The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-12
INVESTIGATION NEEDED.
ALeading Democratic Paper Reviews the
Bond Scandals and Asks that the Light
OF Congregational Inquiry DC Thrown


Bond Scandals and Asks that the Light
OF Congressional Inquiry DC Thrown
On.
The New York World. OF Monday,
contains the following editorial;
!. At the beginning OF 1895 the credit
OF the country was so good that the
treasury had recently sold bonds OF an
undesirable character on n basis OF less
than per cent. II was 70 good that
Mr.. Carlisle officially declared his con-
viction that 2is per cent bond could be
sold "at or above" par. 1t was 80 good
that in spite OF systematic Wall street
effort TO deprcss prices, short term, I'M
desirable per cents continued to sell NJ
10 to liz.
2. The government had occasion to
sell bonds for the reserve fund. But in
stead OF offering them on II 2is or per
cent basis, or even OF Offering them to
the highest bidder, Mr.. Cleveland and
Mr., Carlisle entered into secret negO-
tiations with the Belmont Morgan syn
dictate composed largely OF Mr.. Cleve-
lands Wall street friends and assoc
ctates, and represented by his former
law partner, Mr.. StetEon. To the
amazement and disgust OF the country
they let these speculators have 49,, 309,-
900 OF the most desirable thirty-year 4
per cent bonds at the scandaIousiy low
price Of 1Oi.49.
D. After thus permitting the syndi-
cate to fitch from the treasury an un-
earned profit OF ten or twelve millions
the President and secretary stlll further
favored them by cxempting them from
the one condition OF the contract which
was really favorable to the government,
IA IN NelV .
least half the gold from abroad
4. Toward the end OF 1895 the treasury
again began to feel I'm approaching
necessity to sell bonds. Needless OF the
scandal produced by the former secret
sale. and In face OF the fact that the
bonds which had been sold to the syn
dictate ut lOl.40 had risen Immediately
In the market to lis and l20-thus show
Ing that the country stIll had q ? pcr
cent credit or bctter-Mr. Carlisle be-
gan TO plan n secret sale OF 5000 900, 900
to Mr.. Morgan and his associated spcc-
ulatOrg. The President consulted none
Of the men whom he should have con-
suited. He asked no advice from any
banker or flnnncier not associated with
the syndicate. lie consulted no menu
Der Of Congress and no aenntor-not
even the Heads OF the ways and means
and finance committees. He consulted
neither OF the distinguished living ex-
secretaries Of the treasury. He did not
consult even his own cabinet officers.
with the exception Of Carlisle. who WINS
actively negotiating the dCnl: Lamont,
the business partner and cloBc nlly OF
the Standard oil group, and possibly
Olncy, the trust attorney. His nd-
vlserE besides these were Morgan, the
head Of the syndicate; Stotson. the syn.
dicntC'g own lawyer: Woodward a
A,OOOOOO member OF the syndicate:
Stillmnn. whoac bank had corncrrd
81, 100000 OF gold M syndicate sub
scrlbCr. and one Bacon, n Wall street
operator.
6. ON the 23d of December Mr.. Nor.
gan was Invited to Washington for
conference" He does moi say who In
vited him. But he went 10 the library
In Secretary LnmontE house. There he
mot Secretary Carlisle and had long
conference with him, Then he came