The Union times. [volume] (Union, S.C.) 1894-1918, 1896-01-17
EXECUTIVE MANSION,
WASHiSGTOS, u. G.


WASHiSGroS, u. c..
Jan 9Th 1896.
My DEAR SENATOR: ! have read today in
the Congressional Record the debate in
the Senate on Friday concerning the linan-
cial situation and bond is. ues. am amazed
ut the intolerance that leads even excited
partisanShir 70 adopt, as a basis Of attack
rhr unfounlrd accusations and assertions of
maliciousiy mendacious and sensational
newspaper. No banker or tiuuncicr nor any
other human being has been invited To visit
Washington for the purpose of arranging in
any way or manner iOr til" disposition of
bonds 10 meet .he present or future needs of
the gold reserve. No arrangement of any
kiGd has been made to- the disposition OF
such bonds To any syndicate or through any
agency of any syndicate. No assurance Of
| such Il disposal OF bonds has been directly or
indirectly given to any person. In point OF
fact decided leaning towards popular
loan and advertising Tor bids has been plain
ly exhibited on the part of the administra-
ton at all times when the subject was under
discussion.
Those charged with the responsibility Of
maintaining our gold reserve, SO far as ey-
change renders II possible, have anXiousiy
conferred with each other and, as occasion
permitted, with those having knowledge of
financial affairs and present monetary con-
dll!onS, as To the best aud most favorable
means Of selling bonds fcr gold. Tho unu-
sual importance of II successful result, if the
attempt Is again made, Ought 10 be appa rent
to every American citizen who beStoWs upon
the subject Il moments patriotic thought
'Inc Secretary of the Treasury, from tho
first moment that the necessity of another
sale OF bonds seemed 10 be approaching de
sired to OTTER them. If issued 10 the people by
puUii' advertisement if they could thus be
successfully disposed OF. After full consid-
Grafton lie came to the conclusion, with
which | iuly agree. that the amount of gold
III the reserve. being now $50, ,OU0, 900 more
than 1t was III February last, when II sale OF
bonds was made to u syndicate, and other
conditions differing from those then existing
Justify Us in Offering the bonds now about to
De issued Tor sale by popular subscription.
This Is the entire matter; and all these
particulars could have been easily obtained
by any member Of the senate by simply in
'.uiring.
Ill MIR. Morgan. or any one else, reason
ing from his own standpoint brought him
self TO the belief that That tho government
wou.d ut length be- constrained to again sell
bonds TO syndicate. suppose he would
have 4 p"r!"c. right. If he chose to take such
steps as seemed TO him TO put himself in con-
ditlOn to negotiate.
II expect an issue Of bonds will be adycr-
tisrd Tor sale tomorrow. and that bids will
be invited not only for those ROW allowed by
law but for such other ana different bonds as
Congress may authorize during the pcndcnry
OF thc advertisement.
Not having had an opportunity to conlc.
with you III person since III" present session
pi Congress began. and nO.icina; your par
i.nipation in thc debate -: last !ri.i!v. nav,
IhouSH; 1t not amisN I" pat YOU in possession
III sht facts and information hrrriu CON
'Hincd. Yours very truly,
GROVER CaEyEiAHp.
Hon. Donaldson Caferv. 1884 I9ih stree.
y. W"