The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1896-09-24

they drew out a larger percentage than
they did for the first batch, and then
made what is known as the 'Rothschild
contract aid the only excuse that l
know for that contract was that when
We sold bonds at home they had to fur
nish the gold to buy bonds with. So
they sold the bonds abroad so as to
avoid the necessity of paying out the
gold which they were to receive. 1t
simply enlarged the circle and before
the time was up, during which this
syndicate agreed to take compassion
on the American people and look out
for them if they could, before that time
was up some OF the very bonds which
went across the ocean at Sl045 to
bring gold to this country, came back
to this country and were paid for in
gold at more than Ito, and that gold
went out OF the country. (Applause).
You see this is 1inanciering, my friends.
Sell bonds at 81. .04 in order to get gold
into the country and send out more
gold than you get for the same bonds.
Then they issued a hundred million
dollars more of bonds, making alto
gether two hundred and sixty-two mil
lions Of dollars in bonds. And when
the last batch of bonds were sold l
want to call your attention to what
was done. They say that the people
are not able to understand the money
question. That it must be turned over
to a few great linanciers who have
made study of the business, l won
der if there is any greater fuancier
than j. Pierpont Morgan; that is the
man who has been sponsor to the
Treasury on two or three occasions?
Let me show you what a safe man he
is to consult in regard to the financier-
ing Of this country. You will remem-
ber when it was understood that these
bonds were to be sold at private sale,
Mr.. Morgan organized a syndicate
which was to take these bonds at
about LOS and good deal was said
about the matter in the papers. And
finally it was decided to sell the bonds
at public auction. What did the syn
dicate do? Did it put in its bid for
Los as it would at private sale? No;
but within fifteen minutes of the hour
of the opening Of the bids the head
of the syndicate presented bid of
more than l.lO4. When he found he
couldn't get the government to sell the
bonds at LOS, he raised his bid more
than five millions OF dollars Oh the
transaction and they call that shrcwd-
ness. That is linauciering, and they
dom criticize a man who would try to
take advantage of the government for
five million dollars, but if a man would
attempt to rob the people Of the Uni
ted States Of one hundred dollars, they
would put him in the penitentiary be-
cause he would be SO pitiable au object
he ought to be punished. There is
great deal Of difference in trying
to injure the government III Il small
and large degree. There is a great
deal of truth in what Cicero said. He
said to his son: Don't 60 into the re-
tail business, the retail business is "A
small business, a common business, a
vulgar business; 60 into the wholesale
business Uaughter.) So these people
think that to plunder the government
on small scale is a mean and con-
temptible business, but to plunder it
on large scale raises man to a
position where he becomes financier
and must be taken into the councils OF
the nation. (Applause.) l saw some
thing in one Of the New York papers
which purported to relate an actual
transaction. You remember when the
last issue Of bonds was made they
drew out gold rapidly to buy the bonds
with. Why, some people said, that it
| was a fact that five hundred and fifty
| millions of dollars were bid for bonds,
and that fact was an evidence
that there was a great deal ot gold in
the country. 1t was not an evidence
of any such thing. read of one man
who had a postage stamp and he wrote
aud made Did for a large amount OF
bonds, and having made Il low bid
he got the bonds and then sold them to
somebody willing to take them off hi:
hands, aud made a large profit withou
investing anything at all, and among
1.-THE people who bid for The bonds wit!
an idea that their bids would be ac
cepted, they thought if they were ac
cepted they would buy the gold to pa,
for the bonds. And they bought it OF
the bankers, and the broker went t
the Treasury in some Instances anc
cot the gold to sell to the people wh'
were going to buy the bonds, and thl
New York paper told of one transac
ton where the broker took greenbacks
i and Treasury notes to the mint to
large extent and drew out the oolt
and was dividing it and they wer'
going to take it back to another win
dow and get the bonds; but the agen
of the government saw him and tol'
him that he couldn't do that. He said
You cannot use this office for
brokerage establishment Why sal
the broker, Il can take this gold acros
the street to my office and then lie
them bring it back again " es, al
swered the agent. You can do that
but you cannot divide it here BY tha
time the broker was getting mao
What is the use of doing that: Wha
is the use of making me pay the dray
. age across the street and back Ii
| was getting madder and continued. :
tell you what is the matter with 80,
you are standing III with that dral
man, that is what Is the matter viii
you; you want to make me hire him
: Uaughter.) That is an instance, IN
/ friepds' that is reported IN sfel
t daily paper applause aud laughter
, My friends, ouly ntated that to i'lu
trate the nb.urdity of issuing bonds
buy gold aud thea furnishing tho ="
. to buy bonds with. ion can keep
up indefinitely. And IL makes me thl'
. OF deception mother ptaslieed up'
[ her boy. The boy was taking a"''
medicine aud stranger shid In hit
do you like thai inu'lioinsf' y
sir auawefrd lilo boy, 'Well, Sou tal
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