The News and Observer
t 1 ! 1 . C
VOL. XXXVIII. NO. 22.
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HILL AND WOLCOTT
'rnSET INK VGE IN A HOT DE-
Bi tt. ON TIIE FIN VNCIAL
QUESTION.
HILL DEFENDS THE PRESIDENT.
After Oi#«n sins at Length 111“ Re*©«
latian D< rim Ing 111- Metalism to be
th® True Policy ot the Government
Ur. Hill Itrplfr* to Senator Wol
cat*’* Hhiloi Attack on the I’resi
«lrat «i 34 IlisGeltl Hond Contract—
Declare* He Did the llest Pos-ible.
Washington, D. C., Feb. 16 —Presi
dent ('lav. Ihiml and his Secretary of the
Treasury came in for the principal share
of attention in tho Senate to-day.
The debae was launched upon a reso
lution offered sortie days ago by Senator
Hill (Dem.). of New York, declaring it
to be th® policy of the government to es
tahlish a sate g'stem of bi metallism and
to maintain gold and silver at a parity;
and upon a substitute for it offered by
Senator Sherman, making a similar de
claration, except that it asserts that the
policy w to lie the established policy of
the Daited Stares.
Senior Hill’s Speech.
In •penieg the debate Mr. Hill said he
assumed that nearly every Senator was
a bi-mr allist in the proper sense ami
that therefore his resolution embodied
their views. He said of con re some ot
them might be gold mono-metallists of
silver mono metallist.
He recalled to the attention of tie
Senate the act which rep* aled the pur
chase elsuse of tho Sherman bill and
which declared that it was the duty of
the government to pursue steadily steps
towards t h • in liutenance of bi metallism
Ho appealed to tho true friends of both
silver **d gold, to the men who desired
the double standard. To those who said
it was impossible to maintain the double
standard in this country, he had nothing
to say. He believed that it is ponsible to
maintam it. It might take preparation.
It might r< qoire wise laws. It might re
xuire a friendly administration
H® thought it of the most supreme im
portanse at, this hour that Congress
should iaf rm the oountry and inform
the world as w< li flint the policy of the
United States was not to maintain the
single Bilver standard or the single gold
standard, hut the double standard, and
he thought it wise to make this declara
tionemphatic, brief aud appropriate.
Ho said that the true t olicy of the
Un tod Bta es was l i-metall m m ai in
that silver and gold should he mat -
t lined at a parity, aud meaning also
that tko government reserved in tne
right, the absolute, technical, logical
right, to pay its debts in the authorized
m u of the country.
Ttat »ext question was, he said, “How
shall we r»a\ our bond*d debt., or our
other dobtef
“Is it proposed to pay our indebted
ness in a depreciated currency 1 Do you
proptwc f‘>ist depreciated silver cur
rency ot the creditors of tho govern
meat if there should boa difference in
the coinage value of gold and silver ?
•It is likely that in a short time gold
w«l bo at a premium by reason of causes
vhieh it is sot now necessary to discuss
IFhsr# is ih« Senator who insists upon
it that we shall not pay in tho best
money in use ?-that wo shall not t ! e
ourselves strictly to the precise language
of the act imi that wo shall maintain
the credit and honor of this country and
pay osr debts in the best money in use ?
“My resolution is a safe, prudent and
proper resolution at this time, when -e
are drifting apart. We are further apirt,
I hear, than we were six weeks or two
months »go. The suggestion of a gold
bond oa one side is answered by the sug
gestion of the free coinage of silver on
the othsr. The proposition for the re
tirement of the greeubacks Is lost sight
of. Tho duty which confronts us, 1
think, would be the retirement ot the
greet books. There is the danger. There
is the drain spun the gold of the coun
try. Hot that, it so. ms, is impossible
We ean. however, at least, take the first
•tep. We can at least assure the people
of this *< ontry, we can assure those ftotn
whom wo hove borrowed money in other
ouictrie*, t‘at, although we are so tied
by disagreements that we cannot pass
the bills which are suggested—we can at
least *sy ?o them ‘Take our coin bonds
We will ray them in the best currency in
the world.
“Th*a rev* Imioti of mine will do that.
We g»i» oothing 1 y trying to w reck the
guv.rnm t.» 1 re torate that I believe
it is the imperative <ury of Congress to
proceed to take >-te;vs to retrethe green
back ssrrem-y Need l argue before
kthis Semite t hat this is one of the prin
k 4** ss that fronts
‘a r
se*a*or W*»le®tl’s erh.
Wol vH'it, { p '>l ieau). of Colorado, re
plied to tb > ;•. ch es Hill, which hi
characterise.: as “thresliing old straw ”
Tbs a >!*•*, he said, had Thursday
disposed f i far as this session was con
cerned of the subject of the issue, or
the endorsement of gold bonds. Not
withstanding the frantic efforts of an
adminiotration, with all its power aud
all its patronage; notwithstanding the
efforts of the leaders of both parties, the
House of a pres, matt es had, by a do
ou*ive v.Ce es u- ed to sauctiou the policy
outlined and approved by the resolution
offered bv the Nmator from N. w York,
so that tb* * nator was quits out ot ;
date.
W ;#i if ,■ ited that no genuine t
metallist h*>>i revo-t for the r* peal of the
j UfOiSs*' >g c ause of the bherman set
! except, perhaps. two or three who had
| voted in the shalow of a hope that the
I promise give** by the administration
w<»uld lie carried, out that the repeal
| would be foil wi d by some fair measure
I for the recognition of silver.
‘The class of bimetallists,” Wolcott
! idded in a sneering toue, “to which the
i Senator from New York belongs is ‘b : -
| metallism on a gold basis.’ He wants
to use tho two metals, but he «a’ ts
| them measured by the value of gold.. He
| is a bi-metallist, because ho is a gold
! mono-metalbst. Measured by gold, he
i is willing that silver shall be used to a
| limited extent n place of paper
The President's wanton attack upon
the credit of the United States has been
the most disastrous occurrence of this
generation. It has been the most wan
ton and criminal and deliberate attack
uj>on the credit of our country that conld
be indulged in Our nest was befouled
by the man who should have stood for
oiir credit. The President entered into
a secret negotiation with the Rothschilds
of Europe whereby he shall give them
‘long bonds’at an excessive rate of in
terest, so that he can make an apparent
showing to the discredit of our country
aud Refinances.
“But, even before the bonds are
issued, the reaction has come. The sub
scribers of this syndicate are called upon
for only ten per cent of their subscrip
tion. the balance of it they will never
t»e called upon to pay. The syndicate
has already been offered 112 1-2 for
these bonds; and the President of one
of ihe leading banks of New York says
t at, within ninety days they will rise to
120 If there ever was a bmd which
ought to I>6 paid in silver or depreciated
m >ney, if it can be found, it is this issue
of bonds which the syndicate has pur
chased at less than its worth "
More of the same kind of den unci.a
tions were indulged in by Mr Lodge, the
syndicate agreement being characterized
by him as “the blackest contract ever
made by the government.”
Mr. Hill’s Reply.
Renlying to Mr. Wolcott’s attack on
the President, Mr. Hill said:
“I know it has been flippantly said
here and elsewhere that the President of
the United Slates should have done this
and he should have done that, and it
has been asked why did he not issue
bonds for a less term of years? Why
did be not secure a less rate of interest ?
Senators forget and the public forget
that the President of the United States
wis hampered hy an old statute that
absolutely dictated to him substantially
the terms under which he could issue
bonds. If he has been drfven into a
corner, if he has been compelled to make
a harsh bargain in behalf of this coun
ts, it is because of the non action of
this Congress, supposed to be controlled
by the L)emocratic party.
“We deliberately waited and refused
aud put off the discussion *f this qres
t mi u til we sou d ourselves in a m n®
• »rity iu this body. Mr. President,
t iere h; s been various efforts to bring
tins question to an issue
‘it. 1 as been suggested that the old act
of 1875 should be amended so that the
President, might have been able to get
better terms. Congress has refused to
amend that law, Congress has kept the
President bound by this old statute, and
if he has made a harsh bargain it is per
haps because the situation has compelled
him to do it. At least, this much is
proper to be said in defense of the P:es
ident’s action.
“But, Mr. President, we hear the
Senator from Colorado denouncing the
President in unmeasured terms, accus
irig him of making an attack on the
credit of this country and then in the
same breath tells us that a short time
after this contract had been made, the
credit of the country, instead of being
impaired, had increased, and the bonds,
he tells us, are about to lie sold in the
market at from 115 to 120
“And this is the attack that ha> been
made by the President upon the
credit of the country. Men may be blind
fb the signs of tho times if they
havo a mind to. Men «an shut their
eyes. Without at this time approving,
because it is not necessary for me to ex
press an opinion on that point, the de
tai's of this contract, without approving
of the suggestions made in the message
of the President, I .am hereto sav that
the President has undoubtedly t nde t ver
ed to do his duty as he understood it. I
am here to say that the statement is un
warranted, unjustified; tuat the Presi
dent has desired or endeavored to give
to the syndicate a higher rate of interest
than he felt obliged to do.
Unworthy ot Senators.
“Mr. President, it is unworthy of Ben
atms upon this tie r, to make such an
attack It is not necessary that 1 should
reply t > it.. Mr. Cleveland has his faluts;
but, sir, no Senator has a right to say
that he has deliberately gone to work
and given a higher rate c f interest fer
the bonds than ho was compelled or
felt constrained to do. It ought nut
to have been said. What do we know
of the efforts that have been made,
exrept as we mav glean them from some
statements in the public press which
may or may not l>e entirely reliable. 1
pass over such charges as substantially
unworthy of notice. It is sufficient for
me that t *e Pre-id nt and the Store'ivy |
of the Treasury tell us that they ob ;
tained the l>est terms p asible und\ r all
circumstances in the case, and I am dis- ;
posed to accept that statement iu good |!
faith.
“Mr. President, no prejudice can l>e {
stirred up aud the Senator who thinks
h' 1 can stir up prejudice against this ad ■
ministration simply because a contract j
hs I-ocn made with the Rothschilds is
mistaken. 1 am no defender of the j
Roth “Childs, but 1 say tho attitude of j
Congress has compelled the financial of
RALEIGH, N. C.. SUNDAY. FEBRUARY 17. 1895.
fieer of th s government to make a con
tract with whoever has the money.
“Is this the first time in the history o'
this country that we have borrowed
m ney from the Rothschilds? No, th*
records of this government show tha
repeatedly, over and over agiin. Re
! publican administrations borrowed mon
ev from Rothschilds and fr< in o*be
woney lenders of Europe. The attenqt
i to stir up some prejudice among the
i people because the administration bor
i rowed this money in London is uncalled
: for and unwarranted.”
At 2 o’clock the agricultural appro
• priation bill was taken up and Mr. Tel
ler (Rep.) of Colorado, availing him-elf
! of the liberal rules, began to speak ir
i reply to Mr Hill.
He went still farther in the same direc
tion, saying it wai *‘the first time in the
; history of the country that the people
had a right to charge absolutely a lack
of honesty on the part of an administra
tion in dealing with its financial affairs.
The two resolutions, having had their
full time under the rults. were placed
| on the calendar, and for the remainder
I of the day some attention was given to
I the agricultural bill. The cattle and
| meat inspection amendments were agreed
i to, with the understanding that it might
be modified in conference, and the other
amendments went oyer without action
tiil Monday.
THE 1> V\ IN THE HOUSE.
Cenernl Debate on the Naval Appro
priation Hill Closed.
Washington, D. C., Feb. 16. — Gen
eral debate ou the Naval Appropriation
! bill was closed to-day.
Mr. Wa-hington (Dorn.), of Tennessee,
was the only opponent of the increase of
the new navy proposed in the bill, and
this fact caused Mr. Adams, of Pennsyl
vania, to express his surprise that one
! of that name should be heard uttering
! such sentiments on tho floor of the
i House.
Jj fiie passage of the bill as reported
i was advocated • » Geissenheiner, (Detn ),
Now Jersey; Chairman of theCommiitee
on Naval Affairs; Bartlett, (Dem.), New
York; Adams, (Rep), Pennsylvania;
Milliken, (Rep.), Maine; Cooms, (Dem ),
New York, and Talbott, (Dem.), Mary
land, in charge of the bill.
The latter was interrupted by Liv
ingston, (Dem.), Georgia, with the sug
gestion that he had better hurry up and
pass the bill, for it presented t’-e last op
portunity the Democratic party would
have to redeem one pledge in the plat
form adopted at Chicago.
Among the miscellaneous business
transacted was the passage of the fol
lowing bills: D -elaaing it to be the
sense of Cong’ess that Gre at Bril tan and
Venezuela should settle by friendly ar
bitration the Guiana boundary dispute
which had been in existence since 1873
Directing the Secretary of the Interior
to a-11 tracts of public lands at less than
quarter sections, at a minimnm price of
$; 25 an acre.
The general deficiency bill for the year
ending, June 30. 1895, and for previous
yens -the lost of the general appropria
tion bills—was reported and placed on
the calendar.
The postoiliee appropriation bill for
the year ending June 30, 1896, was
placed in conference with Messrs. Hen
derson, (Dem ) of North Carolina; Dan
phy, (Dem ) of New York; acd Loud,
(Rep.) of California; as mauagers on the
pat. of th® House: *
House biil authorizing the Biloxi nod
Back Bay Railroad Company to build a
bridge over Biloxi Bay was passed.
At 5 o’clock the House suspended pub
lie business and listened for an hour to
the delivery of ealogies upon the life and
character of the late Senator Colquitt, of
Georgia, aud at the close, at 3:05, ad
journed until Monday.
AVI 1,1. REJECT THE SCHEDULE.
The Dissatisfied Employes of the
Son*hern Railway Still in Confer
ence.
Washington, I). C. Feb. 16 —Third
Vic* President Baldwin of the Southern
Railway, who reports that organization
in its dealing with the committee ap
pointed by the dissatisfied employes to
secure a new schedule of wages, said at
noon to day that lie had heard nothing
from the committee. It is reporter! that
the committee had decided to reject the
wage iehedubi offered by the company.
I'h-lv anp rs to lx* a hitch in the
proccHl'vps Puking toward an adjust
ment. of t'.e wage controversy between
the South rn Rad way Company and its
mu ploy o , whose demand for a restora
tion of *hc former schedule was refused
on Wednesday by the officials of the
road, is stiff in session in this city, but
not oue of th<se members will give out
any information as to the probable out- ,
come of tho matter.
It is understood that late in the after- j
noon a statement was sent to Vice Pres ?
ident Baldwin rejecting tho terms * f the
schedule proposed by the eompauy.
Everything pertaining to the question
of settlement is kept secret, and neither
the employes nor railway officials will!
give out any information for publication
Matters are evidently badly compli
cated. but both sides are hopeful that a j
satis factory agreement will lie reached
in a few days The committee wdl not
assemble tomorrow but will continue its
deliberations Monday morning.
Twt aty-t\roMillions Deposited.
Nsw Yorx, Feb. 16—J. Pierpont
Morg-iu announced that at the close of
busuie s to-day the bond syndicate had
deposited in the sub Treasuries through
out the country and banks acting as'
legal depositaries #22,000,000 iu gold, on i
account of the coming bond issue.
JUST SIXTY YEARS OLD
\V MiE FOREST’S LITERARY SO
CIETIES CELEBRATE THEIR
GOT If ANNIVERSARY.
! ORGANIZED FEBRUARY 14. 1835.
i j
|*h»l* mathesian and Enzelinn Vie with
Each Other in Debate and Oratory--
Shall the House ol Lords be Abolish
ed, was the Question Discnssed—
The Debate Abie and Spirited, and
the Orations Brilliant--Social Cath
erine in the Society Halls,
i Special to the News and Observer.
Wake Forest, N. C., Feb. 10.
Thesixtieih anniversary of the form
• ing of the two literary societies of Wake
! Forest College was celebrated on y*stor
! diy. The exercises of this occasion con-
I gist of debate in the afternoon and ora
; tions at night. Shortly after 8 o’clock
j the President of the debate, Wm. Royal 1,
i called the assembly to order and gave
| the audience a cordial welcome to the
j. exercises. The question for debate,
j “Should the House of Dir*ls lie Ybol
| isheo?'' was read by the secretary, J. R.
| Moore. I. S. Boyles, ably assisted by I.
M. Meekiu*, argued for tho affirmative,
while the negative was maintained by
J. 11 Kerr ami R. G. Rozier.
Mr. Boyles led off in a speech of fifteen
minutes. He maintained that the pres
j eut crisis in England is of special
j interest to Americans. Iu order to clear
' the way f*>r i:D argument he briefly out
• lined the leading features of the English
government. This done, the Speaker
attacked the Lords with a vigor and
j earnestness, that, had it been displayed
in England, would have made the nobil
ity turn pale with fear The Lords could
initiate, amend, or reject any measure,
with a single exception. The existence
of such a decidedly aristocratic body
must, of necessity, make the general pol
icy of the government detrimental to the
best interests of the majority of the
people. Remedies bad been suggested
in the form of the abridgement of their
powers, but the only effectual remedy, in
his opinion, would be abolition.
Mr. Kerr looked at the question from
another poiDt of view. The class he de
clared, who favored so radical au in no
vation, is eomjxised of men like Glad
stone; the gentlemen of the affirmative,
Eugene V. Delis, of labor strike fame,
j and, if Anarchist Parsons would divorce
j his mind long enough from the fact that
i he is a ghost, he too would join his voice
I to the cry, “Down with the Lords.”
i The speakv'i- had the greatest respect and
j admiration g r Gladstone as a statesman,
j but he was eit the same time nono the
j less a politician, and hid instituted the
! cruside against the House of Lords for
I no other reason than that it had turned
] the cold shoulder upon his pet scheme of
j Home Rule for 1 1 eland. Tne aristocracy of
i England has no counterpart in America,
and hence Americans can have no ju<t
conception of the principles at stake
in the solution of the problem under dis
cussion. Would any sane man think
for a moment that satisfactory legisla
tion could be secured in this country on
the single chamber system ? The Senate
of the United States is, in a sense, an
aristocracy, and which is preferable, the
Speaker asked, an aristocracy of blood,
or an aristocracy of boodle? There mils'
always be two chambers in tho British
Parliament, for the existence of a second
chamber is absolutely necessary for the
guarantee to all classes of the full and
free exercise of their rights.
Mr. Meekins followed for the affirma
J tive, payiug a glowing tribute to the
! national pride which has been aud al
ways will be a marked characteristic of
j liberty-loving people. He proceeded to
show that this very pride was one of the
great obstacles to progress. The people
; of England had become so firmly attach
ed to the House of Lords and its tradi
! tions that, though it be to their interest
j for it to be abolished, many of them
j would foolishly set their heads against
• the salutary measure, simply because of
S their abnormally developed national
pride. One of the stock objections to
| tho destruction o? the Honse of Lords
was its age and prestige. Th's he pr- -
| pored to turn into m argument fort! e
j affirmativ \ for I 1
I prestige o* <• • uppt v chamber, log . • cr
I with ihe 1 ddary feature in i’sc ia
position,! ;• I p:educed ahauglny and ,
| over bearing spirit in legislation which
i could not bu D productivepc ’ ions !
i remits. TV. onontly needed Dei 1 .'vn >
: had been deiajed, to that tee ileum of j
I Lords, in a crisis, is practically useless I
: No measure, however much desired by
j the people at large, could ever become a
law if it operated to the financial dis
! comfort of the Lords, until the demand
from a determined public become so im
! perious that, fearful of their annihila
tion, the Lords were compelled to yi*-l»l
The second speaker for the nega ive
was Mr. R-'gers, who thought that the
Lords were necessary to gool’gover-*
| rneut. Just as, in the wisdom of the
framers of our own constitution, a sec
| oud chamber *as thought necessary to
serve as a check upon the hasty legisla
tion of the lowt-r, so the House of L ads
in Engl;ml operates to secure careful
consideration of all pul lie questions aud
; provides against the evils of thuightie s
•4iid unwise legislation.
The second speeches, though perhaps
showing 1-ss thought and containing
less argument, were very spirited, and
were well received by the audience.
T he ('ration**.
According to custom each society h ul
one representative.
\V. G. Newton, the orator from th-
Phi. Society, was the first lobei'.tro '
j dueed. his subject being the rather
unique one of, “A round of Flesh "
Readers of Shakespeare will understand
at once that the reference is to the fa
ruous pound of flesh that Antonio, in
. “The Merchant of Venice.” pledged to
I Shylook as security for the payment of a
loan. Using this play as the f ramework
the speaker hoped to help the
audience to a m*re tenacious
j apprehension of certain financial
j truths that pertain to every day life,
j The financial situation of the South may
j ire illustrated by an inverted pyramid of
four gradations Above all is the grea*
cap-stone of credit. Credit rests upon
; confidence. Confidence is dependent
upon the touchstone of ability, and abil
ity, with the weight of the other three,
is supported by a small base, which is
| the wealth of the country. The doctrine
of the credit system is mutual confidence
| between debtor and creditor. The p»in
| eipal defect of the credit system
:is that men are drawing too
many bills upon the future to
satisfy present needs The remedy for
the present financial stringency is to re
construct the pyramid with wealth as
tho base. Ou this secure foundation
ability should rest, by which in its turn
* confidence must be supported, and above
| all. formiug the vertex and the the small
! est part of the pyramid should lie credit
Mr. Raleigh Daniels was introduced as
' the orator of tho Eu Society. The sub
| jeetof his oration was “The Iron Prince.”
| Beginning with a vivid description of the
j reconciliation of Bismarck and Etnireror
| William II at Friedrichsrulie, he reviewed
; the gigantic achievements of Germany’s
i great statesman in the unification of the
; German Empire. The orator dwelt upon
J the wonderful personality of this truly
! great man, following his career from his
| irregular student life to the time when
i he became the leading figure in European
j politics.
Both orations were brilliant efforts.
The exercises closed with* a well attended
; and enjoyable reception in the halls of
; the Literary Societies.
MINERS IN CONVENTION.
, Murk Wild Denounced and Expelled,
and new Officers !• looted.
Columbus, Ohio, Feb. 16 —The min
ers’ convention at its session this morn
ing declared John Mcßride to be an
honest man; denounced Mark Wild, who'
made the charges of bribery, as a dema
i goguo aud unfit to enter a convention of
! honest men, and as a climax, a resolu
tion was adopted expelling Mr. Wild
from the cenvention.
A resolution was a'so adopted exot * r
ating the national officials from the
charges of alleged corruption made
against them by President A A Adams,
of the Ohio miners in the settlement of
the miner’s strike, and expressing the
utmos' confidence in them.
After these matters had been disposed
of the convention entered upou the work
of electing officers for the ensuing year
President A. A. Adams and several
other candidates withdrew their uamre
There were thirteen candid a* es f*»r
president, but ail doclimd except Ph>l
H. Peuna, Charles Neil and Chris
Evans, of Ohio. Penna was elected on
the first ballot, tho vote standing Penna
286, Neil 17; Evans 70.
Penna acknowledged the honor paid
him aud said at this time the expression
of confidence was particularly pleasing,
but he entered upon the office with mis
givings. The outlook for the future was
serious. The coal trade was depressed,
the miners idle and their families starv
ing.
Cameron Miller, of Ohio, was elected
vice-president on the first ballot. Pat
rick Mcßride was re-elected secretary.
W. O. Pearce, of Ohio, ran him a close
raeo.
MI ST PAY INCOME TAX.
\\ iuston llhk Forty Citizens Who Must
Make Returns Under the Law.
Special to the News and Observer.
Winston Salem, N. 0., Feb. 16.
I am told that no than forty eiti
z* ns of Wioston Sdem will be in the list
to pay an income tax. The blanks are
expected to arrive here in a few days.
This has been a dull week with th® to
bacco warehouses. Very little bat has
been marketed. This was occasioned by
the bad weather. The manufacturers,
however, still report trade fairly good
and t’u ir statements are vetifiod by the
in* -nt paid out for s<t»o\ *.
• i ston has bee. me aii v '“’.tT for
rabbit-. J. W. ( Bmi'l», of K ' ".“.>.ide,
so!*! 748 here this week a> nr c* •. waging
from ti *6 to eight cents span—
Judge William ii. Uoid. of Tacoma,
Washington, is spending a ewdavs here.
T e Judge, iu his younger days, lived in
Salem and clerked for F. aud 11. Fries.
Judge Starbuek will hold i’arnett
tour: next week.
Nearly u Foot Deep al Grreo > »boro.
to the News and Observer.
Greensboro, N. C., Feb. 16
Snow commenced fulling here again
last night, and continued a 1 night and
to day, and is sUll falling. It is now
Bear y a foot deep. It is the most re
markable cold spell in the memory of
the oldest citizen.
Will Reduce the Cotton Acreage.
Nashville, Tenn., Feb. 16.—a con
veution of west Tennessee farmers, at,
Jackson, to-day resolved to cut the acre
age of the cotton crop this year to 40
cent, below what it was last. year.
England «nd Russia Offer to Mediate.
London, Feb' 16. — A despatch from
Shang Hai to the Pall-Mall Gazette says
it is assorted that England aud Russia
have offered to mediate between China
and Japan.
PRICE FIVE CENTS.
HE I FF! ON L\ fUI.AOO.
I Mvt otic nt inti Shown That <H'ki.r rig
catt Stole Nome fIU.'SHI.
Washington, D. C., Fob t* A <*p#
i vial to the Post from Levinipon, Ya.
; says: The defalcation of M Fifgall.
which has swamped the hank of l,rxi*g
| ton, the ouU banking institution here.
at d the principal financial agent ®f
j Rockbridge county, with a population es
j over 30.000 people, a largo nnwber ®f
| w hom are prosperous, w ell to do-farmers,
* continues to Ire the all absorbing topic
. Business is practically suspend* d t« db
I cuss the situation.
The news of the bank’s collapse did
j not reach the county until late jester
day afternoon, and this morning at as
| early hour a large munlrer of * cuntry
; depesitors came in to xerify the report.
i which bad not received much credit at
I first. When they get here they soon
j learned the worst. The bank dirritorn,
with experts, have been in session tint®
yesterday continuously trying to ss»#r
tain the bank's condition. All day lo«g
the streets in the vicinity of the l*ank
building have been dotted with group*
of prominent town and country people,
depositors and sureties on Cashier Fig
gatt’s tion*!, discussing the situation i«
all its phases.
The concensus of opinion is the sit
prise expressed that Cashier Figgatt’s
def float ions, covering a period *'f twenty
three years since 1872, should have gene
undetected by the President and board
of directors of the bank, who are shrewd,
practical business men, persoi ally in
--rested in tho successful operation es
tho bank.
1 he Directors’ Statement.
Late this evening the statement was
posted in the bank windows hs a resalt
of the work of the b**ard of directors,
and the long-looked for announcement,
upon which much speculation has been
made, was eagerly read :
“The following statement shows the
c edition of the bank of Lexington as
near as the investigation, mado acta®
what hurriedly, but which is believed to
be approximately correct, indicates.
“Liabilities—balance due depositors
and bauks $198,402.42. This urn is
made up as follows: Balance duedepeai
tors as per ledger $167,402 49; d«a p«t
statement, apparently as per loose state
ments, $25 ,0O0; balance duo banks and
bankers $6 000.
“Ass-Ms cish on hand, $6,573 I‘2, ®ssh
tickets, value $1,129.20; corporation
bonds, $20,500; manufacturing compai
ies bonds, estimated $4,000; bills and
notes, estimated value, $100,000; real
estate and fixtures. $4,000. To bairace,
$•(9,90#. If, making $l9B 402 42
(Signed) J. K Edmondson,
Iriistc®.”
Thia statement develops the astound
ing fact that Figgatt has swamped th*
SBO,OOO of the bank’s capital stock and
in addition $65,000 of the $72.00# be
longing to depositors, leaving cai-h du®
depo-itors the insignificant stun of si,-
572. The bank is therefore short s«*,
200 in cash with only a little over $6,00®
with which to pay depositors $72,000.
The Virginia Military Institute is out
about $20,01*0, which will materially
cripple that institution for a time, while
the fund of Washington and Lee Uni
versiiy lose® nothing. All the professors
and employee of the latter instil «ti#c.
were paid a few days ago, and theii
money whs deposited in this bank. Tb®
collapse, therefore, leaves them in a bad
fix.
A Mia-iag Deposit ol #B,OOO.
A prominent director of the bank, re
reply to an inquiry if Mr. Figgatt, th®
absconding cashier, had taken any e r
tb*' batik's money with him, said to day
“There was a deposit of SB,OOO made the
evening before the departure of Mr.
Figgatt, of which there is evidence, but
the money is not to be found,” wh ch
statement would seem to explode th*
theory held here, based upon statements
made In a note left by Figgatt that he
did not carry a cent of the bank’s money
with him.
It is now believed lhat Figgatt did
take a largo sum or money with him
R. K. Godwin, brother-in law of Figgatt
an assistant in the bank, was exonerated
by Figgatt of at:j blarue in the flefalca
tion. Rumors are flying thick and fust
from various quarters (hat, one of the
most conservative men on the board of
director® has stated that there are other
people mixed up in this affair with Fig
gat. ‘-urside of the l ank, and interesting
and startling developments are likely t<*
come to the surface in a few days.
It is said that Figgatt left here with
two Dirge valises heavily packed, ami it
is surmised that he took with him funds
of the bank. Tiie closing of the bank
involves all branches «>f business and will
scriou-ly cripple trade hero for some
time to c me. The county trea urtr>
funds were all in this bank
Step* have been taken to arrest the
fugitive cashier, and i* i only a question
of a few days b» fore he will be appro
heudod, as ho is a ran that can be
easily distinguished from many other®.
F'ggatt ha-* la-eii a dissipated nine f* i
year* an i f®r a year past has drank
herd, bnt he was not extravagant in his
tasb® or expenditures, but a simp!®
liret. Wj*wt he ha- d- ne with rl >* money
is btil! s mystery.
HON ‘KS TO MINISTER KRAY.
Tbev Sxeet-d Any Ever Reiore *k*n»
Aay Fareiearr Before in Afexlee.
City or Maxioo, 16 —The beaor*
paid [-“r-xe Bus! v Gray, exceed any showa
a foreigner b-.?fo*'e n Mexico. Th*- Ameri
cans bereaie unanimou ly of the oj inioa
that C< nxul General Crittenden shoeld
be appointed minister. A {H-titioa t®
thi* effect a being circn’at* d.
Th** negetiations w ill Guatemala are
procewdiu* rlowly, but on the whole sat
l®fsctoiilri