Evening journal., 1896-01-10
CLEvELAND'S LETTER.
The President Writes Concern
ing the Bond Issue.
SAYS HE WANTED A PUBLIC SALE.

He Indignantly Denies That There Was
Any Previous arrangement with the
Morgan Syndicate Secretary Carlisle
Says the People VIII Take the Bonds.
WAsHIEGroN. Jan. 1O.-The debate on,
the Elisins resolution in the senate last
Friday, when The administration was ac-
cused By several senators of having en-
tered into an agreement with "a syndicate
To il0at the expected issue OF bonds is the
subject of letter written by President
Cleveland 20 senator Caffcry of Louisiana,
which has just been made public. IL IS
In the handwriting of the president and is
in fun as follows:
WAsHINGToN, Jan. 3.
Ny DEAR SIR have read today In
The Congrossionnal Record the debate in
the senate on Friday concerning the finan.
ciGl situation and bond issues.
1 am amazed nt the intolerance that
leads even excited partisanship to adopt
az a basis OF attacl, the unfounded accusa-
tions and assertions of maliciously men
dacious and sensational newspaper. No
banker or ilnancier nor any other human
being has been invited to visit Washington
for the purpose Of arranging I'm any way
meet the present or future needs Of the
gold reserve. No arrangement Of any kind
has 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 person In
point of fact, decided leaning toward a
popular loan and advertising for bids has
been plainly exhibited on the part Of the
administration at all times when the sub
ject was under discussion.
Those charged with the responsibility
Of maintaining our gold reserve, so far as
legislation renders st possible, have anx-
iously conferred with each other and as
occasion permitted with those having
knowledge of financial affairs and present
monetary conditions as 10 the best and
most favorable means Of selling bonds for
gold.
Popular Loan Originally Intended.
The unusual importance of successful
result, if the attempt Is again made, ought
to he apparent To- every American citizen
who bestOws upon the subject moments
patriotic thought. The secretary of the
treasury. from the first moment that the
necessity OF another snle OF bonds seemed
to be approaching, desired to offer them, if
Issued 30 the people by public advertise
ment II ihcy could thus DE successfully
disposed Of After fun consideration he
came TO tie conclusion, to which I fully
agree, That the amount of gold IN the re-
serve, being now $50. GOO, 600 more than 10
was in February last, when a sale of bonds
was made 70 q syndicate, and other condi-
tions differing from those then existing,
Justify us I'm Offering the bonds now about
TO be issued for sale by popular subscrip-
ton
This is tho entire matter and all those
particulars could have been easily obtain
cd by any member Of the senate by simple
inquiry.
II Mr. Morgan. 0r any one else, reasoning
from his own standpoint brought himself
TO tho belief that Inc government would at
leng.h be constrained to again sell bonds
60 syndicate, / suppose hc would have "a
perfect right n ha chose, to take such
steps as seemed i1 him prudent to put
himself i'm condition TO negotiate.
/ expect an issue OF bonds viii be advcI-
tisod for sale tomorrow, and that bids viii
be invited not only for those now allowed
by law, but for such other and different
bonds ns congress may authorize during
the pending 81 the advertisements Not
having had an opportunity TO confer with
you IN person siuca the present session Of
congress beran and noticing y0nr partici-
patton I'm the debate cf last Friday, ! have
Thought it not nmi,s TO put you in posses
sion Of the facts and information herein
contained. Yours very truly,
GROVER CLEVELAND.