New-York tribune., 1896-02-07
C0lgate's
Cashmere Bouquet
Toilet Soap.

dozen fifteen officials engaged in this prema-
ture examination of the bids could by any pos
sbity have conveyed friendly tip to the
competitors who reserved their offers until the
last moment.
Yet it is only natural that some complaint
should be made by the bidders most affected
of so ll-advised and needless a violation of the
written terms of the Treasury circular which
invited proposals, and great surprise Is ex-
pressed here that Secretary Carlisle should have
permitted infraction of the conditions Of
bidding set by the Department. which would
inevitably lead TO all sorts of unpleasant sug-
gestons and imputatons. 1t is not denied at
the Treasury Department that many of the bids
We're opened before the time legally and prop
erly set for the competition to end. and the sole
excuse far given for the disregard Of the
terms of the Secretarys circular has been the
trivial plea that certain proportion OF the
bids had to be opened prematurely "to save
| time"
SATISFACTION IN CONGRESS.
The marked success of the popular loan and
the saving to the Government accomplished by
the system of competitive bidding as opposed to
that of secret contract have given great salts
faction to both Republicans and anti-Adminis
traton Democrats in Congress 1t has been
we'll understood by the leaders of both political
parties that the Administration made the offer
of the popular loan with the conviction that 1t
would be a failure and that that fact would
vindcate the wisdom of the former syndicate
sale When the offer of the popular loan was
made and from time to time since the declara-
tion has come from Administration sources. both
/ in Congress and out. that the loan would be a
! failure and the Government would finally have
/ to fall back upon the syndicate for assistance.
This declaration was made in interviews by the
| closest friends Of the Administration when the
/ offer was first made and has been repeated often
| since. with the statement that the Treasury Of
| flcialS We're confident that the syndicate policy
would be vindicated. 1t has always been under
stood that the offer made in response a popular
! "a Of " iDSpi irpI
/ the belief that ii would furnish objrct-lesson
which would put to shame the critics Of the Presi
! dent and his Secretary, and put an end to the
'demagoslc cry Tor a popular loan FOR all time
| in the future. The Administration now Processes
great satisfaction at the result of the bids. but ii
is certainly different result from what It had in
! contemplation when the idea Of a deal with the
! syndicate for the new loan abandoned and
| the other form OF a popular loan was reluctantly
adopted. and the critics Of the Administration
| point convincingly to the difference between the
| prices offered for the bonds and the price
| brought by the others at private sale as sweep
ing evidence OF the lack of wisdom in the syndi
cate policy. 1t Is painfully evident that the sue
cess OF the new loan has dealt the Administra-
ton blow from which IL mot easily recover.
| for it has demonstrated only too completely the
wasteful and injudc!ous character OF Mr.. Cleve-
| lands secret contract system and the absolutely
gratutous nature of the supposed advantages Of
fered by the Morgan syndicate agreement OF last
year.
CREDIT DUE TO SENATOR ELKINS
On no man in public life does the success Of
/ the popular loan reflect more credit than on
Senator Elkins His resolution. introduced and
vigorously pushed in the Senate. to forbid
further secret contracts and require all bonds
| to be sold after open competition was. as is
we'll known, chiefly instrumental in forcing the
| Administration to abandon its half-closed bar
| gain with Mr.. Morgan. and 10 resort TO a can
for popular subscriptions 10 sale or bonds Tor
gold The resolution was on the point OF passing
| the Senate on Friday. January .. when II vote
| on II was postponed until Monday, January D.
| Of one. on Sunday night, January ., Secretary
Carlisle issued the Treasury circular calling TOT
bids and the resolution. having accomplished
it's purpose. was then sldctracked. When Mr
/ F.lkns offered his resolution II was SAID hy
| many that the people mad no gold; that IN ere
would not be $2000O000 of popular subscriptions
and that the syndicate ought TO be allowed |"
| take the loan. There doubts on ali sides
| as TO the success Of popular loan, ana u
| was charged that Mr.. Elkins. 10y resisting the
| syndicate, and opposing secret contract, might
| bring on a panic The West Virginia senator
/ showed in his speech that this was the richest
country in the world. and expressed entire con
fdence that the loan would be oNersuDScElD"d
and would be a pronounced success, ana ne ar
vyavs said that notwithstanding the troubles
ahout the Venezuelan boundary and other for
! eign complications. and the predictions that 'he
loan would be a failure. II would bring about
112 II ought TO have brought 10 under III 'fe
favorable circumstances itusSeil SaR" "'otc
to Mr.. Elkins, after he had mao ms i a.,
that the resolution and the remarks maze IN
support Of ii would save the GoV"rhin'h !.
g. 900 900 The result Of the bidding proves that
s. 600 600 has been saved
The President had unusually large mum
49, ~ -, caIlere to-daN Most Of them were Demo
10 congratulate MI CieNeldhu Oh '''' '
he