The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-02-23

-
blunder oy his star chamber procedure,
and that the people would hold him
and his yerdant secretary OF tho treas.
ury responsible.
Here Ia tho exhibit tho World pre-.
sen.s in tabular form 90 that he who
runs may read:
How THE ACCOUNT STANDS.
Face OF loan az. 100
Syndicate ptcmium at lOt % ............. ?,7y7,gS
United States 1925
What inside jobbers So. DIS Ss7
Inside iobbcrs profit 10 lS.-........... 3HSJ, il3
The public pay aud tho United States
should have received ..........s 7s S3i 200
United States has lost Sils,7S7
Compounded as sinking fund at
per cent for thirty years, this lost
pront would De- GO, &c
Or nearly onc'hAN the original loan.
PROFIT ASD LOSS.
Belmont ( Morgan buy SCI, si5, 900 at
Belmont ( Morgan sell s62.SiS.coG al
GO atSSS7
.-,.S
Inside jobbcrs buy s?SljGN at ILLS. $50 ST
Inside iobbers sell s6!3l5,O 900 at lls 1851 100
Inside jobbers' .....s GSI ll3
General public buy S6a3l5 90 at So 5Il 100
Loss by United states 10 the !obbcrs-.s AS S7
The showing is so simple that it does
not require financial expertness to uu-
ders.and it. 1t is as plain as day that,
as the World charges. the government
suffered itself to be buncoed out OF mil
lions OF dollars By clever financial spec
ulators. and emphasizes tho incompe-
,ency OF the Democratic administration,
which won't into secret session with
money experts and came out millions
behind.
These are facts that call for an expla-
nation. 1t is in order to inquire into
the whole story Of tho deal and it is the
duty OF the President TO show why it
was that such contrac! was made. 1t
is fortunate, perhaps, for tho admins
,ra,ion, that the present Congress is OF
his own political faith. Had Repub.
lican administration involved itself in
such a scandal during the life OF DEM
oc-atic Congress impeachment. pro-
ceedines would have been begun before
this.
The indignation over the matter is
almost universal. The World expresses
what is in the minds OF great many
people when it saws:
Does anybody now suppose that Mr. Cleveland
"dld the best he could when he secretly sold
these bonds TO his former clients syndicate at
IUii, With New Workers au xious for ten times
the issue. and with London bankers bidding. as
they did yesterday. for 500 o00Voo at y, points
above tho syndicate distributing price, can
there he any doubt that tho is.ue could have
been sold IN the open market for greatly moro
than was got for IT,
Was there any necessity or IRE fol, a secret ne.
COLLATION. with spectators 10 discreiit tho gov.
"Inment and give millions OF Its money away.
Is thcre any possible reason for supposIng thu:
public nj home and abroad which to-day wants
ten or twenty times tho Issue at three or four
times the premium would have failed 10 take
this s5e.3lj,OU at much better price than al
which It was sold. II the issue had been offered
openly in the markctf
Is there any term but "bnnco" with which 10
describe the Transaction between tho govern.
mcnt and the syndcatcf
1t wa, patent to every man who reads
the newspapers that there waa an abun.
bnnce OF idle money in every financial
centre. both in Europe and in this
couutry, and tina! conditions were such
that tho loan could have been issued at
tha hast ratoa II ofIpred in III, o,o,