The Caucasian. (Clinton, N.C.) 188?-1913, 1895-08-08
THE COUNTRY
UNDER THE THUMB
Ofthe Bond Syndicate By Grace
ofCIeveland and Carlisle
Promises Broken.
1NIOUITOUS FEATURES.

INlQUIIUUo fbAlUhhO'
o.,c..ources Controlled by Combinati' n
vr,t,nsd Condition Of Afairs-wan
.,.,t Ven Torced to Kick-Tse Govern
...,t Practically Ia Pawn Till Next
Octob"r
ysU York Press
D,d Mr Cleveland and Mr.. Carlisle
,sohzc what they were doing when
they made that most indefensibIe
.,,tr.,rt with the Belmo Mt Morgan
.y,dIrate for the last sale of govern
mepr bonds? Do they realize yet
,b,t the clause in which the govern
wept promised TO give to the syEdi-
.,,e the option on all bond issues
oprI October, practically had the
fleet ot turning over the lmmeasur-
,hra wealth and resources of the
.rratcst nation on earth as n imam
TaI barking for the zig cOmblnatIon2
Do they not see that, outside of the
,r.Gf of $4,000, 900 or more which
,be indicate made simply out of
,1e sale OF the bonds to the public, 1t
b,. kept exchange rates so high that
every mau who has to pay bills
abroad is oppressed by the exorbi-
npt rates; trat these rates are indie
,op,IoIc; mat the syndicate is able to
hrls only because the President
and his Secretary of the Treasury
.ar,d the power IN IT'S hands; that
tbp combination j. bleeding the busi-
ups, community light along through
tshIgh bulls of exchange; that 1t Is
making handsome profit out vi
every biIl, that 1T has spent none OF
be $40. 900 900 to MAINTAIN the gold
reserve. that when the cotton and
Grain bills come IN rates will, in all
probability, drop, so that the farm
ers will lose money on their sales,
and that, In fact, these foreign bank
ers are working" this business for
all il is worth and are plling up big
profits, much of which should have
gone 10 the government
UBIQUITOUS FEATURES.
These questions are many, but
they do not embrace all the inlquit-
Gus features of the conditions which
have come from that outrageous con
tract. The syndicate promised tC
Oring half the gold from Europe; Il
brought only about $l3,OOO,O 900 anC
refused to explain why more was
not imported. 1t promised to do al
in its power TO protect the treasur!
cold reserve, yet it allows people t.
be frightened by exports of gold
much Of which must come from th'
treasury, md thus has put IN th'
hands of the bear spectators IN w al
street hammer of enormous weigh
with which the bears have pounded
the market for weeks.
While no one doubts the power o
the syndicate to prevent exports o
gold. as it has done since Februar.
up to last week, who can say that
is not allowing the gold to leave tn
country so that the managers ma
tell Mr.. Cleveland that another lssu
of bonds is absolutely necessary t
protect the reserve, and so make an
other handsome profit?
These men who compose the syn
dcate ,halt of them are foreigners
ceitaiuly did not undertake this cor
tract through any feeling of patrlo
ism. They are not IN business to
their health. They are IN it to max
money. That is their sole idea.
it natural to suppose, when such me
see u chance like this to make mi
lions, that,they would not make a
out OF it possible!
A SILLY ARGUMENT, THIS.
Much has been said 10y the Mul
wumps about the almost lnsurmOun
able difficulties which the syndlca
undertook to overcome when
pledged itself to interest the big TO
eign bankers in the loan and to pr
teet the treasury gold reserve uni
October. The Press has pointed o
a number of times recently IN
financial column the Stiffness of tn
argument, which the Mugwum
parade with so much glee, but 1t do
no harm to point it out again al
again. so that the people or II
country may know just what tn
owe to their greet Democratic Ere
dent
One would imagine from readlI
the administration organs that I
syndicate took the contract sole
through motives of patriotism; tn
tsaw the rapid depletion of the g
reserve with a grief that would
assuaged, and that the manage
with tears lowing down their chez
besought the President TO allow tn
TO save the country from wreck a
RUIN for a paltry consideration
$4,000 600.
What are the factsY
These astute bankers knew
Cleveland well. One of them
employed him as lawyer. III
We're fully aware of his self-confes
ability as great iinancier. III
looked over the ground ca
lulIy and saw that an issue OF DO
was absolutely necessary to keep
country from suspending specie p
ments.
They saw also that the Presld
vas so ratified at tne uep
eole condition of the treasu
brought about through De
cratic mismanagement, ignora
aud stupidity, that he was ready
grasp at any straw which would
his administration from being VIII
uscredited, and SO know that
would be likely to accept almost
terms II ne could feel sure that
gold reserve would not be 1mpa
iol some months, at least,
30 they easily saw that here
the chance of lifetime, and gras
at once. Here they said, :
Us this $62, 800, 900 of bonds at
ana IN return We pledge ourselv'
import half the gold and to us
.ne means in our power to pre-
Tre VI treasury reserve until Octf
we Know these bonds are wOl tt