The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-01-10
Administration Did Not Treat
With ]. Pierpont Morgan.
CENSUREs SENATOR'S.
Saws Their Accusations Were
Malicious and MendaciOus.
Syndicate Scheme Always OPP
posed by the Administration.

WASHINGTON, Jan. 1O.-The debate
on the Elkins resolution in the Senate
last Friday when the administration
was accused by several Senators OF
having entered into an agreement
with a syndicate to float the expected
issue of bonds, is the subject of letter
written by President Cleveland to Sen
ator Caffery, of Louisiana The
knowledge that such a letter had been
addressed to Mr.. Caffery was obtained
last night, and the letter was made
public by the latter 1t is in the hand
writing of the President and covers
six pages of closely written note
paper. It is in full as follows:
Executive Mansion, Washington, D.
c.. Jan. 5, 1896. My Dear SenatOr:-I
have read to-day in the Congressional
Record the debate in the Senate on
Friday, concerning the financial situa-
ton and bond issues
am amazed at the intolerance that
leads even excited partisanship to
adopt, as a basis of attack, the I'M
founded accusations and assertions of
a maliciously mendacious and sensa-
tionaI newspaper
No banker or fnancier, nor any
other human being, has been invited
to visit Washington for the purpose of
the disposition 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,
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 admlnistra ton at all times when
the subject was under discussion.
Those charged with the RESPONSE
bility of main tanning our gold reserve,
SO far as legislation renders it posi-
bic, have anxiously conferred with
each other and as occasion permitted
with those having knowledge of fnan-
cial affairs and present monetary
favorable means of selling bonds for
gold.
The unusual Importance of 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.
The secretary of the treasury from
the first moment that the necessity of
another sale of bonds seemed to be APP
preaching, desired to offer them if is
sued to the people by public adver-
tisement if they could thus be success
fully disposed of. After full consider
alton he came to the conclusion, to
which l fully agree, that the amount
of gold in the reserve, being now $2O,-
600, 900 more than it was in February
last, when q sale of bonds was made
to syndicate, and other conditions
differing from those then existing,
justify us in offering the bonds now
about to be issued for sale by popular
Su description.
This is the entire matter and all
those particulars could have been cas-
lily obtained by any member of the
Senate by simple inquiry.
If Mr. Morgan or anyone else, reas-
oning 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
dictate, l suppose he would have a per-
feet right, if he chose, to take
such steps as seemed to him prudent,
to put himself in condition to nego-
tiate
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 tendency 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, 1 have thought it
not amiss to put you in possession of
the facts and information herein con-
tanned. Yours very truly,
GROVER CLEVELAND.