The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1898-07-02
ZR UST THE People
Iimes-Democrat.

L
Times Democrat.
In laying down the conditions fo
the war loan. Congress did excel
Tent work, from every point of view
1t IS true that some of the New
York papers, which habitually tax,
the Wall street view, derided tn,
provisions of the bill requiring
that the bonds should first be Of
tered to public subscription, anc
making the acceptance of the small
subscriptions mandatory upon the
officials of the treasury. Yet il
cannot be denied that, in view of
some recent events in our financial
history, :hese requirements were
absolutely necessary to the protec-
ton of the public interest. The
idea that the co-opoer ration. of the
great financial houses is necessary
to the success of a loan of this
government is now quite exploded,
as will be seen from the following
dispatch from Washington to the
New York Journal of Commerce
undeT GATE or June 22:
the demard for the new : per cent
bonds continues to surpass ANYTHING pre-
vlously recorded in the history Of the inan-
cIal operations of the government Several |
hundred clerks are at work in the classifca- |
uon OF subscriptions, but they are far behind
Inc rush OF orders, and do not seem likelv
10 catch up for several days. Eight sacks
OF mail were piled up at the Office where the
work IS being done this afternoon, and the
subscriptions which had been opened had |
led II &c
the loan will be subscribed many times over
ana therc are some of the officials who be-
heve that all the bonds will be allotted to
subscribers for $500 and less. These sub
scrlPtlons must all be accepted in full before | ,
any allotment is made among the subscribers
for larger amounts:'
This all sounds very strange i
when one thinks Of the way the is t
sue OF so2, 5000 4 per cent was
sold over the bargain counter to the I.
famous syndicate of which 7. Pier ,
pont Morgan was the head That !.
transaction raised terrible row g
throughout the country and was,
the undolng OF the Clevelan d l.
The Wall street org r,
ans were never tired of asserting that
mere was no sufficient ground for
he dissatisfaction, and that nobody dc
'ut Popullsts and their allies would az
hink of Kicking against so benefcent cl'
transaction. The success of the Gu
resent loan leaves all people of that of
ort without leg to stand on. The 4 an
er cent were sold to Morgan and
is associates at 1914 Ia The
er cents are being sold to the pub N
at par. The. is were issued when err
us natlon was at peace with all co
re world; the IS are issued in the m;
last OF war which contains the WI
ccds OF all sorts Of complications.
he explanation of the differences nit
tween the two transactions is to del
found in the simple fact that the has
oPle were given show in the o1''
esent loan, while they were forced IN
to the position of rank outsiders or
the former case. & ,
Let us hope that this object-les. 10
may serve to impress upon the "
ads OF the government that everv
ng succeeds when the people are II
sted' and that nothing succeeds
en- they are kept in the dark l.
'ut the concerns of their own a.
eminent. After a while, per- vi
u.s. the government will trust the WITS WITS
'Pie all the time. That is ga =
summation devoutly 10 be
he'd"
The Crown NVO,,,anI,ocd ton