Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-01-10

Newspaper.
washington, d. c., January 9.-The
debate on the Elkins resolution IN the
Senate last Friday when the admins
trat.on was accused by several Sena-
tors of having entered INTO an agree
ment with a syndicate to float the ex-
pected issue of bonds, is the subject of
a letter written by President Cleveland
to Senator Caffrey, Of Louisiana. The
knowledge that such ,etUer had been
addressed to Mr.. Caffrey was obtained
tonight and the letter was made pub
lie by the latter. It is in the hand
writing Of the President and covers six
pages Of closely written note paper. 1t
IS n full as follows:
Executive Manson,
Washington, D. C., January 5, 1896.
My Dear Senator:-I have read to-
day IN the Congressional Record the de-
bate in the Senate on Friday concern
ing the financial situation and bond is
sues.
am amazed at the intolerance that
leads even excited partisansh.p p TO adopt
as a basis of attack, the unf0unded ac-
cusations and assertions OF malicious
ly mendacious and sensational news
paper.
No banker or financ.er, nor any other
human beng has been invited to visit
Washington for the purpose OF arrang-
ing in any way or manner, disposition
of bonds to meet the present or future
needs of the god 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
given to any person. In point Of fact a
decided leaning towards popular loan
and advertising for bids has been plain
" exhibited on the part of the admins
trat.On at all times when the subject
was under discussion. Those charged
with the responsibility of maintaining
renders it possible. have anXiOusly con-
ferred with each other and as occasion
permitted. with those having knowledge
of financial affairs and present monetary
conditions, as to the best and most IA
vOrable means of selling bonds for gold.
The unusual Importance Of a success
ful result if the attempt is again made,
ought to be apparent to every American
citizen who bestOws upon the subject
moments patriotic thought.
The secretary Of the treasury from the
first moment that the necess:tyof another
sale of bonds seemed to be approaching
desired to offer them, if issued, to the
people by public advertisement if they
could thus be successfully disposed Of.
After full consideration he came to the
conclusion, to which I fully agree, that
the amount of geld in the reserve, being
now S20O00000 more than it was N
February last when a sale of bonds was
made to a syndicate and other c0ndi-
tons differing from those then existing,
Justify us in Offering the bonds now
about to be issued for sale by popular
subscription.
This is the entlre matter, ana AL
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 a per
feet right, if he chose, to take such steps
as seemed to him prudent, % put hint
self i'm condition to negotiate.
I expect an issue of bonds will be
advertised for sale tomorrow. and 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 pendancy OF the
advertisement.
Not having had IN opportunity =
confer with you in person since the pres
ent session of Congress began, and no.
ticing your participation in the debate
of last Friday, I have thought it not
amiss to put you in possession of the
facts and information herein contained.
Yours very truly.
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