New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-22
MORE THAN PRINCELT GIFT

MORE THAN PRINCELY GIFT
Six hundred TO eight hundred millions OF gold
were knocking M the doors Of The Treasury,
anxious 10 get in but President CLEVELAND
Thought best not 10 open them until these mill
ions had been properly introduced by high
toned foreign bankers who charged few mill
ions for the service When Senator Sherman
declared some time ago that the people w"uih
bave takcn m 12O several hundred millions Of
the same bonds which were sold To the syndi-
c,,o como Thought he was inclined to exag-
gor.to PM on the very day the subscriptions
vore opcncd pcople were bidding rs, and yes
to-day 40 for the bonds which the Government
sold 70 tho syndicate for 1Oih Over half the
difference. Is, per cent the syndicate took for
itself before Offering any bonds to outsiders nj
1,oi. and II then retained for itself as many
OF the bonds as il pleased In order 10 realize
the other Ga. per cent proiit when OUTSIDE pu!
crs obtained. The ~, per cent proht on No.
31J.OOO bonds is 81 .S29.4l2, 50 that the people
will pay in all twice that sum. or s9'GoS.s-4'
when the bonds 60 n 120. which they would
gladly have saved by taking their own bonds.
as Senator Sherman predicted. at that price
The loan is an astounding success says Roth
schild Indeed it was-for the bankers. For the
American people II was an astounding act OF
generosity In their inpovcrishmcnt. after TWO
years Of the worst disasters ever sustained
which took something like SG,oN.Wn.OD from
the Nations wealth, their Government has made
n more than royal present OF Si.S2iil2 Ia Few
bankers and probably much more 10 these
and other investors and money lenders here ana
abroad. who were fortunate enough 10 get
share ~ the spoil Really. We ought 10 be IN"
richest Nation on earth II this l. Ia 90 on. \"
The New-York Herald" pcriIncntly remarks. no
approval or recommendation 10y foreign bankers
was needed To induce people 10 take u loan
which foreign journals II The highest influence
al once pronounced exceptionally aiiric'iv" I"
investors He knows nothing II the faith II
Americans I'm their Institutions nothing ~ the
faith ~ all the world In The future II th~ NJ
ton. who prctcnds that il needs 10 be- intro
ducci by the Roihschilhs In order 10 borrow
money.
The kind Of bonds was not The best comedy
able But It WAS exactly The kind II which
Secretary Window sold S7oO"oo~n within
few DAYS Nobody would have thought them
bad but for President Cleveland AMI hi party.
The Marty had done It's worst to make them bad.
The President had labor.d in his message -
discrcdi, them They were made payable In
coin instead II gold hc said. and there would
now probably he difficulty in favorlhy lis
posing 81 bonds not conialuin.sthc stipulation
Ito pay gold" Al The very time ihc President
sent thc~'. words 10 Congress H. knew that Mr.
Belmont was ~ work organizing his syndicate
10 take the precise form ~ bonds h. tried - dis
credit The result proved that SGu.vu,UUU of
captal ~ least was waiting eagerly 10 take ~
acily that Kind II bond. and that thr people ~
This country alone would have taken SlJ"~"-
900 in twenty-five minutes. If the President had
permitted them A. a price nearly Sl""nopo
greater for the So 100000 than the syndicate
paid.
Wednesdays events make infinitely ridic elouS
the prctcnce that II was not possible 10 sell the
bonds directly 10 the people. Does anybody
now suppose there would not have been the
same avalanche Of bidders II the President him
self had asked the people 10 deliver their bids
AZ any hour Of any day at The Treasury Build
ing In Wast.. instead Of sending them across
the way? True the President need not be-
harshly ccnsured for doubt which many per
sons honestly shared. but It was his clear duty
TO make the trial first. and see whether the peo-
! pl. were willing 10 advance the gold needed.
and 10 haul their own Government off the rocks.
before calling In foreign bankers TO take profit
| of IL per cent for salvage
| II Is said that there would then have been no
power TO control foreign exchange Is there any
now? Az soon as the syndicate has sold its
bonds and delivered It's gold It's part Of the CON
tract is completely performed. II has promised
'to exert all financial influence and TO make all
Legitimate efforts TO protect the Treasury Of the
| United States against Withdrawals ~ gold
pending the complete performance Of this con
tract" but not one day longer. No clause in
| the contract binds II 10 do anything under the
sun after the gold has been paid. though this
| jug-handlc contract binds the Government 10
| offer the same syndicate any other bonds 1t may
! have to sell before October. 1t was an astound-
! Ing Success without doubt. II any other Ad-
mnstration ever was bcfooled into believing
that Nation so rich and powerful and so mar
vellous in growth as this could not sell its
! bonds, at n time when $6W,OOO,OO Of capital
was impatlcntly waiting and clamoring 10 get
Them the fact has not been recorded
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PRECIOUS HERITAGE
| Frederick Douglass's eoqucnce as an orator