The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1896-01-15
THE PRESIDENT Is INDIGNANT
Attacks on Him by Senators Rutfle
His Temper.

His Temper.
He writes Caffery Letter-A Dis
claimer of DickeriDg with Syndl-
Gates. But an Admission That He
Has an Anchor TO the Windward
In That Direction-Indirect De-
fense Of the Last Bond Deal.
Washington, Jan. 9.-The debate
on the Elkins resolution in the Sen
ate last Friday, when the administra-
ton was accused by several Senators
Of having entered into an agreement
with a syndicate to float the expected
issue of bonds, is the subject of a let
ter written by President Cleveland
to Senator Cafery of Louisiana.
The knowledge that such letter had
been addressed to Mr.. Caffery was
obtained tonight and the letter is
made public by the latter. 1t is in
the handwriting of the President and
covers six pages Of closely written
note paper. It is in full as follows:
Executive Mansion, Washington,
Jan. 5, 1896.
My Dear Senator: I have read
today in the Congressional Record
the debate in the Senate on Friday
concerning the financial situation and
bond issues.
am amazed at the intolerance
that leads even excited partisanship
to adopt as basis Of attack the I'M
founded accusations and assertions
of q malicious and sensational news
paper.
No banker or fnarcier or any
other human being has been invited
to visit Washington for the purpose
OF arranging in any way or manner
for the disposition Of bonds to meet
the present or future needs of the
gold reserve.
No arrangement Of any kind has
been made for the disposition Of such
bonds to any syndicate, or through
the agency CT any syndicate.
No assurances Of such disposal
of bonds has been directly or irdi-
rectly given to any person. In roirt
of fact, decided leaning towards
popular loan and advertising fer bids
has been plainly exhibited on the
administration at all times when the
subject was under discussion.
Those charged with maintaining
Our gold reserve, so far as Legislation
renders it possible, have anxiously
conferred with each other and, as
occasion permitted, with those hay
ing knowledge Of financial affairs
an present monetary conditions, as
to the best and most favorable means
Of selling bonds for geld.
The unusual Importance Of a sue
cessful result if the attempt is again
made ought to be apparent to every
American citizen who bestows upon
the subject a moments patriotic
thought.
The Secretary of the Treasury
from the first moment that the neces-
sity Of another sale Of bonds seemed
to be approaching desired to offer
them, if issued to the people by pub
lie advertisement if taey could thus
be successfully disposed Of. After
full consideration he came to the
conclusion, to which 1 fully agree,
that the amount OF gold in the re-
serve being now S20,000,0O0 more
than it was in February last, when a
sale CT bonds was made to a syndi-
cate, and other conditions differing
from those then existing, justifes US
in offering the bonds now about to
be issued for sale by popular sub
scription.
This is the entire matter; and all
these particulars could have been
easily obtained By any member Of
the Senate by simple inquiry.
Ii Mr.. Morgan or anyone else fea-
soning from bis own standpoint
brought himself to the belief that
the government would at length be
constrained to again sell bonds to a
syndicate, I suppose he would have
perfect right, if lie chose, to take
such steps as seemed to him prudent
to put himself in condition to negoti-
ate.
Iexpect an issue Of bonds will be
advertised for sale tomorrow, and
that bids will be invited, not only
for those now allowed by law, but
for such other and different bonds rs
Congress may authorize during the
pendency Of the advertisement.
Not having an opportunity to con-
for NTH ,-O,, -, ,,orcOn since the