The Portland daily press., 1896-01-10

Denies Empbatically That the 6Gm1nlsLra-
tion Negotiated With ANY Syndicate
Whatever. But says They Preferred and
Hoped for Popular Loan.
Washington, January 9.-Senator Call
cry of Louisiana tonight made public
letter from the President to him which
had the opportunity presented since
Monday he would have Incorporated i'll
sthe remarks he intended to mako in the
Senate on the bond bills The letter is as
follows:
Washington, January 5.-My dear
sir: L have read todayss in the Congress
sional Record, the debate in the Senate
Friday concerning the financial SITUATION
and bond issues. and am amazed at The
intolerance that leads even excited par
tisanship to adopt as a basis of attack,
the unfounded accusations and assertions
OF maliciously mendaeiOus and sensation
al newspapers. No banker or tinancier,
nor any other human being has been in-
vited to visit Washington for the purpose
of arranging in any way OF manner for
the disposition OF the bonds to meet the
present or future needs of the gold re-
serve. No arrangement of any kind has
been made for the disposition OF such
bonds to auy syndicate or through the
agency OF any syndicate
''No assurance Of such disposal OF
bonds has been directly or indirectly
given any person, in point of this fact. has
been decided leaning towards a popular
loan and advertising for bids has been
plainly exhibited on the part of the ad-
ministration at all times when the sub
| Ject was under discussion. Those charged
with the responsibility of maintaining
our gold reserve as far as Legislation
renders it possible, have anxiously COLI
| ferred with each other, and as the occa-
| sion permitted those having knowledge
| of financial affairs and present Inonitary
conditions as to the best and most favor
able means OF selling the bonds for gold
The unusual Importance of d successful
result if attempt is again made, ought to
be apparent to every American citizen
who bestows upon the.subject momsnt's
patriotic thought. The Secretary of the
Treasury from the first moment the ne
cessity of another sale of bonds seemed
to be approaching, desired TO offer them
to the people by public advertisement if
they could thus be successfully disposed
of. After a full consider alton, he came
to the conclusion, to which / fully agree,
that the amount of gold in the reserve,
being now $50 600, 900 more than Sfebru-
cry last when the sale of bonds was made
to syndicate, and other conditions diff
fering from those then existing, 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
obtained by any member OF the Senate
| by simple inquiry.
"If Mr.. Morgan or any one else, rea-
sonipg from his own standpoint. brought
| himself to the belief that the government
would at length be constrained to again
sell these bonds to a syndicate, l suppose
ne would have perfect right, if he
| chose, to take such steps as seemed pru
dent to him, to put himself in q condi
tion to negotiate. l expect an issue OF
bonds will be advertised for sale tomor-
row, and that bids will be invited not
only for those now allowed By law, but
such other and different bonds as Con-
gress may authorize during the pendenoy
of the advertisement.
mot having had opportunity to confer
with you in person since the present ses-
sion of Congress began, and noticing your
participation in the debate last Friday, l
thought it not amiss to put you in pos
session of the facts and information here
in contained.
"Yours very truly,
"GROVER CLEVELAND"
To Hon. Donaldson Caffery.