The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-01-17
ALL ROT.
The Gold Loan Isn't a Popular
Loan at ALL
The People Are Not Taking the
Bonds
Because They Haven't Got the
Money to Do 1t.
BANKERS TO GET THEM
Just as Was Planned in the
First Place,
Except They Do Not Act in a
Syndicate.
SENATOR'S SKEPTICAL.
Ridicule the Idea That the Loan
is Popular"
Bonds Will Be Taken in the Big
Money Centers.

WASHINGTON, Jan. 17.-"Mr. Cleve-
lands popular loan has completely col
lapsed. as far as the popular feat ure of it
is concerned, and 1 am glad of it. By
his carefully worded advertisement he
probably fooled few people, but here
in campus, where people knew a thing
or two, the game has been boiled down
to mean nothing"
| These are the sentiments of a prom
inc mt congressman.
All the bids which have been received
up to date have come from banks and
concerted capital.
In the house nearly all scof at the
idea that it was even intended for a
popular loan, and there was not found
one in the senate brave enough to hold
that the loan could be construed into
popular loan.
Representative Turner said:
sit is as near popular loan as could
be had, though it may fall, because l
think the banks, and not the people, will
get the bonds"
Here is what various senators, repre-
senting all compilations of the financial
issue, said for publication:
ga popular loan." said Senator Bacon,
''must be one which the people can take
up Sufficient time has not been given
for the bids, and the bonds are only to be
had at the great money centers."
"Ostensibly it is popular, loan," said
Senator Caffrey, now famous for having
received, Me- .Cleveland's last letter
"rhe people can bid, but the question is,
have they the ability? The banks and
concentrated capital will get the honda
The advertisement, however, was pur-
suant to the demand of honest minded
people that the president should at least
try popular loan"
"Technically it might be construed as
popular Ioan,' said Senator Cockrell of
Missouri, ''but practically it certainly is
not. The people certainly WILL not nor
are they able to get the new bonds"
Senator Chandler: "Nominally the
loan might be considered a popular one,
but the people have no chance to take
bonds If they had been offered in small
sums at ia. the people could thsn have
bid aud got them. Associated capitalists
will get them. Should they get them at
1l2, it shows that they could have gone
to the people at ia.
"As much as l believe in the integrity
of Mr.. Cleveland" replied Senator Cali,
II do not see how he can call this a Uop
ular loan. To make it popular loan
the bonds should have been offered at
all postoffices and in small denomina-
tions.''
'Of course it is not a popular loan,"
said Senator Morgan. "Three months
would have to be given for the people to
DiU, anu Lu0 DOuQS WOULD nave
to be put in smaller denomina-
tions. If the administration had
so desired it could have foated
the full amount with the people"
"Ir is only popular loan inasmuch as
any body is invited to bid," Senator Sher-
man said. THE loans made by me were
competed for by all classes The prices
for the bonds were fixed and first coners
were first served. The bonds were,
moreover, put up for sale in all national
banks, and the certificates of indebted
ness in the postotfices. These were the
differences between the popular loans of
1878 and 1879 and those of 1896" :"
sit is not popular loan." emphatical-
ly declared Senator Allen. "It is too
contracted. The bonds are only to be
had in the great money centers, where
all the gold is boarded as it comes
from the people. There has not
each state where the people could go and
buy if they had money: But l think
the bonds are void, because do not be-
lieve there is any law allowing for such
issues"
The loan may be called a popular
one, but it is not" said Senator Daniel of
Virginia, "The people will not get the
bonds, aud that is the only thing that
can make popular loan, though even
that cannot make bond loan popular"
And that is what they all say of Mr..
Cleveland's inspired midnight popular
DO nd issue.