Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1898-07-27
THE POPULAR LOAN.
Democrats Arc shown How 40 Raise
Money without Re~ortsnE to
Syndicates-

The democratic press OF the country
shows plain signs OF being disgruntled
over the popular feature of the new
war loan. This is not strange. 1t is, in
fact. party matter.
During the last democratic admins
tration n large block OF government
bonds was issued and the entire
amount was allowed TO go TO multi
millionaire syndicate manipulated by
President Cleveland's former law part
ner in New York. AIR. Stetson. The
people were not allowed any chance at
those bonds. first hand. and the syndi-
cate made profit of several millions.
That record is made prominent by the
contrast it presents 10 the present
case.
II President Mckinley had -ollowed
in the footsteps of President Cleve-
land perfect cyclone of Indignation
would have swept over the country.
The democratic press would have
found the English language all too
feeble To express their wrath. and the
republican press would have recog-
nized the Justice of the indignation.
Yet there was 40 more excuse for syn
dicating the Gle, Gland than the Me-
kinley bonds. There was popular
demand for both. The republican
press took the same position then in
favor OF giving the people chance
that IL did in this latter instance. The
same arguments. substantially. were
used in both cases. The democratic
press was Indifferent, and by ac-
quiescenoc shared with Cleveland re-
sponsibility for that syndicate.
The popular feature was even
greater success than reported when
the time for subscription closed. That
date OF closure was the 14th inst. and a
Washington dispatch OF the 18th states
that since the i4th nearly 10000 sub
scriptions have been received Some
of them were delayed in the transmits
sion and will be accepted; others we're
too late. Subscriptions 20 the amount
OF $500 or less viii absorb fully $780,
100000 of the bonds. or onc-half of the
whole. The other half will nearly. il
not quite. be absorbed by suhscrip-
lions under'S $1,000 in amount The en-
tire loan is thus distributed 60 indi-
Vidual subscribers in small lots.
As matter ~ course some Of these
subscribers acted as agents. no doubt.
for others who furnished the money.
but such eases form at most only an
Insignificant percentage of the grand
aggregate.
Some OF these bonds were subscribed
rs permanent lean or investment and
some with view 20 making n profit on
them. The governments sold the bonds
at par. They viii probably command a
premium. This profit will he small . I
best in any given case. and win hc
widely distributed. II will be made. II
Mt all not out OF the government hut
out OF the secondhand purchasers
namely, the banks and other moneyed
corporations which want large blocks
of bonds and can get them only by go
ing into the open market. The Clove-
land-Stetson syndicate made it's mill
lions OF profits by secondhand sales
The aggregate profit of the new bond
holders may be even greater than that
harvested by the syndicate. bat ii viii
be distributed among the people.
Everybody had an equal chance. so far
as the government was concerned. to
subscribe, and thus share in the profits.
IL is safe TO say that no future adj
ministration will dare go back to the
syndicate policy In placing bonds. The
republican party can add one more
trophy TO its long list of great achieve
ments. \ republican congress and n
republican administration between
them succeeded in doing what no other
nation on earth has ever done. All
other governments, great aud small.
have placed their loans through great
banking houses. Great Britain has the
Bank of England. France the Bank of
France. Spain the Bank of Spain. and
so on all along the line. Behind and
above all these. including even the
Bank OF England. is the great house
OF Rothschild. which made millions out
OF the Cleveland administration. For
many years now these great moncyed
corporations have eNactcd toll from
their governments and from minor
states quite n matter Of course
NJ last the United states has shown
the nations more excellent wov 10
hnancier their leans. They have riven
tho civilized world what ought To he
in government finances. an cpocb-
making object lesson in the highest
branch Of political cconomy.-Chicaeo
Inter Ocean.