The Caucasian. (Clinton, N.C.) 188?-1913, 1896-09-24

would say, aren't these gr.eubacksl
ard Treasury notes goodf' Yes. they
are good for some things, bat not good
/ 10 buy bonds with, thee. bonds are is
sued 10 get gold and therefore you
/ must bring gold here or rri can't get
bonds If the man waut-d bond. he
could simply say. All right, if you
won't give me bonds for these green
! backs and Treasury notes. will de-
! post them ri ht bow aud dsfna nd their
REDEEM ption in gold The Secretary
| would say. All right that is what We
are here for and hand out. The man
would sag. DO understand you have
some bonds you want to sell for goid:'
Yes Well here is the gold, nov let
me have the bonds. APPLAUSE Isn't
that simple operation! That is the
substance Of what has been done
When the first fifty nillien dollars Of |
bonds were issued they threw out |
al ghteen millions Of dollars of gold to |
pay for the bonds so that to the extent /
Of eighteen million dollars the gov
eminent had no more gold than it had |
to begin with, and yet we had agreed |
to pay interest upon eighteen million |
dollars Of bonds. And when he issued
the second batch they drew out a
larger percentage than they did for
the first batch, and then made what is
and the only excuse that | know for
that contract was that when We sold
| bonds at home they had TO furnish the
gold to buy bends with. SO they sold
, the bonds abroad so d TO avoid the Ne
, cessity of paying out the gold which
, they were to receive. 1t simply en-
Iarged the circle and before the time
. was up, during which this syndicate
! agreed to take compassion on the
) American people and look out for
B. them, If they could, before that time
= was up some Of the very bonds which
= went across the ocean at $1.C4l2 to
$ bring gold to this country, came back
q to this country and were paid for in
e gold at more than 81 20, and that gold
o went out of the country. (Applause.)
j You see this is tinaucierlng, my
: friends. Sell bonds at $l.04 in order
n to get gold into the country and send
d out more gold than you get for the
) same bonds. Then they issued hum
O dred million dollars more of bonds,
e making altogether two hundred and
o sixty-twO millions OF dollars in bonds.
II And when the last batch of bonds were
n sold want to call your attention to
e what was done. They say that the
e people are not able TO understand the
N money question. That it must be
he who have made study of the bust
,e ness. | wonder if there is any greater
d iiuancier than j. Pierpont Morgan ;
IN that is the man who has been sponsor
" to the Treasury on two or three occa-
r. siOns. Let me show you what safe
" man he is to consult in regard to the
to tinanciering of tins country. You
al will remember when it was under
of stood that these bonds were to be sold
at at private sale, Mr.. Morgan organized
~ a syndicate which was to take these
es bonds at about 1O5 and a COED dea
is was said about the matter in the pa
o. pers. And finally it was decided tt
I'D sell the bonds at public auction. What
,g did the syndicate do? Did it put its
,ir bid for 1U5 as it would at private SALE
d. No; but within fifteen minutes OF thu
he hour of the opening of the bids The
at head of the syndicate presented bic
he of more than 1101.. When he fOunt
he he couldn't get the government to sci
d. the bonds at l05, he raised his biz
ne more than five millions of dollars OF
wv the transaction and they call tina
id shrewdness This is financiering, AM
n they don't criticise man who woul'
is try to take advantage Of the govern
en- ment for five million dollars. bat if
nd man would attempt to rob the peopl
ey dollars, they would put him in tn
'es penitentiary because he would be s.
lat pitiable an object he ought to be pun
he ished. There is great deal Of differ
Oh ences in trying to injure the govern
tn ment in small and large degree
e.) There is great deal of truth in wha
of Cicero said. III said to his son: Don
of go into the retail business, the retail
in business is small business, a commO
ie- business, a vulgar business; go int
in the wholesale business That is a re
on spectacle business daughter
of these people think that to pluI
he der the government on sma
on scale is mean and contempt
he ible business, but to plumber 1t on
to- large scale rises man to positlo
ITS. where he becomes financier an
n must be taken into the councils (
lev the nation. (Applause.) | saw sOm'
ind thing in one of the New York paper
hat which purported to relate an &C
.ge ual transaction. You remember whe
as the last issue of bonds was made the
eel drew out gold rapidly to buy the bone
will with. Why, some people said, that
will was a fact that five hundred and MI
eau millions of dollars were bid for bond
; q and that fact was an evidence tn
e of there was great deal of gold in Il
der country. 1t was not an evidence
be any such thing. I read of one IN,
to who had a postage stamp and
: or wrote and made a bid for lar;
amount of bonds, and having made
high bid he got the bonds and tn
sold them to somebody willing to ia
ign them off his hands, and made lar
bill profit without investing anything.
hey all, and among the people who bid
lrry the bonds with an idea that their bl
the would be accepted, they thought
tied they were accepted they would b
t is the gold to pay for the bonds. A
attic they bought it of the bankers, and
need broker went to the treasury IN sol
1t Instances and get the gold to sell
With the people who were going to buy
ma bonds, and this New York paper tt
at q of one transaction where the brOE
an took greenbacks and Treasury no
the to the mint to a large extent and DIR
,cia- out the gold and was dividing it a
in they were going to take it back to
sue? other window and get the bonds,
Be- the agent of the government saw b
lean and told him that he couldn't do tt
,res. He said: You canrOt use this OF
way for a brokerage establishment wi
mot said the broker. Il can take this 6
And across the street to my office and tt
olicy let them bring it back again. \
) my answered the agent, You can do tt
the but you cannot divide 1t here
nat if that time the broker was getting n
and w hat is the use of doing that? w
r the is the use Of making me pay the al
ncial age across the street and back?
IMAM was getting mad and he continued
call tell you what Is the matter with
done. you are standing in with that I'll
etary age man, that IS what is the ma
reen- with you; you want to make me
d and him. (Laughter.) That is an
Treas stance, my friends, that is reporte
ubt it great daily paper. (Applause
Secre- laughter.) My friends, l only st