Mexico weekly ledger., 1896-01-16
Mr.. CleVeland'S TraduCerS.
FACTS ABOUT THE BOND ISSUE
NOW PENDING POINTED OUT.
He is Amazed That Opponents Should
Adopt Assertions of Maliciously
Mendacious Papers.

WASHINGTON, Jan. 9.-The debate
on the Elkins resolution in the Senate
last Friday when the administration
was accused by several Senators of
having entered into an agreement with
a syndicate to float the expected issue
of bonds is the subject of the letter
written by President Cleveland to
Senator Caffery of Louisiana. The
knowledge that such a letter had been
addressed to MIR. Caffery was obtained
tonight, and the letter was made
public by the latter. 1t is in the hand
writing of the President, and covers
six pages of closely written note paper.
1t is in full as follows:
Executive Mansion, Washington, d.
c., Jan. 5, 1s96.-My Dear Senator: I
have read to- day in the Congressional
Record the debate in the Senate on
Friday concerning the financial situa-
tion and bond issues.
am amazed at the intolerance that
leads even excited partisanship to
adopt as basis of attack the unfound-
ed accusations and assertions of ma
liciously mendacious and sensational
newspapers.
No banker or financier, nor any
other human being, has been invited
to visit Washington for the purpose of
arranging in any way or manner for
the disposition of bonds to 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 any such disposal
of bonds has been directly or indi-
rectly given to any person. In point
of fact, a decided leaning towards a
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 responsible
ity of maintaining the gold reserve, SO
far as legislation renders it possible,
have anxiously conferred with each
other, and, as occasion permitted,
with those having knowledge of finan-
cial affairs and present monetary con-
ditions as to the best and most fav-
orable means of selling bonds for gold.
The usualimportance of a successful
result, if the attempt is again made,
ought to be apparent to every Ameri-
can citizen who bestows upon the sub
ject moments patriotic thought.
The Secretary of the Treasury from
the first moment that the necessity of |
another sale of bonds seemed to be |
desired to offer them if |
issued to the people by public adver-
tisement, if they could thus be sue
cessfuily disposed of. After full con-
he came to the conclusion, |
to which I fully agree, that the
of gold in the reserve, being
now S20, 900, 900 more than it was in
February last, when sale OF bonds
was made to syndicate, and other
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.
If Mr.. Morgan or anyone else, rea-
soniEg from his own standpoint,
brought himself to the belief that the |
would at length be con-
strained again to sell bonds to syn
dicate, suppose he would have per-
tect right, if he chose, to take such
steps as seemed prudent to put him |
self in condition to negotiate. ex-
pect an issue Of bonds will be adver- |
Used 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 tendency of
the advertisement.
Not having had an opportunity to
confer with you in person since the
present session of Congress began,
and noticing your participation in the
debate of last Friday, have thought |
1t not amiss to put you in possession
of the facts and information herein
contained. Yours very truly,
r ~ NJ.