The Superior times. [volume] (Superior, Wis.) 1870-1912, 1895-04-20
President Cleveland's Bond Issue.

The following article on President
Cleveland's bond Issue act is taken from
the Trade and Finance department of
the Woman's edition, of the Leader.
edited by Mrs d. f. Roberts:
The bond issue of 1895. commonly
known as the presidents Bond Issue"
will 20 down to history as one of the
biggest syndicate steals on record
Many have not hesitated to assert that
the President and Secretary Carlisle
connived with the bond brokers TO sell
bonds to foreign syndicate and took a
share of the profits. This is extremely
unlikely. However it will he best not
to have another New York man for
president in a long time He is too
near Wall street to be entirely level
headed. Give u western man, even
an Ohio man, Tor he is far enough west
to know our needs
Had Secretary Carlisle and the presi-
dent been up little better in their
French history, they might have found
in 1t lesson with an application to the
needs of this country at the beginning
of 1873. For nearly a hundred years
the Bank Of France has been one of the
most stable banks in Europe end the
currency system of the country was
based on bimetalism. But the cashier
Of the Bank of France interpreted
coin" and parity of value" different
lyr from SaprA+ar,- I'nrIisla Wbay, Sat
of brokers got their heads together in
France and run on the bank for gold
the cashier camly paid in silver. If the
run was in silver he paid in gold. Sec
rotary Carlisle had the same right, but
submerged in the idea of gold none
metaIism, he did not use it. Had he
done so there would likely have been
no need for the bond issue; for the
brokers would have stopped their run
when they saw their scheme was under
stood. To maintain gold and silver on
a parity means to use them enter
changeably and as of equal value. II
that is the true policy Of the govern
ment then the secretary should pay
silver instead of gold wherever it is
more convenient.
Let us grant that it was mistake
which had precedent in the action OF
other secretaries of the treasury and,
having made the mistake, the bond is
sue had to be made. Then the presi
dent should have c0nned his French
history and studied the action of the
French government when they made
up the immense war indemnity they
had to pay to Germany after the war
of 1870. The bonds were issued in
small amounts and put upon the home
market. They were bought by the
French people of all classes SO that the
interest and premiums are paid, not to
foreign money lenders, but to the peo-
pie of France. If the presidents bonds
had been issued in amounts of S25, $50,
800, $500 and sold in the cities, large
and small, of the United States, the in
terest would have remained in our own
country to benefit our own people.
The bond issue had one good result.
bined to awaken the people to a sense
of outrage at having the government fl
nances manipulated in secret by Europ-
can and New York brokers. 1t showed
them the true status and necessity OF
bimetalism
let us 10y ali means have hereafter a
president who can draw a few lessons
from the history of other nations and
utilize their mistakes and successes in
governing this; and first of all one WHO,
like Andrew Jackson, is an American.
Few men have the infinite knowledge
and resources to credit, alone and I'M
counselled, plans of procedure to fit all
the emergencies. 1t is better some
times to profit by the hard won expert
ences of those who have gone before
us. Cleveland has posed like Joye on
Olympus long enough.