Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1896-01-17
OF DENIAL
Cleveland Made No Deal With
Bankers.
SCORES A NEWSPAPER
Had Not Entered into Negotiations
Directly or indirectly for the
Dlsnosition Of the
Fond ISSu9.

The debate on the Elkins resolution IN the
Senate. when the administration was accuseu
by several Senators Of having entered INTO
an agreement with syndicate to hoat tne
expected issue of bonds, is the subject OF
letter written by President Cleyeiahd 10
Senator Cafrey, of Louisiana. Inc ie''er
has lust been made public by MIR. Carrey.
1t is in the handwriting Of the President anu
covers six pages of closely written note
paper. 1t is in full as follows:
"Er cYHre Mans ion, Washington, Jan.
1896. Ny Dea Senator: have read ID the
Congressional Record the debate IN the o'h-
ate on Friday concerning the financial Fltua-
ton and bond issues.
Il am amazed at the intolerance that leafs
even excited partisanship to adopt as OASIS
Of attack the unfoundsd accusations ana as
sertions of malciously menlaelo1s anu
sensational newspaper.
mo banker or hnanciar, nor any o'het
human being. has been invited to VISIT WISH
ington 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 deposition Of such bonds 10
any svnlicatc or through the agency OF any
syndicate.
NO assurance Of such disposal Of bond'
has been directly or indirectly given to any
person. In point Of fact, decided leaning
toward popular loan ald advertising ior
bids has been plainly exhibited on the part
Of the administration at all times when the
subject was under discussion.
Those charged with the responsibility OF
maintaining our gold reserve 50 far as leS's-
lation renders it possible have anxously con-
fcrred with each other. and as occasion per-
mitted. with those having knowledge OF IN
ancial affairs and present monetary cohdt-
ions as to the best and most favorable means
of selling bonds for gold.
The unusual importance OF succesSlul
result if the attempt Is again made ought TO
be apparent to every American citizen VINO
bestows upon the subject moments patrl
otic thought.
"The Secretary Of the Treasury from th'
first moment that the necessity Of another
sale of bonds seemed to be approaching de
sired to offer them, il issued, TO the people D.
nublic advertisement. if they could thus b'
successfully disposed of. After full consll
Grafton he came to the conclusion, to whiel
fnllv agree. that the amount of gold IN IN
reserve being now 10000 900 moro than
was in February last. when a sale OF load
was made to a syndicate, and other cohul
tions differing from those then existing, JUST
fv rs in Offering the bonds now about to b
, issued for sale by popular subscription.
This is the entire matter, and all thoS
particulars could have been easily obta'ne
NV ony member of the Senate by simple II
q quiry.
- IF Mr.. Morgan or any one else reasonln
from his own standpoint, brought hlmssh
the belief that the government would
length be constrained to again sell bonds
, \ syndicate. suppose he would have pc
feet right. ii he chose. to take such steps
seem to him prudent TO put himself IN co
litian- to negotiate.
"a 4yraci an issue = bonds will be adYe
.i..a ~ roa ,r-ow and TIT bids W
b invited MT Only ',ctho-' now allowed
,,v }it f.t a..s ,.her aod d.t'r'ni N.n
,- Congress may ai-hori., d.Iue -hc pel
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