The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-10
CLEVELAND IN NO CONTRACT.
THE STORIES OF A BOND DEAL
WITH THE BANKERS FALSE.

The Conferences with FInaneiera
Before the Issuing of the Cali Held
for the Purpose of Discussing the
BEST and Most Favorable Means Of
Selling the BOnds-The Administra-
lion Always In Favor of a POpuIar
Loan if Possible.
Washington. Jan. Ex-senator Caffery Of
Louisiana tonight made public a letter
from the President to him which. had
opportunity presented since Monday. he
would have Incorporated in remarks
which he intended to make in the senats
ON the bond bill. The letter reads:
Executive Mansion,
Washington, Jan. 5. 1896.
My Dear Senator: / have read to-day
in the Congressional Record the debate
in the Senate on Friday concerning the
financial situation and bond Issues
l am amazed at the intolerance thas
leads even excited partisanship to adopt
as basis of attack. the unfounded ac-
cusations and assertions of a maliciously
mendacious and sensational newspaper
No banker or financier nor any otheH
human being, has been invited to visit
Washington for the purpose of arranging
IN any way or manner for the disposition
OF bonds TO meet the present or future
needs of the gold reserve.
NO arrangement of any kind has been
made for the disposition of such bonds To
any syndicate or through the agency OK
any syndicate.
No assurance OF such a disposal Of
ponds mas been directly or indirectly give
en- TO any person. In point Of fact.
decided leaning toward a popular loan
and advertising for bids had been plains
~ exhibited on the part of the adminis-
traton at all times when the subject
Was under discussion.
Those charged with the responsibility of
maintaining our gold reserve, so far az
legislation renders II possible. have anx-
iously conferred with each other and aa
occasion permitted with those having
knowledge of financial affairs and pres
ent monetary conditions. as to the best
and most favorable means Of selling
bonds for gold.
The unusual importance OF success
ful result of the attempt is made, ought
TO be apparent TO every American citi~
zen who bestows upon the subject a mos
ments serious thought.
The Secretary OF the Treasury, from tho
hrst moment when the necessity Of an.
other sale OF bonds seemed to be ape
proaching desired to offer them, II Is
sued, to the people by public advertise-
ment II they could thus be successfully
disposed Of After fun consideration he
came TO the conclusion, TO which / fully
agree, that the amount of gold In the
reserve, being now S20,O00,00O more than
In February last, when a sale of bonds
was made to syndicate. and other condi-
Justify us in Offering the bonds now about
to be issued for sale by popular subscrip-
tiOn.
This Is the entire matter, and all these
particulars could have been easily OBJ
tanned by any member OF the Senate bY
simple inquiry
II Mr.. Morgan, or any one else reasons
ing from his own standpoint, brought
himself to the belief that the governmene
would at length be constrained to again
sell bonds to a syndicate, 1 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 viii be adj
vertised for sale tomorrow, and that bids
will be invited not only for those now al
lowed by law, but for such other and diff
ferent bonds as congress may authorize
during the pendency Of the advertisement.
Not having had an opportunity to con-
fer with you in person since the present
session Of congress began, and noticing
your participation In the debate of last
Friday, l have thought II not amlss to
put you in possession of the facts and in
formation herein contained. Yours very
truly, Grover Cleveland
Hon. .Dolson Caffery, 1884 Nineteenth
street, N. w.