Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1896-01-17
BY A POPULAR LOAN
Administration Hopes to Thus
Float the Bond Issue.
PRESIDENT CLEVELAND SPEAKS
senator Gallery Informed by the Exec
utive That 40 Deal Was Made
With q Syndicate.

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 syn
dictate to float the expected issue OF
bonds, is the subject of letter written
by President Cleveland to Senator CAT
ferry The letter is in the handwriting
of the president, and is as follows:
Executive Mansion, Washington. Jan. g.
My Dear Senator: / have read today
in the Congressional Record the debate In
the senate on Friday concerning the H.
nancial stua ton and bond issues. 1 am
amazed at tie intolerance that leads ex-
cited partisa nshp to adopt as basis of
attack the unfounded accusations and as
sertions of a maliciously mendacious and
sensational newspaper. No banker or IL
nancier nor any other human being has
been invited to visit Washington for the
purpose of arranging in any way or man
ner for the disposition of bonds to meet
the present or future needs of the gold re-
serve.
No arrangement of any kind has been
made for the disposition of such bonds to
any syndicate. No assurance of such a
disposal of the 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 rem
ders it possible have anxiously conferred
with each other and as occasion permit
ted with those having knowledge of finan-
cial affairs and political monetary condi-
tons to the best and most favorable
means of selling bonds for gold.
The unusual Importance of a successful
result If the attempt is again made, ought
to be apparent to every American citizen
who bestows upon the subject a mo-
ments patriotic thought.
The secretary of the treasury from the
first moment the necessity of another sale
of bonds seemed to he approaching de-
sired to have them issued to the people
by public advertisement If they could thus
be successfully disposed of. After a full
consideration he came to the conclusion,
to which | fully agree, that the amount of
gold in the reserve. being now 800 900, 900
less than Ii was in February last. when a
sale of bonds was made to syndicate,
and other conditions differing from those
then existing, Justify us in offering the
bonds now about to be issued for sale by
popular subscription
particulars could have been easily OBJ
tanned by any member of the senate by
simple inquiry. If Mr.. Morgan or anyone
else, reasoning from his own standpoint,
brought himself to the BELIZE that the
government would at length be constrain-
ed to again sell bonds to n syndicate
suppose he would have perfect right, If
he chose, to take such steps as seemed to
him prudent to put himself in a condi-
ton to negotiate.
l expect an issue of bonds will be ad-
Vertised Tor sale then 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 pendency of advertisement. Not hav-
ing had an opportunity to confer with you
In person since the present session of con-
sress and not noticing your participation
IN the debate of last Friday l have thought
I not amiss to put you in possession of
the facts and information herein con.
tanned. Yours very truly,
GROVER CLEVELAND.