Eagle River Democrat. [volume] (Eagle River, Vilas County, Wis.) 1893-1896, 1895-07-15
CARS KIND OFFER.
iexander H., Russ!a's Late Ruler.
Stood Ready to Help
Uncle Sam.

Chicago, H., July 10.-A special from
Washington says: Discussion of the
gold reserve and probable action of the
Morgan-Rothschild bond syndicate.
brought to light today the fact that Car
Alexander III. offered to loan the United
States all the gold necessary to main
tain the reserve at any figure desired.
The friendly tender was declined by Pres
ident Cleveland because, after several
weeks of consideration and dellberatlon
and telegraphc correspondence back and
forth between Washington and st. Pe--
tersburg, it was decided that the Presl-
dent had not the authority to issue bonds
or otherwise incur Indebtedness on be-
half of the government. Since then the
power Of the President and the secretary
of the treasury to issue bonds has been
determined and if the offer were repeated
by the present Russian ruler it might be:
accepted.
'"The story of proposition made by the.
Gar and the way it was received by the
President and his advisers was one of
the best-kept secrets of the white house.
Although the incident occurred some two
years ago, no hint of it has reached the
public until now"
TT was some time in May, 1893, that
the state department was surprised by
the receipt of communication from
Andrew ID. White, then American min
lister at st. Petersburg stating that the
Gar had, through M. DE Giers, offered
to loan to the United States any amount,
of gold required to carry the treasury
over the pending crisis.
"Help was needed at that time. The.
new administration had been in power
but a few months and the financial ques-
ton was pressing on Mr.. Cleveland Tor
solution. The Wilson bill had been
ccoy,ood Iav74 not Ya Scnd ond tho huSinQSS
future was already suffering from the,
depression which later grew into a COM
mercial and financial panic. The gold
reserve in the treasury was being depict
ed steadily and rapidly by the monthly
purchase Of silver bullion under the Sher-.
man law and the receipts OF gold from
customs had fallen off SO that each month
saw the treasury drained OF It's goid:
The country was clamoring for relief
ind the President was considering the
advisability of calling Congress (Which
he did subsequently,. to legislate on the
financial situation and the repeal OF the,
Sherman law.
ut was then that the secretary of state,
Mr. Gresham, presented at cabinet
received from Minister White. The
Cars offer of assistance was direct but
simple. Mr. White stated in his official
communication to the state department.
that he had been called upon by NJ. De
Giers who said the Gear had instructed
him to confer with the American repre-
sentative at the court of ST. Petersburg
and to inform him that the Gar stood
ready to make personal loan to the
President of the United States of gold to-
the amount of $5O000,000. or as much
more as might be desired, at nominal
rate of interest and for an indefinite PEE
Rod of time The interest indicated was
fraction more than 2 per cent. Nothing
was said about security and it was evil
dent that Alexander III. believed that the
President could take this money and apply
it to the needs Of the treasury with but
little formality and that he had the power
to do so.''
"The fact that Gear Alexander III.
was able to make a proposition of this
kind is not surprising. The exchequer of
the empire is absolutely under his control.
Then, too, all of the gold mines of Rus
STA belong to the crown and the product
is the property of the royal family
Alexander III. was always very friendly
to the United States. It is not improb-
able that when the arrangement of the
Morgan Rothschild syndicate shall have
expired the government may apply to the
Russians for a loan should one be neces--
sary. Alexander is not on the throne
now, but it is said that Emperor Nicholas
is quite as ardent an admirer of America.
&C was his DISTINGUISHED father -