The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1904-09-24
UNLIKE DEMOCRATS
FINANCIAL TRANSACTIONS OF
REPUBLICANS NEVER SHADY.
Gale Of Philippine Bonds 10 a Western
Hank, the HlEhstS Bidder - Demo-
GRATIS Deal with che Bslsaont
.9yndicaes Riadled.

The fourth installment Of the $1,000
600 Of Philippine bonds was taken at
1O1.41 by the Western National Bank
Of Oklahoma City, whose bid for the
bonds was the highest. The fact that q
western bank should outbid leading insti-
buttons of Wall street fer these bonds
suggests how the West Ia rapidly gaining
in financial power and importance. No
western bank weuld have dared to bid
for such large issue Of bonds without
being perfectly satisfied that 1t could find
| a broad market for them amongst local
investors. The old financial problem Of
the West was to get money from the
East. The present problem OF the West
Is to find good channels for the invest
| ment Of its own money.
By a transaction such as this We find
| investors In the Southwest become cred
itors of the Philippine Islands. In other
words, they are leaning some 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 gives to
hives and property, trade and industry,
makes the credit OF the islands good, 90
that investors are quite willing to pay a
premium for Philippine bonds. If the
| United States government were not SOW
ereign over the Philippines, it is q Ques-
| ton whether the islands would be able
to float bonds even at q discount, hepca
many needed improvements for the isl
ands could not be carried out. Were
the Democratic party to be successful
in the election this fall, the owners OF
Philippine bonds would doubtless see d
quick slump in their market value.
! Notorious Democratic Deal.
1t is the Republican policy in the case
of necessary issues of bonds, like the wal
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 peo
pie an equal chance, and all sections Oh
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 out during the last Cleveland
administration, the government ignored
the small investors, and had no use fol
any financial institution west OF Wal
street.
For instance, on Feb. Is, 1895, tn
Democratic Secretary of the Treasur!
signed a contract with New York syn
dictate for the selling of $62, 315, 400 fou
per cent bonds. These bonds the syndi
cate sold to the public for $65, 116, PA
clearing a profit for itself, out of tn
transaction, Of nearly $3,O00,000. Tn
price at which the bonds were sold t.
the syndicate was equivalent to 104715
when the existing United States four pc
cent bonds, with less than half as LON
a time to run, were bringing Ill on tn
market. The syndicate dictated to tn
government the terms of the deal. ON
OF THE MEMBERS OF THAT SYN
| DICTATE, AUGUST BELMONT, Il
THE PRINCIPAL FINANCIAL AID
WISER AND BACKER OF ALTON 3
PARKER OR PRESIDENT.