Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-01-16

parties at home and abroad to an extent
that would enable me to negotiate a con-
trac. with the government for the sale
of 1.50o,0o0 ounces of gold. approximating
sfOO,Woco, on about the basis OF the con-
tract OF February s. 1895 In this effort
1 have been successful. and am now in "a
position to make such a contract for the
full amount.
Il do not hesitate to affirm. In fact
urge, that such a contract would in every
way be for the best interests of the gov
ernment. and the people. and would
be followed by less arrangement of the
money-market. OF trade, In fact, of all
interests, including foreign exchange. an
of which until recently were i'm such an
increasingly prosperous condition; and
urge your serious consideration of such a
contract.
"'At the same time I recognize the ef-
feet of legislation which has been pro-
posed. >and the discussion thereupon
i'm both houses on Congress. all Of which
might lead you 10 hesitate TO make a
private contract and consequently in
view of the gravity of the situation. l
feel bound to say, II. after a conference,
i'm which | can more fully lay the mat
ter before you. and without expressing
any confidence In such mode of pro-
cedure. I'm the face Of previous failures of
similar attempts: but, recognizing as |
do. that the responsibility of decision
lies with YOU. l pledge to you every in
fuence and effort in my power TO as
sist the government I'm its cndeavor to
make a successful negotiation by public
advertisement, which shall result In the
sale 10 the Treasury OF ll.jo0O0O ounces
of United States gold coin 600. .000, ,00O) (;
and. further. / will, so far as I possibly
can. take such steps as well enable the
syndicate which | represent 10 Join in
making the negotiation successful to its
full amount
Awaiting the indication of your plea
sure, | remain.
Respectfully yours,
az. PIERPONT MORGAN
THE GOVERNMENT CALL.
'On Monday, January 9Th. the call for
public bids for bonds TO the extent OF
NOOOOO,OO0 was issued by the Secretary Of
the Treasury. The amount Of bonds thus
offered made the syndicate contract
lowing to the minimum therein fixeD
available only 10 bid '',r all or none.
] should be unwilling TO make such bid
under presen. circumstances. as | might
thus seem to present for considera ton by
the Secretary OF the Treasury the throw
ing out OF smaller bids. made in good
emergency that would justify such a
course would be the failure Of the public
10 respond 10 the call OF the govern
ment Under these circumstances. | at
once decided to dissolve the syndicate.
1T has. however been necessary to
delay this action up to the present time
as every financial interest required the
protection afforded by the knowledge
that the syndicate was I'm existence, and
prepared to make the loan a success
under all circumstances, but happily this
necessity does not exist any longer.
THE subscriptions by individuals and
others. including many of the syndicate.
whom | have encouraged 10 subscribe,
from present indications will ensure the
complete success of the issue. | there
fore feel that the time for announcing
the dissolution Of the syndicate has ar
rived. and an official notice TO that effect
has been issued
Il feel perfectly satisfied that there is no
question as TO the success OF the loan.
Il desire to sustain the Executive to
the fullest extent in his endeayors 10
maintain sound currency and the credit
Of the country. for which every loyal
citizen should hold him i'm honor.
My firm will gladly assist any party
desiring TO subscribe under the present
call. and will Join with these prepared 10
take any amount that may not be de-
sired by smaller investors ! feel sure
that should IL hereafter appear desirable
to make such a bid. you will gladly CO.
operate with them in such action. either
individually or otherwise.
"Thankiag yoy for the confidence re-
posed IN me, FOR which I shall ever be
grateful, l am. very truly. yours.
y PIERPONT MORGAN"