St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-10
Alb FOR THE: PUBLIC
PRESIDENT CLEVELAND DENIES
ANY DEAL WITH A BOND SYM
DICATE.
NO NEGOTIATIONS. PENDING.
OFFER THE BONDS TO THE
PEOPLE.
ATTACKS THAT ARE BAsELEs
Reading One of the Debates on
the EIkins4 Resolution,

WASHINGTON, Jan. 9.-The debate
on the Elkins resolution last Friday.
during which the administration was
accused by several senators of having
entered into an agreement with syndi-
cate to float the expected issue of bonds.
IS the subject of a letter written by
President Cleveland to Senator Cafferv.
of Louisiana. The knowledge that s1Ich
a letter had been addressed TO Mr. CAT
fiery was obtained tonight and the let
ter was made public by the latter 1t
Is IN the handwriting of the president
and covers six pages of closely written
note paper. 1t is, in full, as follows:
Executive Mansion, Washington Jan 3.
lS9o-My Dear Senator: have read today in
the Congressional Record the debate IN the
senate Friday concerning the financial sjtIa.
tion and bond Issues l am amazed at the in
tolerance that leads even excited partisan
snip to adopt as a basis of attack the un-
iIGnueu iii accusations and assertions of ma
Hciousiy mendacious and sensational neWspa-
per- NO banker or financier nor any other
human being, has been invited to visit
washington Tor the purpose of arranging in
any way or manner for the disposition Of
ponds to meet the present or future needs of
the gold reserve. No arrangement of any kind
mas mas been made for the disposition of such
ponds to any syndicate, or through the
agency OF any syndicate. No assurance of
such disposal of bonds has been. directlv
or indirectly, given to any person. In point
OF fact, decided leaning towards a POPULAR
loan and advertising for bids has been plainly
exhibited on the part Of the administration at
all times when the subject was under dis
cGssion.
Those charged with the responsibiIitv of
maintaining our gold reserve SO far as legis-
latlon renders it possible, have anxiousIy con-
lefred with each other and, as occasion per-
mitted, with those having knowledge of
financial affairs and present monetary con-
d1tions as to the best and most favorable
means of selling bonds for gold. The un-
usual usual importance OF successful result if the
attempt is again made ought TO be apparent
10 every American citizen who bestoWs upon
the subject moments patriotic thought.
HIS FIRST DESIRE.
The secretary of the treasury, from the
hrst moment that the necessity of another sale
OF OF ponds seemed to be approaching, desired
10 ofer them, if issued to the people by pub
Hc advertisement, il they could thus be sue
cessfully disposed of. After full considera-
ton he came to the -ee-lclusion, to which l
1ully agree, that the aIaeunt OF gold in the
treasury reserve being now 800 600 coo more
tnan 1t was in February last, when a sale of
oonds was made to syndicate, and other
conoltlons differing from those then existing
Justify US in Offering the bonds now about to
be issued for sale by popular subscription.
This is the entire matter, and all those
particulars could have been easily obtained
by any member of the senate by simple in
quiry. II Mr.. Morgan, or any one else rea-
soning from his own standpoint brought HIM
self to the belief that the government would
at length be constrained to again sell bonds
to syndicate, l suppose he would have a per-
feet right, if he chose, to take such steps as
seemed to him prudent to put himself in con-
dition to negotiate. expect an issue of
bonds will be advertised for sale tomorrow
and that bids will be invited not only fer
those now allowed by law, but for such other
different. bonds as congress may authorize
during the pepdency OF the advertisement.
Not having had an opportunity to confer
with you in person since the present session
OF congress began, and noticing your partici-
patton in the debate of last Friday 1 have
thought it not amiss to put you in possession
OF the facts and information herein con-
tained. Yours very truly
-"Grover Cleveland