The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-01-07
PRESIDENTS EYES OPENED.

ElhlnA AOhktltAhAAtehUh NJ HaNe"'
Special Dispatch to the tntoiiigeneeF.
WASHINGTON. d. c., Jan. 6.-rhe
treasury circular advertising 100000
600 thirty year four per cent bonds to
the public, though issued just before
midnight Sunday, did not come alto
gether as a surprise, as 1t was known
In certain circles Saturday that the dis
cussEon OF the Elklns resolution In the
senate on Friday, which developed
such strong opposition to the admin
IstrAtiOn's policy of negotiating bOnds
at private sale, had made ITS Impress
on the President, and that all contem-
plated deals with the syndicate would
| likely be abandoned and a popular loan
issued-the bonds being exposed for
publIc sale to the highest bidders
among the people. This was exactly
| the purpose OF Senator Elkins' move.
Going on the presumption that the
President would ignore the sentiment
of the senate, the cuckoo Democratic
papers and the syndicate organs had
denounced the ElklDs resolution a. a
political trick which would fail, and
iabored hard to show that its author
was trying 10 make political capital.
Now that the President has Needed
public sentiment and has done fhe
very thing desired by the Elkins reso-
luton It win be curious, II not posi-
lively amusing, to observe the cuckoos
falling over each other In the efiort to
get in line with the popular side and
renounce their editorials Of last week.
The purpose Of the Eikins resolution
Is 70 forbid the sale of government
bonds under private contracts and to
require that all such sales under ex-
lsting laws shall be made only after
due advertisement and under proposals
TO the highest bidder. That is policy
that any business man can approve OF
"a duty which Is imposed upon the
head OF every government department,
In the simplest matters.
Awakened the Country.
The discussion OF the resolution has
awakened the country as nothing else
has for a decade. and the Intelligence
may confidently predict that It will re-
suit In a congressional investigation,
The facts disclosed will cause an over
hauling OF the February sale of bonds,
from the beginning the ending. and
the influence OF the motion made by
Senator Elkins VIII be more far-reach-
Ing than even he had marked out,
statesmen. md should be approved by
the President himself No suspicion
should attach 10 the chief executive In
any matter, public or private. and
more especially in q transaction OF the
gravity comprehended by the senator's
proposition. Enforcement OF the res
olutlnn would avoid the scandal that
has grown out OF the February deal.
when, II reports are true, Lawyer Stet-
son. who IL said by the New York
World 20 be still sustaining the reln-
tlon OF business partner with President
Cleveland. was summoned with 4 pri-
waite banker to q parlor conference with
the President and these three prepared
the terms of a contract with syndl-
cate that pocketed nearly ten millions
Of dollars in profits Ten such trans
actions would absorb the gold reserve.
Senator EIkIns' speech has attracted
the attention Of the country in Won
derful degree, for two reasons First,
u contained an array OF facts start
ling in character that business people
were quick to comprehend. and second,
those facts were presented by mem
Der OF the senate whose first appear
Ance in that body dates back but
brief month. He was warmly congrat-
ulated at the close OF his remarks by
men who have grown gray In the SEN
atorial service, and when the import OF
hts expose became known to the public
II brought by wire and mall similar
expressions from far and near.
ABrisk Fight.
It was a brisk fight from the start,
and Senator Elkins was aroused and
put upon his mettlc as possibly he
could not otherwise have been else
where. The result Is that from hence
forth he will be regarded as q factor In
the senatorial debates. and his state Is
moved up another notch In the public
estimation, II was the best politics
brought 10 the surface since the session
opened, az has been more than once
remarked by senators skilled In tinesSc,
and the popular verdict Is that 1t has
defined the position OF the political par
ties and made an Issue upon which the
next campaign Will in part be wagcd.
President Cleveland and his party
make war on protection. and by the
recent debate the Democratic leaders
have been put in the position OF selling
bonds with which to raise revenues for
current expenses. thus Increasing the
public debt rather than submit to
tariff, for the debate took wide range
and brought outImuch that was not
exactly germBne.
In the course OF his speech. as read
ers OF the IntelliEencer already know.
Mr.: Eikins showed that tho two great
est loans made by the government In
liz time Of peril were popular loans.
and all the war loans were iloatcd ON
commission 20 She bankers. In most
cases the commission did not exceed
~ per cent, lie showed TINT II cost
only half nS much 10 float the two
and n half billions Of war debt In this
way ns Il cost President Cleveland to
float the comparatively insignificant
loan OF f62, 100000.
II am not here to say" continued Mr.
Elkins. how much the syndicate made
under the private contract last FebTu-
ary, The trouble IL we do not know the
facts. and that ia one OF the objections
% such n loan. According 10 the estl-
mates II took more to float tho last
loan Of S62OOOO0O than was required to
float all OF the great war loans COM
bncd. Are senator's prepared to ait
here and not protest? II we do not in
dlcate that we have some ideas aE to
the method Of selling bonds. the Prcsl-
dent can properly turn to the country
and say Congress was In session.
and no protest was made"
Il am told that this contemplated
loan Is already ovcrsubHcrlbed and
that the syndicate is already counting
on the 10 per cent to be made on the
government. Are we TO sit ncrc and
NOT protest against a transaction OF
that Glnd7"
Congratulated.
Mr.. Elklns then proceeded to show
that one banker who came on hero re-
Gently to get the privilege OF floating
the loan would get $l,OOO,OOO and that
the syndicate would make $4,000 900 hc.