The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-01-10

WASHINGTON. Jan. 9.-The debate
on the El1ins resolution in the Senate
last Friday. when the administration
having entered into an agreement
with the syndicate to float the expect
ed issue of bonds. is the subject OF
letter written by President Cleveland
to Senator Cafery. The knowledge
that such a letter had been addressed
to Mr. Canery was obtained tonight.
and the letter was made public by the
latter 1t is in the handwriting of the
president and covers six pages CT
closely-written note-paper. 1t is in fun
as follows:
Executive Mansion. Washington. jan
uary 5. 1896.
MY Dear Senator-I have read to-
day in the Congressional Record the
debate in the Senate on Friday con-
corning the financial situation and
bond issues.
Il am amazed at the intolerance that
leads even excited partisanship to
adopt as q basis of attack the I'M
founded accusations and assertions of
a maliciousiy mendacious and sensa-
tlonaI newspaper.
No banker or fnancier. nor any
other human being, has been invited
to visit Washington for the purpose CT
arranging in any way or manner for
the disposition of bonds to meet the
present or future needs of the gold
reserve.
mo 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
given to any person. In point OF fact
a decided leaning towards a popular
loan and advertising for bids has been
plainly exhibited on the part of the
administration at all times when the
subject was under discussion
Those charged with the responsible
ity of maintaining our gold reserve, so
far as legislation renders it possible,
have anXiously conferred with each
other, and as occasion permitted, with
those having knowledge of financial af-
fairs and political monetary conditions
as TO the best and most favorable
means of selling bonds for gold.
1.-THE unusual Importance of a sue
cessful result if the attempt is again
made, ought to be apparent to every
American citizen who bestoWs upon the
subject moments patriotic thought.
1.-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 adver-
tisement, If they could thus be sue
cessfully disposed of. After full con-
which [ fully agree that the amount Of
gold in the reserve, being now $4,000
coo more than it was in February last,
when a sale of bonds was made to a
syndicate, and other conditions differ
ing from those then existing, justify
us in Offering the bonds now about to
be issued for sale by popular subscrtp-
tion
"This is the entire matter, and all
those particulars could have been
easily obtained by any member Of the
Senate by simple inquiry.
IF Mr. Morgan or anyone else, rea-
soning from his own standpoint,
brought himself to the belief that the
government would at length be con-
strained to again sell bonds to a syn
dicate, I suppose he would have per-
feet right, if he choose. to take such
steps as seemed to him prudent, to
put himself in condition to negotiate.
q expect an issue Of bonds will be
advertised for sale tomorrow, ana that
bids will be invited not only for those
now allowed by law. but for such
other and different bonds as Congress
may authorize during the tendency
of the advertisement.
mot 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, I have thought it
not arniss to put you in possession Of
the facts and information herein con-
tanned. Yours very truly.
GROVER CLEVELAND"