The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-01-10
THE PRESIDENT DENIES

over Ills own signature inc fuphSah"ha
ofths New York yvorId-IIRd No syndi-
cate Deal ON Foot but Does Not Explain
the Secret One OF Last February.
WASHINGTON, d. c.. Jan. o.-The
debate on the Ellclns resolution in the
senate last Friday. when the ndminis-
tratlon was accused by several sena-
tors of having entered into Rn agree
ment with u syndicate TO float the ex-
pected issue OF bonds is the subject OF n
letter written by President Cleveland
70 Senntor Caffrey, OF Louisiana. The
knowledge that such letter had been
addressed to Mr. C1frey was obmined
tonight and the letter was made public
by the latter II is In the handwriting
OF the President and covers six pages OF
closely written note paper. II is In
full as follows:
EXECUTIVE MANSION,
WASHINGTON. D. c., Jan. 5, 'ss. +.
MY DEAR SENAToR:-I have read
to-day in the Congressional Record the
debate In the senate on Friday con-
corning the financial situation and the
bond issues.
/ am amazed ut the intolerance that
leads even excited partlsRnship 10
adopt as basis OF attack the unfound-
ed accusations and assertions OF ma
IIclopsly ,ReRdac!ous and sensational
newspaper.
No banker or flnancicr. nor any other
human being. has been invited to visit
Washington for the purpose OF arrnng-
ing In any way or manner the dispose
tlon OF bonds TO meet the present or
future needs OF the gold reserve.
No arrangement OF any KIND mas
been made for the disposition OF such
bonds to any syndicate or through the
agency OF any syndicate. .
No assurance OF such disposal OF
bonds has been directly or Indirectly
given to any perspn. In point OF fact,
n decided leaning towards d popular
loan and advertising for bids has been
plainly exhibited on the part OF the
administration at all times when the
subject was under discussion. Those
charged with the responsibility otmhin-
tnIning our gold reserve. so far Hs legis-
lation renders II possible, have anxious
ly conferred with each other and, Us
occasion permitted, with those having
knowledge OF financial AFFAIRS and pres
ent monetary conditions, ns to the best
and most favorable means OF selling
bonds for gold.
The unusual Importance Of n sue
cessful result, II the attempt Is nEain
made. ought to be apparent TO every
American citizen who bestowB upon the
subject n moments patriotic thought.
The secretary OF the treasury, from
the first moment that the necessity OF
another sale of bonds seemed TO be mp
preaching. desired 20 offer them, II Is
sued TO the people, by public ADVERTISE
ment, n they could thus be successfully
disposed OF. After full consideration he
came to the conclusion, 10 which fully
agree, that the amount Of gold In the
reserve, being now $50. 900 900 more than
Il was In February last. when n sale OF
bonds was made 20 n syndicate, and
other conditions differing from those
then existing. Justify us In offering the
bonds now about TO be Issued for sale
by popular subscription.
This Is the entire matter; and all
those particulars could have been easily
obtained by any member OF the senate
by simple inquiry.
IL Mr.. Morgan or any one else relron-
ing from his own standpoint, brought
himself 10 the belief that the Eovcrn-
ment would at length be conctrained TO
again sell bonds 20 a syndicate. / sup
pose he would have perfect right. " he
chose, TO take such steps as seemed TO
him prudent, 10 put himself In condl-
tlon to negotiate.
expect an Issue OF bonds will be nd-
vertlspd for sale tomorrow. and that
bids will be Invited not only for those
now allowed by law. but for such other
and different bonds as Congress may
authorize during the pendcncy OF the
advertisement.
Not having nn opportunity to confer
with you IN perEon since the present
session OF Congress began and noticing
your participation in the debate OF last
Friday. have thought It not nuliss to
put you In poggcsElon OF the facts and
information herein contained.
Yours very truly,
GROVER CLEVELAND.