Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1898-06-24
ARE FOR THE PEOPLE.
The Bonds the Government Is at
Present Busy Putting Upon
the Market.
E0T FoR THOSE WITH ZIG gCLLs."

Secretary Gage Suspects Some Bids That
Look Like They Were Constructed to
Evale the Purpose of Con3ress-"Dum-
my" subscriptions Sent In and Uncere-
moniously Returned Letter for Bidders
Who Look Suspicious.
Washing on. June 2i.-The following
statement was made at the treasury
department Yesterday: Among the
many thousand subscriptions for tn.
smaller amounts of $500 or less daily
received by the treasury department
there appear almost daily remittances
from banks and similar institutions
covering a long list of subscribers in
uniform amounts Of SEQ. In these cases
one large draft CT check is enclosed for
payment of all tire subscriptions. The
fact that thcre is a small premium Of
fercd by large would-be investors has
stimulated certain persons TO secure
rro-forma subscriptions irom people
who have no bona fide intention of in
vesting in the bonds. The prJ-fOrma
subscriptions thus entertained are than
forwarded by the agency gathering
them in with a draft In a round sum
for payment. It is easily to be seen
that the fair purpose OF the law. which
tavois an honest subscription by the
citizens OF humber means, may be thus
Circumvented. the treasury has s
watchful eye cut for such abuses anl
where the case is clear eEough such
subscriptions are unceremoniOusiy re-
turned 10 the sender.
Ia Cases Where Doubt Exists.
In other cases where doubt exists the
secretary ha. prepared and viii seni
the following letter:
Dear Sir: You are respectfully ad-
vised that the several sUbsc riptions ef
S5te each enclosed by you under date Of
--a ana accompanied by your check
for s. are not accepted, but are held
III allegiance fCr yoGr further advice. 1t
was Tia piain intent of congress- in the
legislation authorizing the issue of the
bonds row in question to give to psr-
ssrs OF moderate means the opportunity
to invest their ear!tel OF part of it,
in the securities of the UHitsd States.
the evident underlying thought being
that thus our frugal citizens would
come into "a closer intereS: with the
government of which they form g part.
Thinks the Circumstances Suspicious.
Whatever operates to defeat this
| thought and purpose defeats or circum-
vents the intention of congress as en-
bodied in the law The circumstances
surrounding the subscriptions for
warded by you as above referred to car
~ a presumption that they are not ex-
pressions sf bona flde plTpess sn the
Iart of the pro-fcrra subscribers to be-
| Gene investors il and hsldscs Of the
bonds applied fer. On the contrary, the
! presumption arises tkat the subscriptions
| are really in the interest of class
| whose claims are distinctly deferred I'M
| til aftsr the several subscriptions of in
| GiNduals shall be first accepted and
| the lowest amounts first allotted.
Wants Proof of Gennineness.
| The duty Of this department requires
| a reasonable, yet diligert. guardianship
| OF the rights of those in wkrse behalf
the law has special regard. The depart
| meat, therefore. deems it proper to re.
| Guire from you clear and urenuivoca
| statement that in appearing for the
| persons whose names are signed to ths
subscription paper YOU ave hcra fds
| acting on their behalf. and not for tn,
| ulteror advantages of yourself or any
other interest.
I'm the absence Of satisfactory
| statement from you to this effect tn,
| subscription papers with your check
| will be returned to you. Respectfully
! yours, LYMAN J. GAGE,
1