The herald., 1896-01-10
No SYNDICATE DEALINGS
The President Writes q Letter
About Bonds
CARLISLE'S INSTRUCTIONS
To People Intending to Subscribe for
Bonds
Fifty Dollars and HultipIes Of
That Sum

Associated Press Special Wire.
WASHINGTON, Jan. 0.-The debate on
the Elkins resolution in the senate last
Friday, when the administration was ac-
cused by several senators of having en-
tered into an agreement with the syndicate
to float the expected issue of bonds, is the
subject of letter written by President
Cleveland to Senator Caffery. The knowl-
edge that such o letter had been addressed
TO Mr. Gallery was obtained tonight and
the letter was made public by the latter.
1t is in the handwriting OF the president
and covers six pages of closely written
paper. 1t is in full as follows:
EXECUTIVE MANsIoN.l
WASHINGTON, Jan. ), 1861
My Dear Senator:-I have read today in
the Congressional Record, tho debate in
the senate on Friday concerning the finan-
cial situation and the bond issue. L am
amazed at the intolerance that leads even
excited partisanship to adopt as "a basis of
attack tho unfoJnded accusations and as
serions of a maliciously mendacious and
sensational newspaper.
No banker or nnancler, nor any other
human being, has been invited to WASH
ing on for the purpose of arranging in any
way or manner for The disposition of
bonds to meet he present or future ne eds
of the gold reserve.
No arrangement of any kind has been
made for the dispcsition of such bonds
to any syndicate or through the agency of
any Syndicate. No assurance of such a
disposal of bonds has been directly or in
directly given to any person. III point of
fact, decided leaung toward a popular
loan and advertising for bids has been
nj n foH f,rt be, M ri nf ar
istration at all times when the subject was
under discussion.
Those charged with the responsibility of
maintaining our gold reserve, SO far as
legislation renders it possible, have anX-
iously conferred with each other, and as
occasion permitted, with those having
knowledge Of financial affairs and present
monetary conditions, as 10 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 10 every American ci izeu
who bestows upon the sui ject moments s
! patriotic thought.
The secretary of the treasury, from the
| first moment that necessity for the sale
| of another isoue of bonds seemed to be ap.
proaching, desired to offer them. it issued,
TO the people. by public advertisement, if
they could thus be successfully disposed
| the conclusion, to which fully agree, that
the amount of gold reserve. being now
S2O,O0O.OCO more than it was
in February last, when sale
of bonds was made to a syndicate and
other conditions differing from these then
existing, justify us in offering the bonds
now about to be issued for sale by popular
subscription. Tbs is the entire matter,
and all those particulars could have been
easily obtained by any member OF the sell-
ate by simply inquiring.
If Mr.. Morgan, or anyone else. reasoning
from his own standpoint, brought himself
to tue belief tiat the government would at
length be constrained to again sell bonds
to a syndicate, suppose he would have a
perfect right. If he chose, to take such steps
as seemed to him prudent, to put himself
in CONDITION to negotiate.
! expect an issue OF bonds will be adver-
, tiseh for sale tomorrow. and ihal bids will
be invited not only for those not allowed
by law, but for such other and different
bonds as congress may authorize duiing
the pendency OF the advertisement.
| Not having had an opportuni to confer
with you in person since the present ses-
sion of congress began. and noticing your
participationin in the deba'e of last Friday, L
have thought it not amiss to put you in pos
session of the facts and information herein
contained Yours very truly,
GROVER CLEVELAND.
CARLIsLE's CIRCULAR
Secretary Carlisle today issued a circular
letter Of instructions to persons intending
1 to subscribe for the new loan. The circu-
lar will be sent TO all persons applying for
! blank forms of proposals. which are now
ready for distribution. The following is
! tn. text of the circulars
| In subscribing for the new 4 per cent
bond, under the circular of January Is,
1896, The annexed form should be fol-
/ lowed. The bl,nk may be detached, filled
! I'D and addressed to the secretary of The
/ treasury. The subscriber should state
plainly The amount of bonds desired, the
! price which he proposes to pay and the
! place where the bonds should be delivered,
which may be the subscribers home or
any other convenient place. He should at
the same time state whether he desires to
| deposit the amount of his subscription at
the treasury department in the city of
| Washington or at one of the following sub
treasures, viz New York, Boston, Pbiia-
! delphia, Cincinnati. Chicago, ST. Louis,
New Orleans or San Francisco.
Deposits at San Francisco must be with
exchange on New York.
The bonds will be issued in the follow
| ing denominations, viz: Coupon bonds
$50, 500, $500 and $1,000; registered
bonds, $50, 500. $500, $1,000, $4,000 and
| $4,000.
"Subscribers should. if practicable, state
! in their proposals the denominations of
the bonds desired and whe her they should
be coupon or registered; but if at the lime
of offering the subscription the kind and
denomination of the bonds desired cannot
be stated, the subscriber may defer giving
that information until he is notified that
! his proposal is accepted.
"Gold certificates will be received III
Same as gold coin in payment of subscrip'
tione. but no payment should be made by
any subscriber until he has been notified
by the secretary that his subscription has
| been accepted.
additional copies of the annexed form
of proposal may be had upon application
| to the secretary of the treasury.
"Envelopes should be plainly marked
Proposals for 4 per cent bonds.'"
| Cadet Appointments