The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-01-10
Executive Mansion,

Washington, ID. C., Jan. s, 1896.
My Dear Senator: I have read to-
day in the Congressional Record the
debate in the Senate on Friday con
cerning the financial situation and
bond issues.
/ am amazed at the intolerance that
leads even excited partisanship to
adopt as a basis of attack the un-
founded accusations and assertions of
n maliciously mendacious and sensa-
tional newspaper.
No banker or financier, nor any
human being has been invited 10 visit
Washington for the purpose of arrane-
ing in any way or manner for the dis
position 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 of any syndicate.
No assurance of such a disposal of
bonds has been directly or indirectly
gwen to any person. In point OF fact.
decided leaning towards a popular
loan and advertising for bids has been
plainly exhibited on the part of the adj
ninistration at all times, when the
subject was under discussion.
Those charged with the responsible
ity of maintaining our gold reserve
SO far as Legislation rendered it possi-
BILE, have anxiously conferred with
each other and as occasion permitted
with those having knowledge of finan-
cial and present monetary conditions
as to the best and most favorable
means of selling bonds for gold.
The rIntIc1yaI ae r,.as
cessful result, if the attempt is again
made, ought to be apparent to every
American who bestows upon the sub
ject moments patriotic thought.
The Secretary of the Treasury from
the first moment that any necessity
for another sale of bonds seemed to be
approaching, desired to offer them if
issued to the people by public adyer-
tisement, If they could thus be sue
cessfully disposed Of. After full con-
sideration he came to the conclusion,
to which fully agree, that the amount
of gold in the reserve, being now $20,-
100000 more than ii was in February
last, when a sale OF bonds was made
TO a syndicate and other conditions
differing, from these then existing,
Justify ms in offering the bonds now
about to be issued for sale by popular
subscription.
This is the entire matter. and all
these particulars could have been easi-
~ obtained by any member of the Sen
ate by simple inquiry.
If Mr.. Morgan or any one else rca-
soning from his own standpoint, be-
came himself to the belief that the
government would at length be con-
strained to again sell bonds to syndi-
cate, / suppose he would have n per-
feet 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 viii be invited not only for
those now allowed by law, but for
such other and different bonds as Con-
gress may authorize during the pen
dency Of the advertisement.
Not having had an opportunity to
confer with you in person, since the
present session of Congress began, and
noticing your participation in the de-
bate of last Friday, / have thought
it not amiss to put you in possession
OF the facts and information herein
contained. Yours very truly,
GROVER CLEVELAND.
70 Hon. Donaldson Gallery.