Freeland tribune. (Freeland, Pa.) 1888-1921, 1896-10-08
GOLD BOND SYNDICATE.
Bryan Explains the Workings
of that Scheme.
WORST CLAUSE OF THE CONTRACT.

III the course OF ms speech at VIII
mington, Del, Mr. Bryan said:
Then they made the Rothschild con-
tract There was a contract by which
this government sold to a private syn
dicate bonds at 1O41a which were at
that time worth 119 in the market.
There is not private citizen who would
ever do that thing but his relatives
would have 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 Il little longer to
get around. The one provision III that
contract which struck me as an exceed
ingly sagaciOus Oue 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 thcm across the ocean,
and before six months were up the same
bonds that went across the ocean at
lO41@ 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 All ignoramus down in Wall street.
That contract contained u stipulation
| by which the ROthschild and Morgan
| syndicate agreed for a certain length of
| time to do their best to protect the treas
ury of the United States. | think that
| the worst clause i'll the contract. 1t was
the worst clause because it recognized
in the contract that the services of those
men were worth buying and paying
large price Tor. 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
IL depehus Ior lts hhanclal 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 hnahcler, but my idea IS that IN
stead of hlrlng those men to let us alone
we ouSht 10 tly them as they 90 any
] D.. l. II
o'hef men VINO consplre against the
government ana punish them Tor con-
! spring against the country.
Yet they issued SlOO,OOO,oOO more
IL was suggested that they We're gong
TO De issued III private SaIe, ana d. flef-
poht Morgan, who mad been III the bond
deal, where they made such profit on
'le DoliHs IllaI ne refused 10 tel ABOUT
when brought before committee OF IN
Yestlsatloh' amer statlhg that he dld 1t
largely because OF hls interest IN the
country, refused 10 tcll now prohtaple
II was 10 be interested III the country
just at that Time J' Flerpont Morgan
organized another syndicate, and 1t was
hoNeltlSeu tli"t ne was gong 10 submit
Il pld Iof various parties at about Tl'Oo,
ana thoh circumstance arose winch
made II necessary Tor the president TO
advertise Tor publlc BIDS Did the Nor
gan syndicate put IN public bld Tor
the same amount IT would have at prl-
Vate sale! NO mat syndicate waited
until Just before the time to open the
bids, ana thch thelr bld was put Ill
more than Eo'Ooo, Ooo above the bld
that they expected TO nave put III II thoy
mad secured the bonds ut private sale
Now that IS business saRaclty' vi
course no hhahcler would condemn
man VINO trled to get the bonds at 100
and then mad TO bld llo and traction
ana got them' IL that IS business sagac.
n.y. theh peileVo II Is the business OF
TINS government TO protect the people
against Such saSaolous lhahcierlhg IN
stead OF turning the hhances over TO
1helh'
You may caii IL patrlo1lSm on thelr
part II you WILL put want that hlhd
! Oh patllOU 10 serve some Clner country