Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-11
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NVII(lIrHIh WdV III
A POSSIBLE SCHEME

Washington, Jan. lo,-It is evident
the success OF the popular loan. II
may be and probably is the fact that
1t would prefer failure rather than
success, 1t has put out It's Invitation
In such way that only the skilled
viii know how to make response. The
fear is that after all the syndicate of
New York bankers may bid and claim
the entire lot or refuse to take any
lnstallment The New York sun OF
to-day rather clearly points out the
dissertations OF the treasury circular.
1t says:
when Secretary Sherman, In 1879,
| offered to the people of the United
States 5000, 600 and more OF bonds
for refunding purposes he fixed price
for them and announced that he would
pay commission OF one-half of per
cent to agents who brought him pur-
chasers. The result was that the bonds
were sold all over the country and
when all were gone but about $780,
100000 OF them they were taken up In
blocks of 100000 S20,O0O,0O00 and
iO,OOO000 at a time.
IF the secretary were In earnest In
the effort TO sell the present issue, he
adopted by Secretary Sherman In 1879.
lie would name a price for the bonds
little under the market, say ia. and
| offer to allow every national bank,
| every banker and every broker n com
mission for selling them. II this COM
mission were as much as ! per cent
II would only be only one-tenth OF
that which last week he was credited
with being willing to pay syndicate.
Probably one-quarter OF l per cent
would suffice
ut may be said that the require
ment OF gold coin In payment for the
bonds will limit their sale TO the few
persons and Institutions that have the
gold In their possession or can procure
It from abroad. II Il declared that 1t
viii be unpatriotic to draw II out of
the treasury for that purpose. This
Is an error Whatever be the source
of the gold. II IL to be paid into the
treasury for the redemption Of legal
tender notes, and II Is no less patriotic
to draw II out to-day and pay It back
Tomorrow, than to pay 1t IN to-day
and draw II out tomorrow The gold
that was brought from Europe last
year for the $4,000. 900 issue went back
again In few months, and, as far
as our present situation goes. II might
as well have been left there all the
time.
ut looks as II the administration
HHu utlbytu, anu nut cnhHktu, u DttT-
gain with the syndicate. which some
OF the papers have criticised. II will
walt till February g, and then. if the
popular subscriptions fail. as they
probably Will fail, to cover the entire
500, 100000 offered, II will accept bid
from the syndicate. all or none.'"
In opposition to this class. however.
who court failure. the New York
World Ia doing yeoman work. Yes
terday II telegraphed broadcast to
places remote from financial centers
and embracing In area every state in
the American Union. The responses
II received Is the evidence that its one
days work has secured a subscription
OF nearly sl5.000.000 1t announces ed
itorlally that II viii bend every energy
to make the loan a success.
To show how manifestly unfair In
the Carlisle. circular inviting bids at
no fixed price, and thus putting the
public In a quandnry. Is the COMPARE
son with how he dealt with the syndi-
cate which absorbed the last batch.
The Issue OF bonds to the Morgan syn
dicate was made on February 8. 1895,
No bids were asked for. Bonds In the
amount of s62 ,3lb,400. to bear interest
at per cent per annum, and to run
thirty years, were given to the syndi-
cate, at the head OF which was J.
Pierpont Morgan OF New York, In
exchange for 100000 ounces OF gold
com. Inc amount OF Boiu received UNI
der this private agreement was $685.
1l0.24sG2, or at the rate OF sl7.s0itl per
ounce. BY the terms of the con-
tract not less than one-half OF the gold |
was to be procured from abroad, and |
the parties with whom II was made |
agreed that they would ''as far as
lies In their power exert all financial
influence and will make all legitimate |
efforts to protect the treasury OF the
United States against the withdraw
ais Of gold pending the complete per-
formance of this contract" This un-
dertaking, so Secretary Carlisle states
In his annual report, was faithfully |
and efficiently carried out
The strongest pressure IN now being |
made upon the president and secreta-
ry Carlisle to have issued some form |
OF regulation for the guidance OF bid |
ders and for the fixing OF some def |
inlte price at which the bonds will be
sold. II such regulations are not forth
coming It will be the common judy |
ment that the administration 10 MAX
ing II hard rather than easy for the
people to take this loan.