The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-16

OF Feb. 8 1896. In this effort 1 have been
successful, and am now IN a position TO
make such contract for the FUN
/ do not hesitate to affirm in fact. to
urge, that such a contract would in every
way be for the best interests OF the gov
ernment and the people. and would be
followed by less arrangement of the
money market, of trade. in fact Of all
interests. including foreign exchanges, all
of which, until recently, were in such an
increasingly prosperous condition. and i
urge your serious consideration of such
a contract.
At the same time recognize the effect
of the legislation which has now been
proposed. and the discussions thereupOn
in both houses of congress, all of which
might lead YOU to hesitate to make a
view of the gravity of the situation, l
feel bound to say, II, after a conference,
in which I can more fully lay the matter
before you, and without expressing any
confidence in such a mode Of procedure
in the face OF previous failures of similar
attempts, but recognizing as / do that
you, pledge to you every influence and
euOrt in my power 10 assist the govern
ment in its endeavor 70 make successful
a negotiation by public advertisement,
which shall result in the sale TO the
treasury of 1850, 600 ounces United States
gold coin (S2O0,O OjO, and further / will
so far as I possibly can, take such steps
as Will enable the syndicate which l
represent to join in making the negotia-
llOn SuCceSSIQl 10 ltS Iuli amount.
Awaiting the indications of your pleas
rue, / remain, respectfully yours,
j. Pierpont Morgan
On Monday, Jan. 6. the call for public
bids for bonds to the extent of 100000, 900
was issued by the Secretary Of the Treas
ury.
The amount of bonds thus offered made
the syndicate contract lowing to the mini
mum therein fixed) available only to bid
'for all or none" / should be unwilling to
make such bid under the present cir
cumstances as / might thus seem to pre-
sent for consideration by the Secretary of
the Treasury, the throwing out of smaller
bids made in good faith under public
call The only emergency, which would
justify such a course would be the failure
of the public to respond to the call of the
government. Under these circumstances,
l at once decided to dissolve the syndi-
cate.
II has, however, been necessary to de-
lay this action up to the present time. as
every financial interest required the pro-
lection afforded by the knowledge that the
syndicate was in existence. prepared to
make the loan a success under all circum-
stances, but happily this necessity does
not exist any longer.
The subscriptions by individuals and
others, including many of the syndicate
whom l have encouraged TO subscribe,
from present indications VIII ensure the
complete success of the issue.
J. therefore, feel that the time for an
nouncing the dissolution of the syndicate
has arrived, and an official notice to that
effect has been issued.
1 feel perfectly satisfied that there is
no question as to the success of the loan.
/ desire to sustain the executive to the
fullest extent in his endeavors to main
tain sound currency and the credit of the
country. for which every loyal citizen
should hold him in honor.
Ny firm will gladly assist any party de-
string to subscribe under the present call,
and will join with those prepared to take
any amount that may not be desired by
smaller investors. / feel sure should 1t
aa1rr Oh
a bid, that you will gladly cooperate with
them in such action, either individually
or otherwise.
Thanking you for the confidence repos-
ed in me, for which l. shall ever be CRATE
full, l am, very truly yours,
j. Pierpont Morgan.