The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1896-10-10
GOLD BOND SYNDICATE.
Bryan Explains the Workings
Of that Scheme.
WORST CLAUSE OF THE CONTRACT.

In the course of his speech at Will
mington, Del, Mr.. Bryan said:
Then they made the Rothschild con-
tract There was a contract by which
this government sold to private syn
dicate bonds at 1041a which were at
that time worth 119 in the market.
There is not private citizen who would |
ever do that thing but his relatives
you'd have "a guardian appointed to
take care Of his property. Men can do
as public officers that which they would |
not do if they were handling their own
money and attending to their own bust
ness.
! We were told when we sold bonds at
home we had to furnish the gold to buy
the bonds with. So they tried to buy
the gold abroad, and thus they did
not need to furnish the gold which
they were buying 1t made little
larger circle. 1t took little longer to
get around. The one provision in that
contract which struck me as an exceed
ingly sagacious one was the one provid-
ing that this gold should be paid in in
stallments, extending over some months.
The beauty Of that was that the gold
could not be gotten out until it got in,
and the longer it took getting in the
longer it took to get out. They sold
bonds and sent them across the ocean,
and before six months were up the same
bonds that went across the ocean at
1O41a came back to this country and
took gold away from this country at the
rate Of 1870.
That is financiering. That is wisdom
in financial circles. And if there is any
one here that does not see that it is wise
do not say so, because they will say you
are an ignoramus down in Wall street.
That contract contained a stipulation
by which the Rothschild and Morgan
syndicate agreed for certain length of
time to do their best to protect the treas
ury of the United States. I think that
the worst clause in the contract. 1t was
the worst clause because it recognized
in the contract that the services Of those
men were worth buying and paying a
large price for. 1t was recognition
that but for the purchase the services
could not have been rendered. They
hired two men TO back the treasury. If
this government is going to admit that
it depends for its financial existence
upon the banking firms, one foreign and
one domestic, then it puts itself where
those people can charge this government
whatever they please. am not much
Of financier, but my idea is that in
stead of hiring those men to let us alone
we ought to try them as they do any
other men who conspire against the
government and punish them for con-
spring against the country.
Yet they issued 100000, 900 more
, It was suggested that they were going
= to be issued at private sale, and j. Pier
! pont Morgan, who had been in the bond
deal, where they made such profit on
the bonds that he refused to tell about
when brought before committee Of in.
vestigation, after stating that he did 1t
largely because Of his interest in the
; country, refused to tell how profitable
it was to be interested in the country
Just at that time. ]. Pierpont Morgan
organized another syndicate, and it was
advertised that he was going to submit
bid for various parties at about 81. %,
and then a circumstance arose which
made it necessary for the president tC
advertise for public bids. Did the Nor
gan syndicate put in a public bid fol
the same amount it would have at pri
vate sale? No. That syndicate waite(
until Just before the time to open thu
bids, and then their bid was put il
more than $1,000, 600 above the bic
that they expected to have put in if they
had secured the bonds at private sale.
Now that is business sagacity. O
course no fnancier would condemn I
man who tried to get the bonds at lO'
and then had to bid 40 and Fraction
and got them. If that is business sagac
ity, then believe ii is the business o
this government to protect the peopl
against such sagacious fnanciering in
stead of turning the finances over t
them.
You may call it patriotism on thei
part if you will, but want that kin
of patriot to serve some other cOuntr
and not mine. If some petty individua
who did not have high financia
standing were to try to beat the govern
ment out of S1OO, they would put hir
in the penitentiary and make an exam
Die OUT OF MIN. bu6 IL iudu lies !
beat the government out Of 5000, OOt
he becomes patriot and deserves to
the chief guest where treasury ofiicia
are banqueted. I do not believe the ina
who manages the financing should
the bosom friend of the conspiratol
who never lose an opportunity to blee
the people.
do not say this to secure the suppo
of the Morgan syndicate. know whe
say that put myself in the ranks I
the anarchists. Who is an anarchis
according to the syndicate idea? I'll
man who believes in the Declaration
Independence, that all men are create
equal and stand alike before the Law
Who is the patriot and statesman, a
cording to ]. Pierpont Morgan? He wi
believes the masses were made Wi
backs to bear the burdens and che fe
were made to ride upon the backs
hose who toll.
The people of this country desire
government which is no Iespecter
persons, but will deal as heavily wi
es. the great transgressor as with the pet
criminal and which will not conf