The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-10
Their Attacks BASED ON the Asser-
lions Of n "MaIfciously Mendaefous
and Sensational Newspnper.-
NO CONTRACT WITH BANKERS
PRESIDENT SAYS HE FAvORs SELL
ING BONDS TO THE PEOPLE.
Secretary Carlisle Issues Instructions
to bidders Under the Call Made
Public This Week.

WASHINGTON, Jan. 9.--The debate on
the Elkins resolution In the Senate last
Friday, when the administration was ac-
cused by several Senators OF having en-
tered into an agreement with a syndicate
to float the expected issue OF bonds. is tho
subject OF a letter written by President
Cleveland TO Senator Caffery, OF Louisiana.
The knowledge that such a letter had been
addressed to Mr.. Caffery was obtained to-
night and the letter was made public by the
latter. 1t is in the handwriting of the
President and covers six pages OF Closely
written note paper. II is dated Jan. and
is. in full. as follows:
my Dear Senator-I have read to-day in
the Congressional Record the debate In the
Senate on Friday concerning the financial
at the intolerance that leads even excited
partisanship TO adopt as basis or attack
the unfounded accusations and assertions
OF maliciously mendacious and sensations
al newspaper. No banker or financier, nor
any other human being, has been invited
to visit Washington for the purpose or
arranging in any way or manner for the
disposition OF bonds TO meet the present or
future needs of the gold reserve. No ar
rangement OF any kind has been made for
the disposition OF such bonds 10 any syndi-
catet or through the agency OF any syndi-
cate. No assurance of such a disposal OF
bonds has been directly or indirectly given
to any person. In point of fact. decided
leaning towards a popular loan and adver-
Using for bids has been plainly exhibited
on the part of the administration at all
times when the subject was under discus
sion.
Those charged with the responsibility OF
maintaining our gold reserves, so far as
legislation renders IL possible, have anx-
iously conferred with each other and as
occasion permitted. with those having
knowledge of financial affairs and present
monetary conditions, as 10 the best and
most favorable means of selling bonds for
god. The unusual Importance OF a success
ful result II the attempt is again made.
ought to be apparent to every Americans
citizen who bestows upon the subject mo-
ments patriotic thought.
THE Secretary OF the Treasury from the
first moment that the necessity of another
sale of bonds seemed to be approaching. de-
sired to offer them IL issued to the people
by public advertisement, IL they could thus
be successfully disposed Of. After full con-
sideration. he came 10 the conclusion. to
which / fully agree, that the amount OF
gold in the reserve being now $4,000 900
more than IL was IN February last, when a
sale of bonds was made TO a syndicate. and
other conditions differing from those then
existing, justify US in offering the bonds
now about to be issued for sale by pop
ular subscription. This is the entire matter:
and all those particulars could have been
easily obtained by any member OF the Sem
ate by simple inquiry II Mr.. Morgan or
any one else reasoning from his own stand
point brought himself to the belief that the
government would at length be constrained
to again TO sell bonds to a syndicate. i sup
pose he would have perfect right, IL hs
chose. to take such steps as seemed TO him
prudent to put himself in condition to ne
gotiate.
II expect an issue of bonds will be adver-
tised for sale tomorrow. and that bids viii
be invited not only for those now allowed
by law. but for such other and different
bonds as Congress may authorize during the
tendency of the advertisement.
Not having had an opportunity TO confer
with you in person since the present ses-
sion of Congress began, and noticing your
participation in the debate Of last Friday,
/ have thought il not asniss TO put you in
possession of the facts and information
herein contained. Yours very truly.
GROVER CLEVELAND"