The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-05-29
1t Explained Cleve-
lands Bond Deal.
ANDTHEFOG'S DENSER
Now it is in Order to Tell Why Thirty
Years After the Civil War it
Was Needful to
Sell Bonds at

bond DEAL shows all the points by
simple statement of the facts, but the
World is just as dense and dark as
Cleveland, as to the proper methods
standing On the platform on which he
was elected that should have been
pursued to avoid selling bonds at
all.
The World pats itself on the back,
for forcing the bonds to be sold to
higher bidders than the Cleveland syn
dictate by public advertisement.
But the method of how the bonds
were or should have been sold, is not
the question, and never was the true
question.
Let the World tell the American
people the real truth that made it
needful thirty years after the close of
the war TO sell bonds at all at high
or low bid in times of peace.
The silver purchase story won't do
for a complete explanation.
For it was optionary with the Sec
rotary of the Treasury whether he
should redeem in silver or gold.
The New York World had at that
time declared for the single gold stand
ard. Hence dared not give the real
foundation truth and cause that led
up to the possible need of selling
bonds. and placing practically three
hundred million debt in times of peace
on the richest and most prosperous
nation on earth.
Let us look a little deeper for finan-
cial and journalistic integrity and in
fluence that prevailed at that time.
Before / enter into the discussion
OF CleNt:and's bond policy / wish
to quote Whitelaw Reid's speech on
New York journalism and its relation
to finances in a convention of editors
in New York city, representing the
editors of all parties in convention
assembled.
For in all these years that have
passed since Mr.. Reid was vice-presi-
Dental candidate. and made these ut
teranceS. none of that assemble of
editors has risen to challenge his
statement.
Mr.. Reid said at that editorial con-
ventiOn, held soon after his defeat Tor
the vice-presidency. and it was the
Democracy that supported Cleveland,
that defeated him.
There is no such thing in Ameri-
ca as an independent press, unless it
is out in the country towns. You are
all slaves you know it and l know il.
There is not one of you that dare eX-
press an honest opinion. If you eX-
press it beforehand, you know it would
never appear in print. l am paid 81 Sc
per week for keeping honest opinion
out of the paper / am connected with
Others of you are paid similar salaries
for doing similar things. II l should
allow honest opinion to be printed
III one issue of my paper, like Othelio.
before tWenty-four hours my Occu-
patton would be gone. The man who
would be SO foolish as to print honest
opinion would be out on the streets
hunting a job. The business of the
New York journalist is to distert the
truth, to lie outright. to pervert, to
Villify, to fawn at the feet of Mann
race for his daily bread, or for what
is about the same thing, his salary.
You know this and l know it, ana
what fooleTy to be toastinS an indie
pendent press! We are the tools and
yassals of rich men behind the scenes,
we are jumping jacks, our time, our
talents, our lives, our possibilities are
all the property of other men. We
are intellectual prostitutes"
These are the utterances of the sue
cessor to the paper owned by Horace
Greedy and are the uttefances of what
was considered at that time one OF
the ablest editors of New York.
SO Cleveland's policies for the
maintenance of the gold reserve and
standard was endorsed by the New
York press.
So in view of this statement, smart
ing as Mr.. Reid was under the defeat
of his party, and in the chagrin OF
defeat, man often utters truth that
in better and brighter mood he
would conceal.
Too little thought has been given to
the power of the New York press, just
as too little thought has been given
bv the great masses of the people &c
the power of the New York money
Spectator.
Yet the two are the molders OF
every financial policy in operation ii
this country today.
Da.I &c. I, =
a leading exponent of the money spec
uiating element of this country
The New York World claims De-
mocracy as it's political belief, and in
dependence as its policy and its indie
pendence in that MISUNDERSTANDING
modern Babylon, showed where the
World stood as a Democrat, appealing
to Cleveland to save the party credit
TO save the nations credit, by MAX
ing a public instead of a private sale
OF something that shouldn't have been
sold at all. instead of demanding nc
sale at any bid but under the Demo-
cratic platform.
When the gold standard party APP
reared to full view the World stood
exactly where Whitelaw Reid had
stood at the command of the money
king explaining the method of Cleve
land bond deal as being all right, bu
the method of sale unwise.
NO IildHIlet VI CApi1iiSatioii viii NNS
prove to fair-minded men that there
was any need of the bond sale made
by Cleveland
The resources of the government il
the balance of trade, its custom anC
internal revenues, and its local produc
ton through the various industries o
the country. were at the highest poin
at that time that they had ever beer
in the history of the country.
The cause of the sale lay deepe
than the silver purchase, lay deepe
than the public squandering admin
istration, Git was the stealing of tn
unit of value from silver) which vii
be more fully revealed in very few
more years.
One of the chief features treated
from the most conservative and lib
eral standpoint, that the American