The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-09-06

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buy it at high price you admit that
his good will is very valuable to you.
] want you to remember, my friends,
that if this nation is dependent upon
the good will of one banking firm in
New York and one banking firm in
London, the very moment you confess
it, you put it in the power of those
two firms to charge whatever they
please for their good viii towards this
government. (Applause.) And / am
not willing to admit that this govern
ment exists by sufferance. (Applause)
/ am not willing to admit that we have
reached an extremity where it be-
comes necessary for us tc purchase the
good will of any syndicate. foreign or
domestic.
THE BOND SYNDICATE.
81 am not surprised that members of
that syndicate are opposed to the Dem
ocratic party, (Applause). / am not
surprised at all, because the Demo
rratic party believes that this govern
ment can get along without them; and
more than that, the Democratic party
believes that if they imagine that they
can injure the government and dare to
try it, | say the Democratic party be-
lieves that they ought to be treated
like any other conspiratOrs. (ContiD-
ued applause).
"But there is one question upon which
we must agree, and that is the Amer
can people, acting through their Con-
etitution and laws. are the only power
TO determine what is good for the
American people and what the Ameri-
can people should have in the way of
legislation.
I'VE have seen THAT when the gov
ernment sold bonds at home that the
officials in charge of the Treasury saw
that people went to the Treasury and
drew cut of 1t part of the gold to pay
for the bonds; therefore the Treasury
people thought that they would try to
sell their bonds abroad to see if they
could not avoid the necessity of furn-
ishing the gold that these people We're
trying to draw out for that is what
can be done under the present law. I
believe if our people understood what
was possible-what is not only possi-
Bile, but what is the actual fact under
the present financial system as prac-
ticed by the present administration
that they would rise in a unanimous
revolt against that policy
THE WITHDRAWAL OF GOLD.
LET me show you what has been
done. The government decided 10 is
sue S50,000,000 Of bonds to buy gold
Now suppose you want to buy bonds;
YOU 90 to the Secretary of the Treas
rry and he says he has some bonds to
sell, and YOU hand him $4,000 of
greenbacks or Treasury notes, He
says 7 cannot accept these notes.
you say Why not, are not these green
backs and Treasury notes good?' He
says They are good for most
things, but these bonds are
sold in order to get gold, therefore
we must demand gold for the bonds.
You say to him, All right, Mr.. Secre-
tary, if you won't give me the bonds
for these greenbacks and Treasury
notes / will just deposit them and de-
mand their redemption in gold The
Secretary says, That is all right; that
is what we are here for and he hands
it out daughter and applause.) Then
he hands out a thousand dollars in
gold and then you say to him, do
understand that you have some bonds
for sale, for which you want gold 2
And he says, Yes and you hand him
the gold and you say to him, There
Mr.. Secretary is your gold, now give
me the bonds?. daughter and cheers.) J
''Do YOU believe that is possible? 1t
is under the present law. Do you be-
lieve anybody in this country has done
it? 1t has been done under the present
administration of the Treasury. And
SO it has gone on and when the Treas
urer had issued fifty million dollars of
bonds, the amount of gold drawn out
during the time beteen the publication
of the notice and the issue of bonds
was something like eighty millions
I'm other words to the extent of the
money withdrawn for the purpose of
buying bonds the government simply
allowed the gold to pass out of the
Treasury and then they sold the bonds
that were issued for this very gold
they were going to purchase. When
they issued the next fifty million an
other large amount of gold was with
drawn to pay for the bonds. Then
they made the Rothschilds contract.
They simply enlarged the circle a lit
tile and that was ALL and before the
time was up in which the syndicate
agreed to protect the Treasury-be-
fore that time was up, bonds which
had been sent to Europe and sold at
1.04h had been brought back from
Europe and sold in the New York mar
ket for more than 1.20 and that gold
was then taken back to Europe again.
(Applause) This is fnancioring as
she is taught in New York" CHEERS
and laug'hter.)