; it 1s probable that when the ques- tion comes up in the Senate all the Repub- | licans, without exception, will vote solidly | against all amendments that may be of- | fered, whatever be their character. Both the tariff and bond bill will, in all prob- | ability, be reported to the Senate at the | same time, but the latter will be taken up for consideration first. G St IN SENATE AND HOUSE. Some of the Most Important Bills Intro- duoed. WASHINGTON, D. C., Jan. 3.—Among the bills introduced in the Senate to-day | was ope by Teller (R.) of Colorado donat- ing to the city of Colorado Springs certain | lands in El Paso County for water works and reservo s By Hele (R.) of Maine authorizing the | Postmaster-General to enterintoa contract | for twenty years with the Pacific Cable Company for the transmission of telegrams between San Francisco and the Hawaiian Islands, and guaranteeing to the company | an annual compensation to be fixed here- after. By Gear(R.) of Iowa, an amendment to | the House tariff bill increasing the duty | (in some cases taking from the free list) on | horses, cattle, hogs and sheep and on | breadstuffs and farinaceous foods. Among the bills introduced House to-day were the following: By Sperry (R.) of Connecticut, appropri- ating $85,000,000 to vrovide for fortifications and seacoast defenses. By Johnson (R.) of California, a resolu- | tion stating it to be the sense of the House | that hereafter no bonds of the United | States shall be sold at private sale or un- der private contract. By Flynn (R.) of Oklahoma, providing | for the admission of Oklahoma to state- | hood. | By Dingley (R.) of Maine, to prevent | the extermination of fur-bearing animals | in Alaska. in the | e o Adjourned Until Monday. i WASHINGTON, D. C, Jan. 3.—The| House redassembled to-day under the ar-i rangement heretofore announced by Ding- | ley merely for the purpose of adjourning | until Monday. Speaker Reed announced ! that he had signed the bill to accept the | ram Katahdin. | 10 OROER A PUBLIC LOAN leveland and Carlisle Ready for the New Bond Issue. If the Call Fails the President Will Fall Back on the Syndi. cate. NEW YORK, N. Y., Jan. 4.—A special from Washington to a morning paper says Becretary Carlisle will to-day issue a full statement to the public on the bona ques- tion. It will almost undoubtedly an- nounce that the President will order a public loan, This information comes from a source which makes it impossible to question its truth, Tne exact terms of the statement are’ stlll unsettled, but the informant declares that the chances are 10 to 1 that the loan wili be offered to the public first. If that call Jails the President will fall back on the syndicate. The bond call has been arranged for Monday. — el INVESTIGAT, THE OFFER. Inquiry Relating to the Purchase of Tslands. WASHINGTON, D. C., Jan. 3.—The proposition to buy St. Thomas Island and possibly 8t. Croix and St. Johns from Den- mark came up in the Senate to-day in the shape of a resolution by Lodge, instruct- ing the Foreign Relations Committee to inquire whether these islands can now be purchased under the treaty signed at Co- venbagen in 1867, and whether there is not danger if they are not purchased by the United State they may not be secured by some other power, The resolution was referred to the For- eign Relations Committee, | concentrated molasses, which are | directly, bounty on the export thereof, | sugar produced in a foreign country the | produced, and that no direct bounty has FOR DUTY ON SUGAR, Senator Perkins Secures the Passage of His Res- olution. IS OPPOSED BY BERRY. Important Recommendations to Be Made to the Finance Committee. GROWERS FAVOR THE PLAN. An Interesting Memorial From Pro- ducers of California, Utah, Kan. sas and Nebraska. WASHINGTON, D. C., Jan. 3.—Senator Perkins is in receipt of a lengthy memo- rial from California, Utah, Nebraska and Kansas sugar-growers in favor of addi- tional duty on sngar. In the Senate to-day he urged the adoo- tlon of a resolution declaring it to be the sense of that body that among the amend- ments to the tariff bill to be reported by the Finance Committee there should be one for the better protection of domestic sugar-producers. Berry of Arkansas objected that the pas- sage of this resolution might commit the Senate in favor of a duty on sugar. The resolution was finally adopted, not as an expression of the Senate, but as a mere suegestion to the Finance Commitiee. Senator Perkins will propose to the com- mittee and to the Senate that the follow- ing provisions be adopted: “That from and after the passage of this ect until August 1, 1898, there shall be levied, collected and paid on all sugars, tank bottoms, syrups of cane juice or of beet juice, melada, concentrated melada, concrete and concentrated molasses, test- ing by the polariscope not above 80 deg., 1.10 cents per pounds and for every degree and fraction of degree above 8 deg., as shown by polariscope not above 90, 200.1 cent per pound additional. “All sugars testing by polariscope not less than 90 but less than 97 deg. by polar- iscope shall pay duty of one and thirty- hundredths of one cent per pound, and mn addition thereto three-hundredths of one cent on each degree or fraction thereof, as shown by polariscope above 90 deg. **All sugars testing 97 deg. and above by | polariscope shail pay duty of one and | fifty-one hundredths of one cent per pound, | and in addition thereto four-hundredtbs | of one cent per pound for each degree or fraction of degree above 97 deg., as shown by polariscope. “Provided that upon all sugars above No. 16 Dutch standard in color and upon all sugars which huve been discolored, there sball be levied, collected and paid a duty of one-eighth of one cent per pound additional, and all sugars, tank bottoms, syrups of cane juice, or of beet juice, melada concentrated melada concrete or im- ported from or are the product of any couniry which at the time the same are exported thereirom applies, directly or in- shall pay a duty of one-tenth of one cent per pound in addition to foregoing rates. “Provided, that the importer of the Government of which grants such direct or indirect bounties may be relieved from this additional duty under such regula- tions as the Secretary of the Treasury may prescribe, in case said importer produces a certificate of said Government that no indirect bounty has been received upon said sugar in excess of the tax collected upon the beet or cane from which it was been or shall be paid. “Provided further, that nothing herein contained shall be so construed as to abro- gate or in any manner impair or affect the provisions of the treaty of commercial reciprocity concluded between the United States and the King of the Hawaiian Islands of 50th day of January, 1875, or provisions of any act of Congress hereto- fore passed for the execution of the same, “That there shall be levied, collected and paid on molasses testing above 40 de- grees and not above 56 degrees polariscope, a duty of 2 cents per gallon; if testing above 56 degrees polariscope, duty of 4 cents per galion. Sugar candy and all con- fectionery made whoily or in part of sugar and on sugar afier being refined, when tinctured, colored or in any way adulter- ated, 35 per cent ad valorem; gluclose or grape sugar, 15 per cent; saccharine, 25 per cent ad valorem.’’ OF INTEREST TO THE. COAST. Senator Hale Introduced a Bill for the Construction of the Pacific Cable. WASHINGTON, D. C., Jan, 3.—In the Senate to-day Hale presented a bill to con- tract with the Pacific Cable Company for the construction and completion of a tele- graph cable to Honolulu from San Fran- cisco. The United States is to pay the cable company an amount equal to 4 per cent of the sum expended each year by the company, the contract to run for twenty years. The Postmaster-General is to make the contract, and the cable must be completed by July 1, 1897. Another section provides that the United States may become the absolute owner of the cable-line by paying the amount of its cost, with 5 per cent added. In presenting his bill Senator Hale ex- plained that it was similar to the one offered in the last Congress, but with several new features’ added. Hale pro- poses to call the bill up for consideration next Tuesday and gave notice to that effect. A bill introduced by Squire to-day ap- propriates $75,000 to defray the expenses of a convention between the United States and Great Britain to mark the boundary between Alaska and British North Ameri- can. Squire believes that this boundary question equals in importance the Vene- zuelan boundary line matter. He said in the Senate to-day that there was imminent danger of conflicts between miners and officials assuming to exercise authority from Great Britain. His resolution ap- plies to the one hundred and forty-first meridian and not te the general boundary dispute. Professor Duffield, superintendent of the Coast Survey, the American representa- tive of the Joint Alaska Boundary Com- mission, is expected to arrive here to-mor- row from Buffalo, whers he had a con- sultation with the British representative Wednesday and yesterday, with & view to the preparation of a joint report on the delimitation of the boundary. It is under- stood that they reached a satisfactory agreement, and decided upon a joint re- port, copies of which will be submitted to each Government. The action of Controller Bowier of the treasury in refusing to approve the order under the bill passed by the last Congress to pay sugar bounties, which has so far resulted in the withholding of the appro- priation, was officially brought to the at- tention of Congress to-day by a resolution which Boatner of Louisiana introduced calling for an investigation. In the House to-day Cheirman Dingley of the Ways and Means Committee intro- duced a bill identical in practically all re- spects reported by the committee last Con- gress, authorizing the President to con- clude negotiations with Great Biitan, Russia and Japan for the appointment of a joint commission, to consist of not more than three members from each ‘nation, to investigate questions affecting the fur seal herd in the North Arctic and Bering Sea, and to consider and report what further Tegulations are necessary for its preserva- tion. Senator Perkins introduced a bill to or- ganize a medical department of the navy on the same basis as the medical depart- ment of the army. Secretary Carlisle sent to the House to- day the draft of a bill to reorganize the customs district of Alaska, making Sitka a port of entry with such other subports as may be deemed necessary by Congress. —- WILL BE SIGNED TO-DAY. The Proclamation Declaring Statehood for Utah. WASHINGTON, D. C., Jan. 3.—Utah men now in Washington will again wait upon President Cleveland. They will meet to-morrow moruing at 10 o’clock and proceed in a body to the White House. In the party will be Governor West, Delegate Cannon, Representative-elect ~ Allen, Junius F. Wells of Salt Lake and Utah Commissioner Letcher. They declare they do not go to remind the President that to-morrow (Saturday) is the day that he has promised to admit Utah to the Union, but merely to pay their respects to the President and lend to the affair a little ceremony, comporting with the dignity of the great occasion. It is expected that promptly at noon to- morrow the proclamation will be signed by the President. Several ambitious Utah gentlemen are anxious to secure the pen with which President Cleveland makes Utah a member of the Union. Frank Cannon says Thurber promised it to him, and one other gentleman de- cleres that no less a personage than Cleve- land has promised to give it to him. Itis suggested by a facetions individual that the President use several pens in forming the letters of his name, so that each of the patriots can secure the much-coveted instrument. e SENATORS FROM UTAH. One of the Men Elected Will Probably Be George Q. Cannon. WASHINGTON, D. C., Jan. 3.—Utah Delegate Frank Cannon was told to-night that George Q. Cannon, his father, had positively announced his candidacy for ihe Senate. “Where did from?” asked he. “From a thoroughly reliable source,” was the reply. “Well, it is not true,” said Cannon. -“I have heard nothing about it and I don’t believe any one eise has. My father is not a pronounced candidate, Most any man would be proud to be8enator, but George Q. Cannon, if he is a_candidate at all, is merely a receptive candidate.”’ It is gossiped among Utah men heré that Delegate Cannon is greatly disap- pointed at the news from Utah, and realizes that Elder Cannon willebe elected Senator and that he will have to abide his time. The Utonians here believe that George Q. Cannon will be one of the Sena- tors, surely, and”that the other lies be- tween Arthur Brown and Coionel Trumbo, with Trumbo almost a sure winner. g To Coneider Coast Defenses. WASHINGTON, D. C., Jan. 3.—Owing to the absence from the city of several members of the Senate Committee on Ceast Defenses oniy an informal meeting was held this morning to consider Senator Squire’s bill appropriating $37,000,000 toward fortifying the cities on the coast. The committee will hold a meeting on Tuesday next, by which time the absent members will have returned, and General Craighill will explain his plans. S that information come Treasury Gold Reserve. WASHINGTON, D. C., Jan. 3.—The treasury gold reserve stood to-day, with all reported withdrawals out, at §61,626,000. LOST IN THE EXCHANGE, Those Who Entered Wall Stfeet to Gamble Were the Sufferers. Some English Traders Were Also Caught During the Brief Financial Panic. NEW YORK, N.Y., Jan. 3.—A prom- inent stockbroker who has spent nearly all the years of his life in *‘the street,” in talking with a reporter, said:. “Now that the panicky feeling has de- parted, and stocks have recovered some- what from the low level to which they were driven during the two days of break, it is an easy matter to determine who were affected Dy the shrinkage in values. “Nearly every dollar lost because of the bear raid was lost within the four walls of the exchange, and by those who were in Wall street to gamble. The raid was en- gineered by bears, some of whom had not done much, if anything, for months. They are always waiting for something to oceur by which they can frighten the room traders, who are notorious for their want of staying powers. ‘““The room-traders and ‘pikers’ made up some of their losses during the first day. The second day they sold heavily again, and went home with paper profits, and it was in trying to realize on these that they put the market upon themselves the next day. “English traders were caught much in the same way as were the traders here. This is shown by the borrowing demand on the other side. Take 8t. Paul, for an instance. It was about ten points higher in London the day before the first break that it is now, and although it went several points lower the second day, and then rallied to its present price, and even a trifle higher, they did not all cover, or else it would not now be loaning from ‘fiat’ to a slight premium in London, as it is. ““The break was so sharp and the feeling of safety followed it so quickly, that it is safe 10 say no investment stock was thrown over. By the time the investors thought of selling ‘peace was restored,” and they held on to what they had. The losses which were made were borne by the regu- lars—those who buy and sell on the floor and those who stand around the tickers day in and day out.”” T0 (SSUE A CIRCULAR, President Traynor of the A.P. A. Will Review Its Progress. LEGISLATION PROPOSED. Congressmen Expected to Pass Measures in the Interest of the Organization. AN ATTACK ON MR. CLEVELAND, Objection to His Recogniton of the Papacy as a Temporal Power. DETROIT, Mics., Jan. 3.—W. J. H Traynor, supreme president of the Ameri- can Protective Association, is about to is- sue an official circular reviewing the ress of the organization and the pol situation. He states that a large number of Congressmen are also members of the A. P. A,, pleaged to the following meas- ures, most of which will be introduced into the House during the present ses- sion: To secure a just distribution of Feaeral offices; to establish a National univer- sity; to restrict immigration and regulate naturalization; Linton’s joint resolution amending the constitution: for all time sectarian appropriations; to open to public inspection all monastic and private and semi-public institutions that are not under State controi; prohibiting the official recognition by the United States, or an officer thereof, of any digni- tary of any ecclesiastical body or church, or the official recognition of such as the delegate or representative of any church or ecclesiastical power; prohibiting any body of men other than members of the United States army and navy and of the militia of the various States from drilling or parading with, keeping in any armory or using firearms or deadly weapons of any kind, such act not to extend to the uniform ranks of benefit societies, except to debar them from drilling with, carrying or keeping firearms. Mr. Traynor also reviews Presidential possibilities and attacks President Cleve- land in these words: “It is doing mno injustice to Mr. Cleve- land to assert that if the United States had been a papal country and the Pope a tem- poral sovereign our President could not have given more recognition to the papacy as a temporal power than he has during his present term of office.”” He presents the names of Hon. W. 8. Lin- ton of Michigan, Senater Jonn H. Gear of Iowa, Governor W. O. Bradley of Ken- | tucky and ex-President Harrison as worthy the support of the A. P. A. He affirms that in the event of any indication | of the Republican party “truckling to Rome’’ “a mnew party should and must result.” THO B FRES Y 10HA One Destroyed the Business Section of the Town of Creston. A Newspaper Office and Many Stores Laid in Waste by the Flames. CRESTON, Iowa, Jan. 3.—The most disastrous fire in the history of this city occurred this afternoon, involving a loss of about $150,000 ana wiping outa large section of the business part of the town. It began in Horton & Bannister’s furni- ture-store, the cause being unknown. The store was destroyed with a loss of $12,000. The fire department was almost powerless to cope with the flames on account of the intense cold, which froze the water almost as soon as it left the nozzles of the hose. The Summit House, the largest hotel in the city, .was destroved, the loss being $35,000. The office of the Ameri- can (newspaper) was destroyed at a loss of $5000. Other losses are: C. A. Allen, store, clothing stock and fixtures, $18,000; Beehive, general store, $2000; Cot- ton & Black, grocers, $10,000; Creston Transportation Company, saloon, $3000; Kunath & Huntington, paints, $1500; J. H. Patt, two frame buildings, $3000; S. R. Cotton, $2000; Postofice, with mail, stamps, fixtures, etc., total loss; Horton, Danielson & Co., furniture, $15,000; J. W. Cherry, drugs, $6000; I. Wilson, confec- tionery, §6000; C. D. Swan, brick block, An entire block was burned over. \The insurance is not over $30,000, or less than a fourth of the loss, DES MOINES, Towa, Jan. 3.—The three- story double block owned by Le Bosquett & Earle, on Court avenue, burned this morning. The cause is unknown. The builuing was occupied by the Thornton Buggy Company. The loss on the buildin, i9$15,000: on stock, $25,000. The buildings of the Des Moines Fire Insurance Com- vany, F. W. Youngerman, Den Lehane and Robert Dempster were damaged in the aggregate $10,000. e BEATEN BY OPERATORS., Pool-Sellers Duped by the Withholding of Messages. ALBANY, N. Y., Jan. 3.—The Munici- pal Tetegraph Company, which conducts a poolroom here, has been victimized out of several thousand dollars by unscrupulous telegraph operators. The operators worked their schewes very successfully until Mon- day, when the company got wind of it and learned that the result of the races were being held back in New York. Reports are received from but two tracks now—New Orleans and Alexandria. The messages of the company had to bo re- layed at the New York office. It is alleged that parties to the scheme would immedi- .ul{]npnq tbe receipt of the message in the New York office telephone it to confed- erates here, Who would hurry to the pooi- rooms just in time to make a ‘‘big shot.” The company lost about $500 on one race Monday. A'thorough i igati i e ugh investigation is in e TORE DOWN THE FLAG. 4ct of First Officer Todd of the Liner St. ZLouis. NEW YORK, N. Y., Jan. 3.—The Jour- nal this morning says that there is consid- erable excitement among the cadets on the American liner St. Louis on account of the actions of Chief Officer Todd. The day after the St. Louis left Southampton, prohibiting | | | | | | | 1 b itd: bject, i ficer Todd, a British subject, g:’]’l‘:edoimo the cadets’ storgroom and ;{mw' the American flag hanging on the_ bucll of the door. He snatched it from its place and threw it on the deck with the c:gul?nlyg ation: *That’s a fine thing to be insight! Two or three cadets madea vrotest ::gfau?d the « flicer’s action, but received no satis- 1ons . . hfi‘tudd was in charge of George Gclhl(‘i: steam yacht Atalanta up to the time é Bt vessel went into winter quarters, 'adouf twg months ago, and was in com{:}aql of ner during all the races that the 1gi npt bad in England. He is held to be a re- markably capable steamship officer. e Lo ALL THE CHILDEEN ESCAPED. Marchea Out in Urder From a Burni Building. COLUMBUS, Oxro, Jan. 3.—A fi out this morning in the Franklin C Children’s Home. The fire was disc just as the children were 5em There was no panic. The childr marched out in an orderly wav succeeded in getting out in safet were 147 children in the home af An alarm was promptly tur the fire department proceeded to but as the engine had to go two fore reaching the scene they cou little. By the time they arrived ing was a mass of flame. Th¢ which was a large one, was entirc It cost $125,000 and was insure | $30,700. The fire was caused by a flue. After the fire had been put out a ¢ search was made of the ruins to ascer: whether there had been any loss of li.e, but nothing was found to indicate that there had been any casunalties. FOUND ANOTHEER SHORTAGE. Many Discrepancies in the Books of Ew- Treasurer Bollin. OMAHA, Nepr,, Jan 3.—It was an- nounced to-day that the experts who hav been at work on the books of ex-City Treasurer Henry Bollin, the alleged de- faulter, will report to the next session of the City Council a new shortage of $77,500. The friends of Mr. Bollin declare that this {is an error,and_that he is being charged e properly so. charged. 00 is & payment for grading bonds issued in 1892, and for which a new issue bad to be made. The head bookkeeper says that this amount was not a new amount, but simply a trans- fer of cash from one fund to another, as ordered by the temporary City Treasurer, Thomas Swobe. The latter denies making any such order. A hot fight will very likely come up over the marter. MANY TROUBLES AHEAD, There Is a Prospect of a Dissolu- tion of the Western Pas- senger Association. Roads Threaten to Withdraw Unless Certain Privileges Are Speedily Granted. DENVER, Cox —The general passenger agents of the Western raiiroaas were in session all day in this city, but ad- journed until to-morrow without settiing their differences. The Colorado roads are determined not to surrender their Colorado-Utah pas- senger association and its especial rights. The Rio Grande Western still maintains its determination to pay commissions to brokers, in order to hold its share of the through business to Montana points against what is alleged to be an unfair business done by the Union Pacific in its round-trip tickets to the Northwest. The Union Pacific is understood to be threatening to withdraw from the Western Passenger Association unless certain privi- lezes are permitted that company. Chair- man Caldwell, as peacemaker, had a busy time to-day trying to patch up differences between the passenger agents and thus prevent the dissolution of the association, which is threatened unless the local troubles are adjusted. The only action settled definitely to-day was to sanction the Colorado Association of Ticket Agents, and P. J. Flynn was de- tailed to set the machinery in motion without delay and make matters uncom- fortable to the Colorado ticket-scalpers. It is understood that headquarters for the Colorado-Utah business, the Utah, the Wyoming and the Colorado traffic will eventually be established in Denver, and that a way out of the strained relations between the Union Pacific and competing roads seeking the Montana trade will be determined upon to-morrow. e ' A Fire at Great Falls. GREAT FALLS, Moxr., Jan. 3.—A fire in the Murphy-McClay & Co.’s building ttis morning caused a loss of $40,000. The fire started in J. E. Fox’s fruitstore from a stove in the basement. \ NEW T *Clothing for little fellows.” Thirty years ago, when we basgan making boys’clothes a special study, we didn’t klow as much about it as we do now. Thirty vears’ practicein having them made right and at the right price. (?\vo your boy and your purse the benefit. This week's big plums: A few more $4 and £5 Kilt Suits at $1 63. Boys' Double-Breasted Suits, double knees and seat, §3 75. Combination Suits, including an extra pair of pants and cap, $4 50, Our imported Sailor Suits are great. To please mail customers one must know how. “ v Dr. Gibbon’s Dispensary, 625 KEARN In 1854 for e~ PROMPTLY. WITH liberal advan ral advances upon MONEY 10 LOAN ez v and fmprovements, for rej 0y NUMHER of monthly Iialimanie, GEEINIE Tower. Applytothe CALIFORNIA GUARANTE K INVESTMENT CO., 326 Montgomery St., 8, F.