The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-01-29
CLEVELAND hits BACK.
Explanatory Letter From the Presl-
, dent to Senator CaHery. ...
NO CONTRACT WITH SYNDICATE
Cieveland's Reply to . Newspaper Attack
---No Conference With Financiers Nor
With Bankers About the Proposed
Issue---Has Always Favored . Popular
Loan---An Emphatic Denial.

Issue---Hss Always Favored . Popular
Loan---An Emphatic Denial.
WASHINGTON, Jan. Ex-senator Caffery, Of
Louisiana, has made public letter which
President Cleveland wrote him, In which
the President vigorously defends the sale OF
bonds to the syndicate last February and de-
MES in equally emphatic words the state
ments that arrangements had been made for
similar sale Of more bonds. The letter was
written before the advertisement Tor bids for
bonds was issued, and follows:
EXECUTIVE MANSION.
"WAsHISGrGS, D. c., January s, 1895.
"MY DEAR SENATOR: / have read to-day
in the Congressional Record the debate In
the Senate on Friday concerning the finan-
cial situation and bond issues. '..'
81 am amazed at the intolerance that
leads even excited partisianship to adort as
basis OF attack the unfounded accusations
and assertions Of malaciously mendacious
and sensational newspaper. =
"No banker or 1nancler nor any other hu-
man being has been invited to visit Washing
ton for the purpose OF arranging in any way
or manner for the disposition OF bonds to
meet the present or future needs Of the gold
reserve. ..
''No arrangement OF any kind has been
made for the disposition of such bonds to
any syndicate or through the agency OF any
syndicate. r. ..'
mo assurance of such disposal OF bonds
has been directly orl Indirectly given to any
person. In fact. decided leaning toward
popular loan and advertising for bids have
been nlainly exhibited on the part OF the Ad-
minisrration at all times when the subject
was under discussion.
''Those charged with the responsibility OF
maintaining our gold reserve, so Tar as legis-
lation renders it possible, have anxiously
conferred with each other, and as occasion
permitted with those having knowledge OF
financial affairs and present monetary condi-
lions as to the best and most favorable
means Of selling bonds for gold.
"The unusual Importance of successful
result, if the attempt is again made, ought
TO be apparent to every American citizen who
bestows upon the subject moments serious
thought. The Secretary OF the Treasury
from the first moment that the necessity OF
another sale OF bonds seemed to be beapproach-
ing, desired to offer them, il issued, to the
people by public advertisement II they could
thus BIZ successfully disposed Of.
''After full consideration he came to the
conclusion, to which fully agree, that the
amount OF Rolu IN tne reserve OSlnS now
sac. .000, 900 more than 1t was In February last,
when a sale Of bonds was made to a syndi-
cate. and other conditions differing from
those then existing, justify Us in offering the
bonds now about to be issued for sale by
popular subscription.
"1'his is the entire matter. and all these
particulars could have easily been obtained
by any member Of the Senate by simple In
quiry.
''If Mr.. Morgan or any one else, reasoning
from his own standpoint, brought himself to
The belief that the Government would at
length be constrained 70 again sell bonds to
the syndicate. suppose he would have q
perfect right, if he chose. to lake such steps
ds seemed to him prudent to put himself In
condition to negotiate.
y expect an issue of bonds will be 'adver-
tised for sale tomorrow and that bids will
be invited not only rthose now allowed by
law. but for such other and different bonds
as Congress may authorize during the pend
ency Of the .vertisement.
Not having had an opportunity to confer
with You in person since the present session
Of Congress began and noticing your partici-
patton In the debate Of last Friday, I have
thought it not auliss to put you in possession
OF the facts and information herein con-
tained. Yours very truly,
"GRovER CLEVELAND.
"Hon. Donaldson Calrery."