The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-12

back to New York with definite un-
derstaning that the secretary was nnx-
lous to sell $2OO.0O0OOO Of bonds; that
they would be dated February /, 1895,
as proved TO be the fact when the bond
call was issued. and that n syndicate to
be formed by himself would be allowed
to take the whole issue at about the
price OF the previous Februnry's sale.
6. SO well assured was he OF this that
l he circulated a contract for subscrip-
tons to his blind pool and got them.
He ut the same time arranged for sales
OF the bonds or syndicate account In
France. Germany, Holland. Belgium
and Switzerland.
I. On the Sd OF January the World
| published Its appeal TO the President fol-
a popular loan and It's ofIer to head the
list with a subscription for q million.
| II pointed out the scandalouS nature OF
| the dIcker that was then about con-
cluded. II warned the President In
terms which aroused the whole country
and made II certain that the carrying
out OF the secret bargain would be the
signal OF d great burst OF public lndig-
nation.
5. On the next day Mr.. Morgan sent a
special messenger 10 Washington with
n letter to the President In which he
pleaded earnestly for the execution Of
the secret contract. He wrote 10 the
President:
II do not hesitate to affirm. in fact to
urge, that such contract (fOr syndi-
cate sale ut about 104Isl would in every
way be for the best interests OF the
government and the people"
Mr.. Morgan was very earnest indeed,
aS well man might be who was plead
ing for a profit OF &25, 900. 900 or $50. 900 600.
0. But the President had begun to
learn, through the Worlds exposure,
how great scandal the completion OF
the syndicate scheme would create. He
stopped It and had the secretary Issue
instead call for a puhllc-not a popu-
lar-loan, to be taken up by blind bids.
10. So adroitly was the call framed to
serve the interest OF the great bankers
that they still maintained their syndi-
cate Intact and planned to put In q bid
for "all or nothing at their old secret
bargain price. Their calculation was
that the higher bids would not be suiii-
Client to absorb the whole loan. and that
the secretary would therefore reject
them all and let the syndicate have the
bonds ct their own price.
Il. The World spoiled their plan. II
sent kilograms to all the banks in the
country asking each to say how much
OF the loan It would subscribe. The re-
Spouse demonstrated the readiness OF
the country to take the whole issue at
something like q fair price.
u. Then Mr.. Morgan dissolved the
syndicate. feeling that the scheme
which had been so nearly successful to
mako prey OF the treasury WAS hopeless
~ defeated. But presently he reorgan-
lied II on a new basis. and at the last
moment put In q bid for the whole loan
or any part OF II at ll0,6S7T. This bid
was q. small fraction better than that OF
Mr.. Stewart for $76.000.0 900 at 110.075-a
circumstance which has excited a good
deal OF suspicion. That suspicion has
not been ailayed by the fact that Mr.
Morgan and Mr.. Carlisle held whis-
pered conference while the bids were
being opened. Nor Is It quieted by pub
lie knowledge OF Mr.. MorBan's remark
about heart disease" when for a few
moments he believed that after oil Mr.
Stewards bids overtopped his own.
There Is, nevertheless. much public sat-
lsfaction Ut the fact that while Mr.
Morgan carried on with bold front
the whole OF the February Issue n year
ago ut his own price, he was obliged to
rack his brain to get oue-third OF this
issue at about G per cent higher price,
IS The facts thus sucCinctly aud dis
passIonately set forth call for some
form OF action. Mr. Chrllsle'S strange
persistence In efforts TO trade with the
syndicate. his duh insensibility to the
odIum invited by his course and his uu-
concern as to the popular feeling that
he has surrendered himself TO Wall
street influences constitute u scandal
Mr.. Cleveland's almost exclusive asso-
citation with tie Representatives Of
Influence has perhaps misled him and
blinded his eyes to misconduct which
he might otherwise have discovered
and checked. But the known facts ns
they stand. and still more the suspl-
clouE secrecy, the mystery, the extra
ordinary condolences and the uneN-
planned circumstances with which the
whole matter is belonged, call FOR n
searching investigation. II will be an
lntOlernhle wrong II the people are left
with any reason for doubling the in
tegrity OF any public officer Congress
owes II to the good name OF the country
to make thorough inquiry. so that II
there has been wrongdoing II may he
punished, and II there has been none
the fact may be made clear.
H. In the mean time the Morgan syn
dictate bid should have been rejected
under the right reserved in the call to
reject any and all bids" There In
over SI4,OO6.OGO OF gold In the reserve
fund, while the bids higher than Mr..
Morgan's amount TO about $4,000, GOO
These will MI up the reserve and more.
There Is no reason, therefore, why the
syndicate which fllched so great n profit
last year and tried to hold up the trcas-
ury again this time should be permitted
to get above SS3.0OO.0O Of bonds ut n
lower price than anybody else and reap
n profit OF about s2,OOO.OOO, the greater
part OF which might be saved TO the
treasury by the stroke OF the pen. It
should have hSeR rejected and the
bonds It represents sold for something
like their real value.
nut the chief necessity Is that Con-
gress shall order searching investiga-
tIon Of nil this bond negotiation his
tory, beginning with the secret dickcr
OF 1895, Nothing since the Credit Mo-
bIllcr scandal has 80 needed the flood
light of publicity
---------<s'-'---------