The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-07
MAKESBETTER FEELING.
the REPUBLICANS, As TSUIL, 81 r.
PRIsED IND CH1GRTNLD.
They Expected Mr.. Cleveland to DO What
Enemics-Mr. swanson's Bill.


Clveland not only intended to dispose
of the bonds by private contract to the
New York syndicate. that they are
somewhat chagrined to discover the eyre
gious blunder they have made They arc
comforting themselves. however. with
the declaration that but for their eN
pressions OF disarpro,9l. Mr.. Cleveland
would probably have pursued the course
which rumor and emphe tic publications
In sCme newspapers Lavc indicated. THIS
assumption is. of course, absurd.
Mr.. Cleveland IS as incapable OF yield
ing to senseless public clamor regarding
methods OF accomplishing a vast hnan-
cial transaction as he is OF willfully
sacrificing public interests FOR his own
personal advantage.
KNOWS WHAT TO EXPECT.
The fact that public subscriptions an
called for is proof positive that MIR.
Cleveland is satisfied the interests II
the country can be better served IN this
manner than by concluding deal wit
the hanks direct IL is considered a
guarantee OF tho success Of the bond
issue that the President and Secretar,
Carlisle should have determined TO ad-
vertise for bids Mr. Carlisle has been
giving the closest attention and study
10 the situation for several months past
and knows exactly what gold he can rea-
sonably expect TO draw upon. and how
the bonds viii he received IN the inan-
cial market. He has consulted leading
fnanclers upon the subject and while
II is generally believed they urged him
to place the bonds with the Morgan syn
dcate. with which most of them had
connected themselves. they gave him
much valuable information.
The formation Of the New York syndi-
cate will doubtless prove Of great ser
vice 10 the Treasury. because the men
who compose Il. and who will doubtless
purchase the greater part. II not all. Of
the bonds because II has prepared the
gold-hOlders for a willing consent 10
part with their stores Of the yellow
metal
THE SYNDICATE PLAN.
In securing among the bankers of the
country sufficient number OF sub
scrbers 10 guarantee the success Of
$4,000. 900 bond issue. j. PierpOnt Nor
gan required the banks 10 state, not
how much gold they would procure TO
buy bonds with. but how much gold they
actually possessed. and would be willing
10 part with. IL was confidently as
serted that If the Treasury would enter
"A
i'm gold would be furnished, without
drawing a single dollaresom the Treas
ury's reserve.
Seach deal il can easily be seen.
might have been Of ,he greatest advan-
tage to the Treasury. and would have
been entered into. II the President and
Mr. Carlisle were not convinced that the
banks will contribute as readily to the
Treasury direct as they would 70 the
Morgan syndicate.
The general impression here Is that
Mr. Cleveland has acted IN this matter
with promptness and wisdom. The sill
yer men are muttering expressions OF
discomfort but they know as well as
any one else that a bond issue was in
e'-ifatio and ~eoeeearv aud they are,
therefore. saying but little.
NOT POPULAR CLAMOR.
The idea that Mr. Cleveland has yield
ed 10 popular clamor Is secuted by soudn-
money Democrats Ii is claimed by these
gentlemen and conceded by sound-money
Republicans that the right OF the Admin
istration 10 make a private contract when
the occasion demands, should not be
impaired. and no doubt Is felt that had
Mr. Cleveland considered such pro-
ceeding necessary, he would have made
such contract without the slightest
regard for the tempest in a teapot style
OF orstory adopted by the Republicans OF
the Senate.
To some extent the bond call has re-
lieved and simplihed the situation In Con-
gress. While the President was waiting
for Congress 10 act IL was felt that
something should be done, and done
speedily Notwithstanding the insuperaDle
difficulties in the way, and the silver
men were deluding themselves with the
idea that they were actually doing some
thing TO embarrass the Administration
and 10 advance the cause OF silver. Now
no one cares what the Senate does with
the bond bill. The Finance Committee
Will report the bill probably tomorrow
with free silver amendment, and that
will probably be the last Of H. II not, no
one will care. and the Senate can discuss
and pass the measure, II IT sees nt. with
out causing the slightest uneasiness or
disturbance IN the financial world.
MIR. SWANSON'S BILL.
Representative Swanson Is preparing a
bill. which he hopes 10 have passed al
this session, abolis hing the system Of fees
10 United States marshals, commission
ers. and others lie believes that this
system has become a crying evil, result
ing in trivial and useless prosecutions OF
all sorts and an enormous waste OF pub
lie money.
lie believes all Federal officers. includ-
ing district attorneys. should be placed
upon salary. In addition to this Mr..
Swanson will propose 10 abolish the frnd
for paying spies and infOrmers, VINO
serve the Internal Revenue Bureau. This
system he also believes results IN many
abuses, while the records Of the courts
show that the expense OF prosecuting
trivial cases. based upon information OBJ
tained by this process. Tar exceeds the
benefit derived by the goy%vnment
An appropriation Of $1,000 Is made an
nually for the informers fund. and Mr..
Swanson will endeavor TO have II strick-
en- from the appropriation bills. because
he believes II useless expenditure. The
Treasury Department employs a great
many special agents and other officials
TO prevent violations OF the customs
and internal revenue laws. and the abol-
ishment Of the spy system would probably
not impair their efficiency a particle.
SOUTH BOSTON RESOLUTION.
Representative Otey introduced in the
House to-day a resolution from citizens
OF South Boston Halifax county. cali
ing on the Senate and House TO take
steps 10 protect the people OF Armenia
from Turkish oppression. He also intro
duced a resolution. providing for tn.
printing OF 5000 army regulations for the
use OF the Senate and the House This
IS on account OF the great demand for
copies OF the regulations. since the war |
spirit got abroad in the land.
]. II. Miller has been appointed post !
master at Montevideo. Rockingham coun- |
ty. Va. vice r. r. Huffman. resigned.
ID. 5 sartarwhite, Lexington. is at the |