The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-24

these bonds are issued TO get gold and
therefore we can only sell them Tor gold.
| This man would say: Well if yol
won't sell them for grecnbacks anc
treasury notes | will just deposit tn.
greenbacks and treasury notes and hay,
! you redeem them in gold
"The secretary would have said
We'll. that's what we are here for an,
would have given him the 100000 il
gold. The man would say then; DO
understand you have bonds for SALE
"'Wcil, here is your 100000 in gold
give me the bonds Great applause.
DO You think it can be done? 1t cal
be done. 1t has been done. When they
/ issued the first SIO0OO.0OO of bonds
they drew out S1S,0OOOOO in gold to
pay for those bonds and to the extent OF
! S1S,OOO,OOO the government had no more
| gold than when it commenced. although
| it had 10 pay interest on $4,000, 600 OF
bonds. Applausc.) If there is man
! who can not understand the absurdity
of that proposition ! ask him to ask his
wife about it. because there isn't a wife
that can not tell you it was an idotic
| transaction.
"Thcn they issued another $4,000 OOC
and drew out q larger percentage of the
gold than the first time. They made
the Rothschild contract then. This was
Il contract b. which this government
sold to a private syndicate bonds at
lO4 - which were ut the time worth
119 in the market There is not Il pri-
vate citizen who would ever do that
kind of business, or his relatives would
have Il guardian to take care of his
property. daughter and applausc)
Men can do as public officers that
which they wouldn't do if they were
handling their own money and attend
ing to their own business. We were
had to furnish the gold to buy the
bonds with. Then they tried to buy the
gold from abroad so they wouldn't have
to furnish the gold which they were
buying. It made Il little larger circle.
1t took n little longer to get around. The
one provision in the contract which
struck me as exceedingly sagaciOus was
the one providing that this gold should
be paid in installments extending over
some months. The beauty of that was
that it could not be gotten out until it
got in and the longer it took to get 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
1O4 ID came back to this country and
took gold away from this country at
the rate of 12O. That is fnanccring.
daughter and applause) That is wis
And if there is any one who does not
see where it is wise, don't say so, be-
cause they will say you are an ignoramus
down in Wall street. That contract
contained a stipulation which the Roths-
childs and Morgan agreed for Il certain
length of time to do their best to protect.
| think that was the worst clause in the
contract. 1t was the worst clause be-
cause it recognized in the contract that
buying and paying well for. 1t was a
that but for the purchase the |
services wouldn't have been rendered. |
They hired two men to back the treasury. |
If this government is going to admit |
that it depends for its financial exist |
ence upon two banking firms, one foreign |
and one domestic, then it puts us back |
where those people can charge this gov
eminent whatever they please. I'm not |
much of Il financier. but my idea is that |
instead of hiring these men to let us
alone, we ought to try them as we do
any other men who cOnspire against the
government and punish them for con-
Spracy against the country. (Applause.)
Yet they issued S10000O,000 more. 1t
was suggested that they were going to
be issued at private sale and j. i.
Morgan, who had been in the bond deal
where they made such Il profit on the
bonds that he refused to tell about it !
when brought before Il committee of in
vestigation, j. Picrpont Morgan organ
lied another syndicate and it was adver-
tised that he was going to submit n bid
for various parties mt about 1OJ and then
4 circumstance arose which made it nee
nssary for the president to advertise for
public bids. Now, if you want to see
now much patriotism there is in the syn
lcate business. just note what was done.
When they advertised for public bids
lid the syndicate put in II public bid for
he same amount it would have at pri-
rate sale? No. that syndicate waited
Until just before time to close bids; then
heir bid was put in for more than So
100000 above what they expected to put
n at private sales. Now, is that sagac
ty? OF course not You may call it
patriotism on their part if you like, but
want that sort of patriotism to serve
some other. country, not mine. Cap
Dlausc) If some petty individual who
vas to try to beat the government out
IF $500 they would put him in the peni-
cntiary. But if a man tries to beat the
government out of SJ,00O,00 he becomes
I patriot and is banquctcd. | don't say
his to secure the support of the Morgan
syndicate. UaughtcrJ | know that
when | say that put myself in the ranks
If the anarchists.
"Who is the patriot and statesman?
Recording to j. Picrpont Morgan. ne
who believes the masses were made
with backs to bear the burdens and the
'cw were made to ride upon the backs
If those who toll. (Appnuse) The
people of this country desire Il govern
ncnt which is no rcspcctor of persons,