The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-05-28
(By William M. Stewart, Senator from
Neyada,O

1Or truth, and love of falsehoOd, which
has not been analysed by the philoso-
phers; otherwise Grover Cleveland
could MOI have been twice president
with the reputation of a multi-million-
alre. Apparently unconscious that he
deserves to be hated more than any
other living man for %betraying his
party and his country and wrecking
the happiness of seventy millions OF
people, he violently attacks the Repub-
mean party for carrying out the tarl1
program laid down in the st. Louis
convention. The Republican party de-
CARED IN favor of maintaining the
present gold standard until Europe
should otherwise order. Has not the
Republican party maintained that
plank in it's platform? The Republic
an party also declared for tariff for pro-
lection. Is not the Republican party
engaged in carrying out it's platform
in that regard?
These plain pledges stared the stuffed
prophet in the face when he betrayed
MS own party and used the power and
patronage, which the Democratic party
had conferred upon him, to aid in the
election of the Republican ticket. Has
anybody told Grover that all that is
necessary for him to do is to get into
4 rage because the Republican party is
adhering to its platform, and that if he
will do SO everybody will suppose he
betrayed the Democratic party
through mistake?
There was no mistake about it. If
we admit, as we suppose we must, that
Grover did not support the Republican
ticket on account of the tariff, or On
account of any financial legislation not
pledged or limited at in the platform,
some other reason must be found why
the ex-president betrayed his party.
Many see, or think they see, circum-
stances and conditions which had in
volved Grover and his administration
with the bond and money jobbers of
New York from which he could not ex-
tricate himself. Sixty-two millions Of
four per cent thirty-year bonds were
sold at more than twenty per cent
less than their market price. Up to
the time Of this transaction no United
States four per cent bonds during the
ten years preceding had sold for less
than one per cent premium for the
time they had to run. The sixty-two
millions had thirty years to run and
should have sold for from twenty-five
to thirty per cent premium, and would
have done so if the president had been
90 roo<1 n friorI N tho ~ ~; So
pie AS he was to the money powers.
In fact, he himself wrote a message
to Congress that he could get sixteen
millions more for these same bonds if
Congress would pass a law for their
payment in gold. Congress passed no
such law. The bonds were issued and
sold and Mr.. Cleveland and the pur.
! chasers all united in asserting that,
notwithstanding Congress had not au-
thorized payment in gold, they were
gold bonds, both principal and inter-
est, and the interest has been thus far
paid in gold. This transaction was so
extraordinary, coming as it did in a
long line ef questionable transactions,
that the senate authorized the nance
committee of that body to Investigate
these bond deals. The committee met
in New York and called before them
Morgan and Belmont, the parties with
whom the president and secretary of
the treasury made the transaction, and
inquired Of them what profit was made
in the purchase and sale of these bonds.
The gentlemen declined to answer.
They were further inquired of who re-
ceived the profits of the transaction.
The gentlemen declined to answer.
For some unaccountable reason the
matter was dropped and the investiga-
ton abandoned without making a re-
port to the senate. 1t would nave been
very easy for the senate committee to
have called Morgan and Belmont 20
| Washington and put the same ques-
lions to them which they had asked
them in New York, and if they had
failed to answer the courts would have
found lodgings for them at public ex-
pense.
1t may be that these transactions so
bound Cleveland and his party to the
money powers who wanted Mckinley
with a view of similar financial pro-
ceedings, and particularly with a view
of maintaining the single gold stand
ard, that Mr.. Cleveland dared not do
otherwise. He had taken too many
steps in the wrong direction to retrace
them in that emergency. To keep in
line or to keep under cover he did as
Belmont and Morgan required him to