Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-02-15

IS now under cOES Ter & p HE Q
500 ooo. 600. there will b 81 90,
profit The. total will * Sc l6s. s7
The World also in is issue OF 1a-sla,
offers to take $1,000 600 Of the new
loan at. / think III. and we all know
Mr. Pulitz r, its aDle editor and own
err. is amply able to make good an
offer he makes.
lFrom The New York World of Jan /. 1885.
MORGAN EFT AL. IS PROFITS FOR 1895.
If this new loan is negotiated the &C
count of J. Pierpon. Morgan and his
associated gold brokers with the Govern
ment of the United States will show th,
following handsome book profits for Thu
year 1895:
How the Accounts Stand-First Trans
action Loan of February IS Last.
Face of .... s62, 90
Morgan Belmont paid l0i 10 as
premium. 2.7s. 81
United States s. l294
Nor an Belmont got from bankers
syndicate. at 1921 .9is5s
ACKNOWLEDGMENT syndica,e's first
profi s.-...a.. SS5 Oh
Bankers syndicate got from pubic,
at 1Ie..-..-. 1881 70
Bankers syndicate s second profit S.ss3.li
United States lost by transaction
and the bond syndicate made an
apparent clear profit of-.--.......-.- S.iIS. IS
Second Transaction (Proposed) Dec. 81
Face of loan,with sleo.c80.000 more
In prospect )..- W 0D0, 0Ot
Morgan. as syndicate manager.
pays about i9II prem ium loi. 750. o0'
Morgan syndicate will get from
public premium ofll7i5 (yester-
days market price).... ....-..... III $40 00t
Morgan. aud other BANKERS profit. 2,750 Uot
Morgan and other bankers profit
IN February S.ils,I5'
Total for 1895 II new contract is
ccepted.............. -............-.- 2ll6S.75'
know it will be said this is news.
paper talk; but will any Senator deny
it, The allegation is made. How is
anyone going to deny it any more
than l can prove it? The trouble is,
as said before, this comes from the
vicious system of allowing even SC
great man, and so great an officer as
the President of the United States, to
make private contract to float a great
loan. hold that it would be far bet
tel not to sell Government bonds to a
syndicate under private contract, even
if the Government should not make
as much as it would realize under adj
vertisement at public sale. The peo-
pie should be taken into the confidence
of the Executive. Public servants
have no right to conclude such great
transactions without letting the PEG
pie know all of the facts 1t seems to
me that it would have been wiser and
safer for the President to have said,
as Congress was in session, while |
believe there is great emergency. a
great crisis, approaching US. l am
here only as the Executive. send to
the Senate and House of Representa-
tives OF the United States, for their
approval at least, or for such action as
they may think proper, this private
contract that is aboLs To bs alTade and
entered into with the bankers for the
disposal of $62, 900, 900 of bonds"
This contract should never have
been made when Congress was in ses-
sion except with its approval. The
President should have given all the
facts and asked the representatives OF
the people to divide with him this
great responsibility. In Republic
there should be nothing secret, moth
ing hidden from the people by their
public servants.
Now. Mr.. President mean no re-
Fiction upon the Executive, nor upon
his able Secretary of the Treasury. /
mean no harsh criticism. l respect
both of these great officers and have
the fullest confidence in the purity of
their motives. stand here as a Sen
ator and a business man interested in
this Government simply to say that
the method they propose, in my judg-
ment, is not the best one and not in
the best interest of the Government of
the United States. Nor have any re-
Election to make against the syndicate
1t is composed Of great and powerful
men, great bankers, men of the high
est integrity. character, and RESPONSE
bility. known throughout the world
They are business men and will make
money in an honorable way whenever
an opportunity is offered.
Mr.. President. to show you how
strong the credit of the Government
is and how eagerly this loan is sought
for. read from the New York Adver-
tiser:
1t is said that The price to be paid for
the bonds will net the Government
about 81 per cent
So eager were the banks and other
larger financial institutions to get an al
lotment that before clock. if report
is to be believed. the first 500 600. 600
was more than subscribed.
Another paper says the bonds were
subscribed for three times over.
The same bonds sold day before yes
terday at II7H. Complaints have
been made by the bankers from Bus-
ton, from Philadelphia, and from all
the great cities that they did not have
chance to take part of the bonds.
How is it that only few bankers have
this right and privilege? Now if the
banks will subscribe to take these
bonds from a syndicate, why will they
not take them from the Government;
1t may be said that time is necessary,
that we must have this money to.
morrow. or next day, or the next day.
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