The daily morning journal and courier., 1896-01-10
LETTER IS MADE PUBLIC
REASONS GIVEN FOR THE ADTER-
 EASEMENT or BONDS.

 Senator Caffrey of Louisiana Makes Public the Letter Which He Received From the President on the Bond Issue-Full Text of the Letter.
 Washington, Jan. 9.-Senator Catfrey of Louisiana to-day made public let ter from the president which had oppor' tunity presented since Monday he would have incorporated in remarks which ne had intended to make. The letter is as follows;
 Washington, Jan. D.
 My Dear Senator--I have read to-day in the Congressional Record the debate on Friday concerning the financial sit uation and bond issues. l am amazed at the intolerance that leads even excited partisanship to adopt as pasis of attack the unfounded accusations and assertions of a maliciously menda- cious and sensational newspaper. NO banker or tinancier, nor any other hu- man being has been invited to Washlng- ton for the purpose Of arranging III any way or manner for the disposition of bonds to met 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 disposal of bonds has been directly or indirectly given to any person. In point of fact a decided leaning to- wards 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 dis cussion.
 Those charged with the responsibility 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 affairs and present monetary conditions as to the best and most favorable means of selling bonds for gold.
 The unusual importance of a success ful result of the attempt is again made ought to be apparent to every American citizen who bestows upon the subject a iiClilChI paul luOQ5AL. The secretary of the treasury, from the first moment that the necessity of another sale of bonds seemed to be ap- preaching, desired to offer them, if is sued to the people, by public advertise ment, 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 gold in the ...,, it was in February last, when a sale of bonds was made to a syndicate and other conditions differing from those ex- isting, justify us insoffertng the bonds now about to be issued for sale by pop ular subscription. This is the entire matter. and all these particulars could have been easily obtained by any mem Der of the senate by simple inquiry.
 If MT. Morgan or any one else, req soning from his own standing, brought himself to the belief that the govern- ment would at length be constrained to again sell bonds to a syndicate, I SUD- pose he would have a perfect right, if he chose, to take such steps as seemed to him prudent to put himself in condi- ton 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 allawed by law, but for such other and different bonds as congress may authorize during the pendency of the advertisement.
 Not having had an opportunity to confer with you in person since the present session began and noticing your participation in the debate of last Fri day, I have thought it not amiss to put you in possession of the facts and in- formation herein contained
 Yours very truly,
 GROVER CLEVELAND.
 To Hon. Donaldson Caffrey.