The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-01-08
1heIntelligencer.
wHErLINo, JANUARY 8, 1890.
IN. Popular Loan and ths cuekoos.

Those cuckoo organs that were taken
by surprise by the notice from the
treasury department that the new
bonds would be placed on public sale to
the highest bidder, after they (ths
cuckoos) had been led to believe that
another syndicate deal had been ar
ranged for, are in an embarrassing
frame OF mind. In their ardent desire
to stand In with the administration
right or wrong. because, in some cases,
they were under obligations for favors
received. they were ready to, and did.
denounce the pressure that was being
brought to bear on the President to
pursue an honest method OF disposing
OF government securities. When Sen
ator Elkins introduced his resolution in
the senate protesting against a secret
sale to a syndicate they pounced upon
him aud declared confidently that the
President would treat the effort TO turn
him from his course with the con-
tempt II deserved" Fortunately. how
ever. the number of syeophants was
small, compared with the overwhelm-
ing number OF papers and people in
every section OF the country that were
demanding that the national crsdi.
should be vindicated by using 1t at the
highest market rate.
President Cleveland. having learned
from experience that public sentiment
canno, be safely ignored, concluded at
the last moment to heed the popular
demand to crush the Wall street ring
that was about to get another clutch
on the throat OF the country, and proved
himself worthy OF his high office by
doing the thing which would avoid
diseracefni scandal. Now the compar-
at,yely few cucizoos are in a distress
full situation. They cannot approve OF
the smashing OF the ring without con-
vIeting themselves OF insincerity when
they were denouncIng the popular loan
idea. and they are afraid to apply to the
President the abuse which they heaped
upon the opponents OF the secret bond
deal. Some of them are skilltul enough
TO get out OF the predieament grace
fully, but others are laundering hope
iessiy in the slough OF Despond. Others.
rs, for instance. the Wheeling Register,
eomfortingly assure themselves that,
after all. the popular loan viii amount
TO the same thing as a syndicate deal.
since the syndicate, which has cornered
the gold OF the country. Will eventually
get ali the bonds"
Granting that this may turn out to be
true, what does 1t matter2 The point
Is not who shall eventually hold the
bonds. but what the government re-
eeiyes for them. The advocates OF a
popular loan are not concerned as to
who shall become the governments
creditor, but they are concerned that
whoever becomes the creditor shall pay
the highest market price for the gov
ernment's securities in open market;
that there shall be no more secret con-
tracts by which the syndicate gaining
possession OF the securities Is favored
20 the extent that It is permitted to
make an enormous fortune in few
days OF OF the governments credit;
that the bonds shall not be sold to a
syndicate on the syndicate's own
terms, but that they shallbe sold to the
highest bidder. whether the bidders be
the syndlcates, or the banks, or pri-
vate investors.
The bonds will be sold on these terms
and they will be sold at a premium
that viii show that the people Of the
United States have q higher regard for
the nations credit than those who
prefer to see that credit impaired by
dark lantern deals with favored mill
lobalFeS.