The Coconino weekly sun., 1896-01-16
THE BOND ISSUE.
President Cleveland Writes Caustic Let. ter In Regard to Pubiished Statements.

President Cleveland Writes Ceusttc Let.
 ter In Regard to Pubiished Statements.
 WASHINGTON, Jan. 10-The debate on the E!kins resolution in the senate last Friday when the administration was accused by several senators of having entered into an agreement with syndicate to float the expected issue of bonds is the subject of a letter written by President Cleveland to Senator Caffrey, of Louisiana. It is in full as follows:
 ExEcuTIvE MANSION. WASHINGTON, D. C.. Jan. 5. Is9a.-Mr. Dear Senator: I have read to-day in the Congressional Record the debate fin the senate on Friday concerning the finan- cial situation and bond issues. I am amazed at the intolerance that leads even excited par ttsanshtp to adopt as basis of attack the un- founded accusations and assertions of Q ma- liciously mendacious and sensational news paper.
 No banker or financier, nor 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 tho present or future needs of the gold reserve. No arrangement of any kind has been made for the disposition of such bonds to any syndi- cate or through the agency of any syndicate.
 
 been directly or indirectly given to any person.
 In point of fact Q decided leaning toward a popular loan and advertising for bids has been plainly exhibited on the part of the adminis- tration at all times when the subject was under discussion.
 Those charged with the responsibility of maintaining our gold reserve. so far as legis- lation renders 1t possible. have anxiously con- fcrred with each other and as occasion per. m Wif hot uladp af financial affairs and present monetary condi- tions as to best and most favorable means of selling bonds for gold. The unusual impor- tance of a successful result if the attempt is again made, ought to be apparent to every American citizen who bestows upon the sub- tect moments patriotic thought.
 The secretary of the treasury from the first moment that the necessity of another sale of bonds seemed to be approaching desired to offer them, if issued, to the people by public advertisement, if they could thus be success fully disposed of After full consideration he came to the conclusion, to which fully agree, that the amount of gold in reserve being now S20. 900 more than 1t was in February last, when sale of bonds was made to a syndicate. and other conditions differing from those then existing justify us in offering the bonds now about to be issued for sale by popular sub- scription.
 This is the entire matter, and all those par ticulars could have been easily obtained by any member of the senate by simple inquiry.
 If MT. Morgan, or anyone else. reasoning from his own standpoint, brought himself to the belief that the government would at length be constrained to again sell bonds to a syndi- cate, suppose he would have perfect right if he chose to take such steps as seemed to him prudent to put himself in condition to negotiate.
 expect an issue of bonds will be advertised for sale tomorrow. and that bids will be in- vited not only for those now allowed by law, but for such other and different bonds as con- gress may authorize during the pendency of the advertisement
 Not having had an opportunity to confer with you in person since the present session of congress began, and noticing your participa- tion In the debate of last Friday. have thought 1t not smiss to put you in possession of the facts and information herein contained. Yours very truly, GROVER CLEVELAND.