The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1896-08-28

The grst two and the last Of these
sales We're to the public and under al
vertisement. On the first two sales the
government realized III, that is to sa,
IL per cent. premium or above par; on.
the sale made in February, 1896, the
price realized was 110s1s or 1O5k per
cent. premium. The sale OF ss2, sl5, 40v
in February 1896. was made not to the
public but under private sale without
advertisement, without notice, and
realized only 1o4s1za or AZ per cent.
premium.
The sale Of bonds under Mr.. Cleyc-
lands administratio is one of the most
disappointing chapters in the histor,
of the country, one that every parriot
wishes could be blotted out.
Increasing the public debt in time OF
peace was bad enough, but this was not
the worst feature OF the bond sales.
President Cleveland sold $62,s15. 400 4
per cent. thirty year bonds, without
advertisement, without public notice,
under privae contract to syndicate
OF bankers. in the presence Of only q
few parties. the Secretary OF the Treas
ury, former law partner, Mr.. Cleve-i
land and the agent Of the syndicate, at
S1.04h when the same bonds were sell
ing freely in the market at $1.1s ana
$l.17. This action Of the President
and the Democratic party has provoked
harsher criticism, caused more disap-
pointment, more humiliation to Amer
inAn0 N "A 1n1
transaction in the history of the gov
eminent. Not only BY this sale lid the
people lose six or seven million dollars,
Which went in the way Of profit under
private contract to syndicate of
bankers, but in order to justify this
unfortunate transaction the public
credit was attacked by the President
and the Democratic party. The people
were told that 1t was necessary to sell
these bonds at this low price in lot
haste and under a private contract be-
cause the gold reserve In the treasury
was in peril, and that the public cred
1t was SO low that we were at the mercy
OF a few bankers in the United States
and Europe to obtain gold to replenish
the gold reserve, and that there was
not enough gold in the country avail
able at once outside OF that held by the
syndicate of bankers who purchased
the bonds. 3. 4. q
This sale of bonds under private con-
tract cost the government SIX or seven
million dollars larger sum than the
cost of floating the great war loans,
amounting to more than $500 900, 900
during and following the war,when the
government was In great distress and
Its credit in peril, and our national
wealth was not equal to one-fourth OF
what 1t Is now. The total cost Of float
ing the war loans under Republican
rule was about $5.500.000.
This transaction not only entialed
this great loss to the people of the
United States, but 1t well-nigh destroy
ed the confidence OF our own people and
the people of the world In the public
credit Of our government, and its abil-
ity to borrow money.
For twenty-five wears and until the
election OF President Cleveland and q
Democratic Congress the public debt
was constantly reduced and the public
credit OF the United States under wise
legislation and able financial manage
ment was the highest in the world.
The fourth bond sale for 500, 00O.0 00
was in February, 1895. Some Demo
cratic journals and Democratic leaders
advocated that this sale
should be made under
private contract, ON the ground that Il
was the only way TO preserve the gold
reserve and sustain the credit Of the
country, and because there was moi
gold enough Ia the ccuntry TO permit