The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-01-10
FROM HEADQUARTERS
President Cleveland Imparts Informa-
ton on the Bond Question.
HE HAS WRITTEN CAFFERY
A Decided Leaning Towards a Pop
ular Loan and Advertising for
Bids. He Says. Has Been
Plainly Exhibited.

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 the
syndicate to float the expected issue of
bonds. Is the subject of a letter writ
ten by President Cleveland TO Senator
Caffery. The letter is In the hand
writing of the president and Is as fol-
lows:
Executive Mansion. Washington. Jan.
5. 1896.
My Dear Senator--I have read to-
day in the Congressional Record the
debate in the senate on Friday con-
cerning the financial situation and the
bond issues. l am amazed at the in
tolerance that leads even excited par
tisanship to adopt as a basis of attack
the unfounded accusations and asser-
tions of a maliciously mendacious and
sensational newspaper. No banker or
financier or any other human being
has been invited to visit Washington
for the purpose of arranging in any
way or manner for the disposition of
the bonds to meet the present or future
needs of the gold reserve. No arrange
ment 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
a disposal of the bonds has been di-
rectly or indirectly given to any per-
son. In point of fact, a decided lean
ing towards a popular loan and adver-
tising for bids has been plainly ex-
hibited on the part of the administra-
ton at all times when the subject was
under discussion.
Those charged with the responsible
ity of maintaining our gold reserve so
far as legislation renders II possible,
have anxiously conferred with each
other. and as occasion permitted, with
those having knowledge of financial
affairs and the political monetary con-
ditions as to the best and most favor
able means of selling bonds for gold.
The unusual Importance of a success
ful result. II the attempt Is again made.
ought to be apparent to every Ameri-
can citizen who bestows upon the sub
ject a moments patriotic thought.
THE secretary of the treasury. from
the first moment that the necessity of
another sale of bonds seemed to be ap-
preaching, desired to offer them, IL
issued, to the people by public adver-
tisement. If they could thus be success
fully disposed of. After full consider
alton he came to the conclusion, to
which fully agree, that the amount of
gold in the reserve. being now s20, ,000,-
900 more than IL was in February last,
when a sale of bonds was made to a
syndicate. and other conditions differ
ing 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 OBJ
tained by any member of the senate by
simple inquiry.
IF Mr.. Morgan or any one else, reas-
oning from his own standpoint, brought
himself TO the belief that the govern
ment would at length be constrained to
again sell bonds to a syndicate, 1 sup
pose he would have a perfect right, 10
he choose. to take such steps as seemed
10 him prudent. to put himself In con-
dition to negotiate.
II expect an issue of bonds will be
advertised for sale tomorrow and that
bids will be invited. not only for those
now allowed by the law, but for such
other and different bonds as congress-
may authorize during the pendency 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, I have
thought IL not amiss 10 put you In pos
session Of the facts and information
herein contained. Yours very truly,
Grover Cleveland"