The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-01-21

"After waiting a few days for some
announcement or invitation from
Washington, and realizing that every
days delay was serious in the face of
the growing tension in financial affairs,
on Saturday, January 4th, / sent by a
messenger the following letter to the
President:
TO THE PRESIDENT.
"'New York, 219 Madison Avenue,
January 4, 1896.
"'TO the President, Washington, D. c.:
"'SIR.-It is with great hesitation
that I venture to address you in rela-
tion to the present financial situation.
As you are doubtless we'll aware fnan-
cial affairs are approaching a serious
crisis, and the tension to day is extreme,
and while no outward evidences have
developed, we are likely at any moment
to point, and consequences which it
will then be too late to remedy.
"'The gravity of the situation must
be my Xcuse.
1.-The most important step at the
moment is the restoration of govern
ment credit by replacing the gold re-
serve in the treasury beyond question.
This once accomplished, confidence,
both at home and abroad, in the stabil-
ity of our currency, will be restored.
latter my recent visit to Washing
ton I became convinced that any legis-
lative action to improve the methods
at the disposal of the Executive was
unlikely; in fact, impossible. I there
fore took steps to ascertain whether it
would be possible to obtain the %
operation of parties at home and abroad
to an extent that would enable me to
negotiate a contract with the govern
ment for the sale OF II, SOC, 900 ounces
of gold, approximating 5000, 900, coo on
about the basis of the contract Of Feb
ruary 8, 1895
LIN this effort / have been success
| full, and am now in q position to make
such a contract for the full amount.
LEAST DISTURBANCE.
"EI do not hesitate to affirm in fact,
urge, that such a contract would in
every way be for the bost interests of
the government and the people, and
would be followed by less arrangement
of the money market, of trade, in fact,
of all interests, including foreign eX,
changes, all of which until recently
we're in such an increasingly prosper
GUS condition, and I urge your serious
1 COASAAOGdUAOA "a SOCA d COAUEdCU.
"tAt the same time l recognize the
effect of legislation which has been
proposed and the discussion thereon in
both Houses Of Congress, all which
might lead you to hesitate to make a
private contract, and consequently in
view of the gravity of the situation, ]
feel bound to say, if after a conference
in which I can more fully lay the mat
ter before you and without expressing
any confidence in such a mode of pro
cedure in the face of previous failures
of similar attempts, but recognize, as ]
do, that the responsibility of decision
lies within you. l pledge to you every
influence and effort in my power tC
assist the government in it's endeavol
to make successful q negotiation by
public advancement which shall result
in the sale to the treasury of II, 500, 00(
ounces United States gold coin 5000,
900, O00), and further, l will, sc far as
possibly can, take such steps as will
enable the syndicate which l represent
to join in making the negotiation sue
cessfuI to it's full amount.
"'Awaiting the indication of YOU
pleasure, 1 remain,
Respectfully yours,
u. PIERPONT MORGAN
L OR NONE.
Goa Monday, January 9Th, the cal
for public bids for bonds to the extent
of 800, 600, 900 was issued by the Secre
tary of the Treasury. The amount d
bonds thus offered made the syndicate
contract Owing to the minimum there
in fxed) available only to bid for al
or none"
81 should be unwilling to make sucE
a bid under present circumstances, al
I might thus seem to present for con
sideration by the Secretary of the
Treasury the throwing out of smaller
bids made in good faith under a public
call.
The only emergency made which
would justify such a course would bt
the failure of the public to respond tx
the call of the government. Under
these circumstances l at once decided
to dissolve the 81 Indicate.
1T has, however, been necessary Il
delay this action up to the present time
as every financial interest required thu
protection afforded by the knowledge
that the syndicate was in existence
prepared to make the loan a success
under all circumstances, but happily
this necessity does not exist any longer
Tine subscriptions by individual
and others, including many of the syn
dictate whom 1 have encouraged tt
subscribe, from present indications viii
ensure the complete success of the issue
I therefore feel that the time for an
nouncing the dissolution of the syndi
cate has arrived, and an official motto,
to that effect has been issued.
WITT DIT A cTTCCrcS
81 feel perfectly satisfied that Their,
is no question as to the success of tn,
loan.
II desire to sustain the Executive t.