The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1904-09-16
UNLIKE DEMOCRATS
FINANCIAL TRANSACTIONS OF
REPUBLICANS NEVER SHADY.
Sale Of Philippine Bonds to n Western
Eank, the Highest Bidder - Demo-
cratic Deal with the Belmont
Syndicate Riddled.

The fourth instalmcnt of the $1,000
900 of Philippine bonds was taken at
lU1.4l by the Western National Bank
of Oklahoma City whose bid for the
bonds was the highest The fact that /,
western bank should outbd leading insti-
tutions OF Wall street for these bonds
suggests how the West is rapidly gaining
in financial power and importance. No
western bank would have dared to bid
for such Il large issue Of bonds without
being perfectly satisfied that it could find
a broad market for them amongst local
investors. The old financial problem Of
the West was to get money from the
East Tllc present problem of the West
is to find good channels for the invest
mrnt of its own money.
by transaction such rs this we find
investors in the Southwest become cred,
itorS Of the Philippine Islands. In other
words, they are lraning somc of the
fruits of their own prosperity under Re
publican rule to help along the prosperity
Of our nations wards in the Philippines
The security which United States GOV
eminent over the Philippines EivcS to
lives and property. trade and Industry
makes the credit of the islands good 50
that investors are quite willing to pay a
premium for Philippine bonds. If tho
United States government We're no, SOW
ercign over the Philippines. it is a QueS-
ton whether the islands would be able
To ioat bonds even nj a discount. hence
many needed improvements for the ISL
andS could not be carried out. Were
the Democratic party to de successful
in the election this fall. the owners OF
Philippine bonds would doubtless see II
quick slump in their market value.
Notorious Democratic Deal.
II is the Republican policy in the case
or necessary issues Of bonds. like the war
loan of 1898 and this Philippine bond
issue. to sell the bonds by popular sub
scription or by public competitive bid
ding for them. This gives the whole pco-
pie an equal chance, and all sections of
the country an equal chance, to secure
them for investment and to realize what
ever profit their ultimate appreciation
may bring. Under the Democratic plan,
as followed ont during the last Cleveland
administration. the government ignored
the small investors. and had no nse for
any financial institution west of Wall
street.
For instance, on Feb. is. 1898, the
Democratic Secretary of the Treasury
signed contract With New York syn
dictate for the selling of S62,3l5.40O four
per cent bonds. These bonds the syndi-
cate sold to the public for $50, l1G,2
clearing a profit for itself. out of the
transaction. Of nearly S30OO,00O The
price at which the bonds were sold to
the syndicate was equivalent to 1O4h
when the existing United States four per
cent bonds, with less than half as long
time to run. were bringing III on the
market. The syndicate dictated to the
government the terms of the deal ONE
OF THE MEMBERS OF THAT SYN
DlCATE, AUGUST BELMONT. IS
THE PRINCIPAL FINANCIAL AD-
WISER AND BACkER OF ALTON b.
PARKER OR PRESIDENT.