The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-27
mo- MORE BOND sOANpALs.


The PresldSut should Leave the RsspOn-
sibiIiiy TO CongrssS-OlVS the People n
Chance.
New York World, (Dem): Is there
another bond scandal under way?
Our Washington dispatches OF Mon
day reported that FRANCIS Lynde stet-
son, the former law partner Of Presl-
| dent Cleveland and present counsel FOR
j. PierpOnt Morgan, arrived In Wash
ington to-day, and viii probably pre-
pare In legal form the announcement OF
another bond issue" And last nights
dispatches reported that Mr., j, Pier
pont Morgan had arrived in Washing
ton. II II furthermore said that, there
being In the Presidents mind no pros
pect OF relief from Congress, he will
proceed exactly as II C2ngress were
not In session, and will Issue bonds un-
der the act Of July II. 1870"
The presence in Washington Of the
two gentlemen named, one OF whom
planned the great secret bond deal OF
lust winter and the other OF whom con.
sumnated Il in the very ante-room OF
the white house itself, lends color to
those reports.
The World has the highest opinion OF
Mr.. MOrgan's financial abilities. We
wish with all our heart that the admin
istratiOn possessed 1.-THE of his gem
Ius In financiering We know further
more that nothing short OF intense pa
trtotism and desire to serve his cOun-
try In It's hour Of peril, coupled perhaps
with natural desire to make II little
turn for the syndicate which he repre-
sents, strictly In the line Of honorable
business, would take Mr., Morgan from
the delights OF New York at Christmas
time.
The World respects Mr.. Stctson per-
sonllly and recognizes his right rs tho
counsel OF great banking house TO earn
his fees-and extraordinary those fees
ought to be for such contract as he
brought away from the white house In
February last But while the lawyers
cthlos might permit this practice TO
even a recent partner and still intimate
friend OF the President, would not a
really fine Bensibihty on the part OF Mr..
Morgan, and due sense OF the prOprl-
eties on the part Of the President, sug-
gest that some one besides Mr.. Stetson
should be employed to formulate the
announcement and to draw the con-
tracts netting such profits TO the syn
dictate and such loss 10 the govern
ment as that Of last February did?
However, this may seem TO the prtn-
cipals involved. the people OF this cOun-
try do not want to see the government
cornered again by u syndicate OF bank
ers. They do not want bonds worth
100 sold for iOiis, And especially they
do not want to see this done In secret
and evidently prearanged manner,
through the agency OF q recent part
ner of the President.
One such scandal Is enough
as for the proposition OF the Presl-
dent 10 proceed exactly AZ though
Congress were not in session." that is
something which he has no right 10 do.
II Is a very strained Interpretation of
the law Of 1870 which prints the sale
OF bonds for the purchase OF gold. es-
pecially II II Is to be ultimately used,
as large part OF the proceeds of tho
last sale undoubtedly have been, to
meet the current expenses of-the gov
eminent. II was NOT passe;l for any
such purpose. And Il was certainly not
Intended to apply when Congress was
In session.
The President should leave the re-
sponslhlllty with Congress, which rep
resents the states and the people. II
Congress falls 10 act, and the Issue OF
bonds becomes absolutely necessary to
maintain the credlt.of tho government,
his appeal should be to the people d.
rect. Il is their government They have
the gold. or can gGt IL. We want no
more secret bond dlckers-,nO more
81. 900. 600 profits for bankers ayndiA
cute. The solvency OF the government
does not depend upon Wall street, Give
the people chance