Georgia Historic Newspapers

    Pd Ph £=-i L__J t=j
Consolidated with I
CRAWFORDVILLE DEMOCRAT. Oct. 6,1893. j
There is now a steady immigration
of about 20,000 ,Eiissians a year to
Siberia.
_
The Canadian public debt was in¬
creased the last fiscal year $4,502,000
net, the total net debt being $246,000,
000.
Tne University of Michigan leads
with 4,000 undergraduates, Then
comes Harvard, Pennsylvania and
Yale in that order.
There is no discovery of modern
science that is not available in Japan,
maintains the New York Recorder.
There is no modern scholarship that
is not appreciated by its wise men.
English conservatism is at last yield¬
ing to the point that tho Great West¬
ern has decided to warm its trains on
the American plan and abandon tbe
present archaic plan of foot-warmers.
Another radical departure which is
heralded in large type in English pa
jiers is that tho Great Western has de¬
cided to experiment in the brand new
departure of lightning the cars.
A curious illustration of the growth
of real estate values in New York
City was afforded a few clays ago by
the registry of a deed of conveyance
executed in July, 1817. This deed,
relates the Trenton, N. J., American,
comprised the site of six full city
blocks, sold for $500.25. The pres¬
ent worth of that land is now about
$500,000. It lies on the banks of the
Harlem river, in the old Ninth ward.
“It is a remarkable fact,” observes
tho Chicago Record, ( • that to light
the United States treasury building in
Washington costs the government a
little more than $1,000 a month,
though the hours of business are from
9 in the morning till 4 in the afternoon,
with no night work. There could be
no better commentary on tho methods
of building employed by the govern¬
ment in construction of its great de¬
partment houses iu the national Capi¬
tol.”
Miss Ellen Coe, librarian of the
’ v ”” 1 ' ^Veo Cir?ulEti5g_Iiib5ajy,.
replying to tk« question, What can be
done to help a boy to like good books
after he has fallen into tho habit of
reading dime novels? says that the
boy must not be deprived of his men¬
tal stimulant all at once, but gradu¬
ally by the substitution of better but
not too mild books, ‘Custer’s Life,’
she suggests, is a good book to start
for those who have a taste <for sangui¬
nary adventure.
“Every man his own diamond fac¬
tory” might, be the title, suggests the
San Francisco Chronicle, of a semi
Bcientific romance, based on a New
York story which asserts that a man
in Indiana ate so much charcoal that
when he died a small diamond was
found to have formed and become en
ersted in his liver. The theory is that
certain chemical constituents of the
body gave tho carbon its highest devel¬
opment, but there is one thing in the
way of the theory, and that is the
theory of the story as told.
The Indian woman can be civilized
even if the Indian man cannot. Here
is the case of Louise Crouse,an Indian
girl, twenty years old, a direct de¬
scendant of the Algonquins. She is
at the famous normal school in Os¬
wego, N. Y ., and is determined to ob¬
tain a good education. She is penni¬
less, her mother is dead, her father is
a dipsomaniac and there are no wealthy
relatives or friends to aid her in her
ambition ; nevertheless she has man¬
aged to p^y her way so far and clothe
herself as well oy the hardest labor of
all kinds at all times. She is com¬
pleting her course but works as hard
as ever in order to put by something
with which to educate her younger
sister. After completing her studies
at the normal school she hopes to en¬
ter some medicine college and be ,
graduated as a physician. |
Examiner „ i
The San Francisco re- j
marks that a humorous story is by !
universal consent deemed common !
property, . and i everybody who uses t, ,
whether in printor by word of mouth, j
ia at liberty to localize and modern
ize it if by so doing he' can add to its
bnmnr and interest There are three
books, “Aristophanes” in Greek, “Le
Moyen de Parvenir” in French, and
“Joe M.ller’s Jests” in English, which
contain ninety-nine per cent, of the
humorous and witty stories . current ,
now. But is that any reason why one
shonld not toll or print a good story?
Convrieht I- b laws have their limitations,
undone of them ...... that whatever
lb
makes people laugh is the common
property of the world, and may be
used, adapted, modified or travestied
bv anvbodv who has sense enough «i
humor to appreciate and communicate
a good lib tig-
HOW '' IT - 1 ' 1 ' WAS ’ ’ HONE J
A REVIEW OF THE BANKERS’
CONSPIRACY.
How the Program of the Banker** As¬
sociation Was Carried Out in the Ex
tra and Regular Sessions of Congress
—Grover's Duplicity.
On March S the Philadelphia Item, a
republican paper of 180,000 circulation,
contained the following:
What the Country Is Coming To.
Bankers’ Association to all national
banks, March 12, 1895.
Dear Sir—The interest of national
bankers require immediate financial
legislation by congress. Silver, silver
certificates and treasury notes must be
retired and the national bank
upon a gold basis,made the only mone>.
This will require the authorization of
from $500,000,000 to $1,000,000,000 of
new bonds uuus as od a basis u of circulation.
You will at once retire one-thu d of
your circulation and call m one-half of
your loans. Be careful to make a mon
ey stringency felt among your pat ons
especially among influential business
men. Advocate an extra session ot
congress for the repeal of the purchase
clause of the Sherman law and act with
the other banks of your city in securing
a petition to congress for its uncondi
tional repeal per accompanying fmm.
se peisona m uence
men andparticularly let your wishes be
known to your senators future
life of natonal banks as fixed and sate
mvestments . , , depends , , immediate
upon „
action, as there is an increasing senti
ment in favor of government legal ten
der , notes , and . silver coinage.
Now let us trace this scheme or con
•piracy and see how nearly the pro
gram of the hand of vampires has been
carried out.
An extra session was called and sil¬
ver was killed. One hundred million
bonds have already been issued.
On Jan. 25th the following meeting
was held in New York.
Advice of New York Business Men.
One hundred members of the New
York chamber of commerce met yester¬
day and passed a resolution adopting
the report of its committee on finance
and currency, appointed to consider the
financial needs of the country, The
resolution was put by Chairman On-,
and there was but one dissenting vote,
that of William P. St. John. The reso¬
lution ordered that copies of the report
be sent to President Cleveland, Secre¬
tary of the Tre ,mry Carlisle and to the
finance ^ tees of both houses in;
Washing.UU immediately. The copies
were mailed within an hour.
After suggesting that no feasible cur¬
rency plan can be adopted until confi¬
dence in the stability of the national
currency and the ability of the govern¬
ment to redeem its obligation in gold
is manifested, both here and abroad,
the committee in its report says;
To this end, in the judgment of your
committee, there should be no further
delay on the part of congress in author
izing the secretary of the treasury to
issue bonds hearing a rate of interest
not exceeding 3 per cent, such bonds
payable explicitly, principal and inter
est in gold of the weight and fineness
now fixed by law, to he used not only in
maintaining the gold reserve, which is
being depleted both through distrust
and deficiency in treasury receipts
under necessary expenditures, but also |
for the gradual withdrawal and cancel- notes J '
latlon of legal tender ?nd treasury
now in circulation. !
On Jan. 28th the president sent a J
special to congress which contained the
following: !
,
In my opinion the secretary of the
treasury should be authorized to issue
bonds of the government for the pur
pose of procuring and maintaining a j 1
sufficient gold reserve, and redemption
and cancellation of the United States
legal tender notes and the treasury
notes issued for the purchase of silver,
under the law of July 14, 1890.
We should be relieved from the hit- j
of issuing bonds to '
miliating process
procure gold, to be immediately and re¬
peatedly drawn out on these the obligations benefit of j
for purposes not related to
our government or our people. The
principal and interest of these bonds
should be payable on their face in gold,
because they should be sold only for ■
gold or its representative, and because
there w ould now probably be difficulty
in favorably disposing of bonds not
taining this stipulation. I suggest that
the bonds be issued in denominations
of twentv and fifty dollars and their
multiples, and that they bear interest
at a rate not exceeding 3 per cent per
annum. I do not see why they should
not be payable fifty years from their
date We of the present generation
have large amounts to pay if we meet
our obligations, and long bonds are
more salable. The secretary of the
treasury might well be permitted at bis
discret i on to receive on the sale of
bonds the legal tender and treasury
notes to be retired, and, of course, when
thpv are a retired or redeemed in gold
pbese bonds under existing laws,
(;0uld be deposited by national banks as
security for circulation, and such banks
should be allowed to issue circulation
U p to the face value of these or any
other bonds so deposited, except bonds
outs tanding bearing only 2 per cent in
terest, and which sell in the market at
less than par.
™ On Jan. 29 the following Washington: appeared
ln Evening Star of
R lg said that the president has been
seriously considering the propriety of
issuing these 4 per cent thirty-year
bonds in the event that the congress
gb all fail to act favorably upon his rec
ommendat ions of the message of yester
day
It is known that bankers representing
Tast capital, both in this country and
in Euro ^’ wbo bave ^ in Wa3biDB '
CRAWFORDVII.LE, GA., FRIDAY. MARCH 22, 1895.
ton wIthin 4,1 c last foT ty-eight hours,
and in consultation with the president,
have given him to understand that a 4
per cent thirty-year bond would be
easily negotiable by the United States
government at 3 per cent. This is the
rate which the congress undoubtedly
would be willing to pay, but there is a
condition attached to the issuance of
thjs bond from which the democrats in
congress would most certainly shrink.
But if the democrats in the two houses
shall refuse to yield to the suggestions
their own party leaders, and to pass
the law which is deemed by him to be
essential, they will he compelled to ac¬
cept the alternative, which may be the
issue of five hundred millions of 4 per
cent thirty-year bonds.
It may be of interest to silver men to
know that August Belmont, the agent
of the Rothschilds, has spent some time
in Washington recently, and had a con
ference witU t he president,
Qn Jan in an e(llt01 . la , the
Recorder appeared appeal ,a the fol
The true and very obvious explana- ,
f the matter ls that it , s a run 011
^ treag deliberately and care
tUe syndicates of gold
^ dea , that have , ever since
’ 1894 1|8ed Mr Cleveland and
,n ® secretary sp tarv of of the thr treasury treasury as as mm- pup
P ets > nnule them dance whenever
ch ° se t0 c e '' erI f P" 11
^ aim now is to start another pantic
like the one they ^ manufactured in the
Qf ^ ^ t<j fHghten the
democratic congress into passing the
^ wu 0a thja occasion
•> intimidate congress
into blanket bond bill, cioth- .
passing 1 B a
. Mr. Carbsle with full authority to .
l»ue bonds and buy go d indefinitely,
or, ’ at least, to the extent of five liun
( 1111 lons '
Now you pumpkin heads who . did not .
want Sibley returned to congress, how
do yon like it so far?
Now we will pull the nigger out of the
wood pile.
Bonds $500,000,000, interest one year
at 3 per cent, $15,000,000; 500,000,000
national hank notes, interest one year
$30,000,000, cost in interest to the peo¬
ple each day for fifty years $123,278.
Nor is this all. The bonds at. com¬
pound interest would cost the people
$2,190,000,000.
Now, idiots; how are you going to pay
it?
We already have a debt of $l,6if7,-
827,487 and our gold prtlfluction avail¬
able for coinage does not exceed $20,
000,000 per year.
“KFFe. PlJ7L.lAlZ. “ftt-irAr.?.-:'
Don't Read—-You Might Learn Som«
thing and Get Mad.
So you think politics has nothing to
do with your wages or chance of getting
employment, or your debts or poverty,
The banker tells you so.
The politician tells you so.
The monopolist tells you so.
The people who live well and do
nothing tell you SO.
Isn’t it funny that all of these people
are all of one mind?
All these people live off of some
body.
Do you know who that somebody is?
All these people are very anxious
about the elections,
Do you ever ask yourself why?
If politics has nothing to do with you
why are they so interested?
Do you think they are fools to spend
their time and money on something
there is nothing in for them?
And if there is something in it for
them, who pays that something?
Why can’t you see a little bit under
the surface.
Have they trained you like a soldier
so you can’t think but obey orders?
Why are they so anxious that you
don’t vote with the cranks?
Why all this solicitude?
Politics has everything to do with
your wages and employment,
It can render millions of you idle so
you will have to work cheap, or it can
have all of you busy getting big wages.
They don’t want you to find this out.
They want you for a voting machine
to help them live in luxury and power.
And you’ve been doing it.
Don’t read up on the money problem
—you might learn something and not
be so docile as a slave.—Coming Nation.
Honest Money.
Talk about an honest dollar The
most dishonest dollar in the world is
the one that by a steady increase in its
purchasing power enables wealth hour
By hour, to rob labor. That dollai is
essentially and fiendishly dishonest
which compels the man who has prom
ised to pay the value of a bushel of
wheat to satisfy a debt, to surrender
the value of two bushels in order to
aequit the claim. A dollar that is daily
acquiring a greater command over hu
man labor and its products is not hon
est—it is a footpad. It enables the
rich to grind the faces of the poor. It
helps the speculator to acquire a title
your home for a fraction of its value.
it renders it unsafe to contract a lia
bility or promise a future payment. It
robs every producer of wealth who has
been compelled to contract a debt. It
impoverishes the plowholder to fatten
the bondholder. This ‘ honest dollar”
which we hear so much about is the
greatest cheat and liar on the face of
the earth It is not only a fraud and a
swindle, hut an oppressor and a robber,
it has compelled the American people
to pay the money they borrowed to car
ry on the war for the union twice over,
and still leaves them vastly more in
debt, measured in units of wheat or cot
ton than when they made the loan.
Tell me that every thief in the peniten
Gary is an honest man, and I will be
lieve it, sooner than admit that your
gold standard dollar is anything hut a
I^po^.-Star and Kansan,.
<3 A
\
t
* LESSON IN NATIONAL FINANCE.
STARTLIN .TV* FACTS.
RANDOM F i ILLUSTRATE
THE PRES SITUATION.
The Increase rdlsm Presents a
Dark Future ft Its Conutry That
lias for a C sted Its Liberty
and Free F k
*
Final and lete statistics rf
farms, homes and ortgages have been
issued from the nsus office and the
figures offer an fug field for study,
TUe report co nany striking il
lustrations and ,/n of landlord
ism is one of t i vividly evident
facts brought x i not in one por
tion of the » <v but east and
west, nor ; : -> bear the
same test « toward
Europeai figures
taken ai F A situa
tion: 5*
In Rhode Is ,e 1 •! per cent
of the farms id by tenants
in 1880, while ,r 25 per cent
were so occuj ermont. during
the same perk ease is from 13
per cent to 17 \ While in Massa
chu setts in 1880 • cent of farms
were occupied by s, in 1890 over
15 per cent. In th, land moti¬
gages are not i on as in the
west and the bn 1 is represented
by crop liens, ■ s more readily
turned into mo «r cent of ten
ant farmers u nsed from
1880 to 1890 o 58 per
cent. In ’ \
period th or cent
msrr^:' to 41 v4 er\Tent ' the
of the fai 1890, 15
per cent, w jut of the
farms are < mg 54 per
cent that are \ nnnts, as the
occupant of a 1 home pays
interest to the m amounting to
a rent, not unfr Y greater than
the tenant neigh who makes no
pretense of owner,
The mortgage s< ;s present a sit
uation that canno 4e viewed with
alarm. In the of Kansas the
number of raort h force in 1890
was 298,880 agg the amount of
$243,000,000, Am g a per capita
debt of $170 or age of $850 for
each family. W son to believe
that conditions have im
proved in K'ansai vi ng worse
in other lbcalitie */tO lie mort
gage indemtednes' beirKg $199,-
774,471, a pc mt of $104.
In Illinois the per a mortgage debt
is $100 or $500 foi family. These
figures illustrate ituation in the
center of the grea cultural regions
of the west.
The aggregate for the United States
June 1,1890, shows t >at there were 12,-
690,552 families; of these 2,250,000 occu¬
pied mortgaged how s and farms,while
8,250,000 were tx ’eppying hired
homes, leaving y fbf 2,490,152
occupying thei Jn free from
encumbrance. ... age amount of
indebtedness on ea n motgage is $1,-
257 and the average interest on eacli
one is $73.50 annua-,ly. Figuring to¬
gether those who a -e iu mortgaged
homes paying inter* ind tenants pay¬
ing rent, we have ■■ -,.di of 84 per cent
of the families who are virtually ten¬
ants, while only 16 per cent of our peo¬
ple are free home owners. TUe mort¬
gaged indebtedness ((mounted in the
aggregate to almost three billion of
dollars, or a little over $44.00 each for
every man, woman and child in the
United States. It. isyuseless to go far¬
ther witn the flgur* s. what we have
given is a fair illustration of the whole
report.
Is it not humiliating that such con¬
ditions exist? A m tgaged indebted¬
ness of double the etual amount of
money in the count even though we
accept as true the reasury report of
circulation which make no allowance
for losses or any other cause by which
the amount in actual circulation falls
far below the reports The increase in
landlordism presents a dark future for
a country that for a century has boasted
its liberty, its free homes and free in¬
stitutions. It portra ys plainly the trend
of events which will result in a land of
slaves, the most pitiable the world has
ever known, for in o«r history will lin¬
ger the glittering promises of frdedoin,
and in the crushed and broken body of
a once hopeful, buoyant nationality
will remain a slumbering spark of the
spirit of liberty, subd ied,conquered and
repressed. A nation of crushed and
bleeding hearts, of lost and buried
hopes, of cruel disappointment; dismal
despair.
NEW YORK AGITATED.
Department store region. AUrmin*
th* General Tr.de a«'oci»uob«.
New York paper: The Retail Butch
ers’ association is the; first, to take de-
1 clsive action against the
‘ general trade of the department
on
R tores. The association ha* ordered a
| L genera! boycott on the big dry
9
ALL
\
stores by families of the members of
the association. Wives and daughters
have been told to purchase nothing
from these stores, no matter what bar¬
gains are offered. The wholesale deal¬
ers in meat have also been notified
that if tb / continue to furnish sup¬
plies to these dry goods establish¬
ments ihe trade of the members of
tho Butchers’ association will he dis¬
continued. A member of the associa¬
tion said to-night nearly all of the
wholesale dealers have granted the
butchers’ demand, and that, some of
the dry goods dealers are now com¬
pelled to get their meat supply from out
of the city. A wholesale dealer in a
certain brand of hams, he said, had
been detected furnishing one of the
“pirate” dry goods houses and that a
boycott of that brand was ordered.
Tho ham has had a sale in nearly every
state in iho Union, but when the dealer
intimated that he could live without,
the trade of tho New York butchers,
the butchers’ associations In other cities
were notified. The result, ho says, is
a boycott of that particular brand
wherever it has heretofore been sold.
The grocers last, week followed the ex¬
ample of the butchers. Tho Retail
Grocers’ union is one of the strongest
trade organizations in the city, having
an active membership of over 1,200.
There are as many more retail dealers
in the city who do not litlong to the
union, hut they are almost as a unit in
favor of the action taken. The grocers
have notified members of their families
to boycott all dry goods stores which
sell groceries and have also expressed
Ann' p to the wholesale grocers that
gold.uise to furnish dry gootl^
fho ' supplies. Wholesale <!> ' s •
fitfeu goodfi' nave Been notified ‘that.
they wish to retain the trade of the
members of the union they will signify
It by discontinuing their relations with
the dry goods firms. The butchers
and grocers confidently expect the aid
of the liquor dealers of the city in tho
boycott, they liuve started. They con¬
tend that the dry goods houses are sell¬
ing liquors the same as groceries and
meats.—Tho Age, Chicago.
A BLACKMAILING SCHEME.
Wlmt u lirt-nl Democrat lo I'm per Say.
of flu Bond Kwlndlo
We presume that tho cuckoos who.
against their own convictions, may feel
themselves compelled to defend Mr.
Cleveland’s gold bond scheme, will
claim that if the scheme had been in¬
dorsed by congress, it would have re¬
sulted in a saving to the people of
$16,000,000 during the next thirty years.
The answer to this is that the whole
scheme, in its intention and concep¬
tion, was in the nature of a blackmail¬
ing operation in the interest of the ele¬
ment that is growing rich out. of the
increased purchasing power that tho
single gold standard Is conferring on
the money they are hoarding. The
representatives of tiie people refused to
permit their constituents to he black¬
mailed, and that is the end of the mat¬
ter so far as this congress is concerned.
The alternative proposed to congress
by Mr. Cleveland may be very simply
stated. In effect he said: “You gentle¬
men seem to he opposed to the single
gold standard. Very well. If you don’t
accept it for at least, thirty years, I
propose to levy an additional tax of
$16,000,000 on tho people that they
would not have to pay If you would ac¬
cept gold monometallism for thirty
years."
That, was the ultimatum, and if con¬
gress had accepted it, that body would
have gone down to history as the most
infamous assembly of representatives
that ever pretended to represent the
people. of
To save $16,000,000 in the course
thirty years, the people’s representa¬
tives were asked to indorse a • heme
that would have tied the country to
gold monometallism. The country has
already lost untold billions by the op¬
erations of this system, and while $16,
000,000 might have been saved by ac¬
cepting tho blackmailing conditions
proposed to congress, the people would
have lost billions in the further shrink
age of values and prices and in the
general depression of business occa¬
sioned by making gold the only unit of
account and measure of value.
The Constitution regrets that there
was even one Georgia congressman
ready to indorse this scandalous propo¬
sition, and, at the same time, thanks
heaven that there was only one. With
the sole exception of Mr. Turner the
representatives of the people of Georgia
tn congress stood by the interests of
their constituents and by the prin¬
ciples of their party. This fact shows
that all the efforts that have been made
to induce Georgia's representatives to
indorse the financial views of John
Sherman and the republicans, have
been futile.
The leaders of the two old parties
seem to agree upon one thing—that is.
that the last bond deal buncoed the peo¬
ple out of about seven or eight million
dollar a.
CAPITAL’S VICTORIES.
ARE LIKE THOSE OF PYRRHUS
OF OLD.
A Few More of Them am! the Whole
Structure of Corporate Wealth Will
Crumble to KuIiib— An Encouraging
Feature of the Labor Crisis.
When the great Pyrrhus went to war
with (he Homans he learned what real
lighting was. lie defeated one great
army, but ills own losses were so great
that he exclaimed, "Another such vic¬
tory and I am ruined!” The most bril¬
liant of capital’s victories nowadays are
Pyrrhic ones. An economic despotism
sustained by the military, which is the
form of government we live under,
must, in the nature of things, go the
way of all other desoptlsms. The pro¬
cess is hastened with us by the seething
discontent engendered by every recur¬
ring dispute of the laborer with the
capitalist. Every strike that fulls
breeds enemies of our social system.
Tho working classes are forced to see
how little (hero is for them in the insti¬
tutions under which we live. The cler¬
gy prosper, the military prosper, the
capitalist prospers, and the toiler grows
hungrier. We may call out the sol¬
diers as numerously ns wo pleaso but
we cannot destroy the hatred inspired
by such an act. Class hatred is the
germ of social revolution and if capital
and tho military had united in a league
for the development of class hatred they
could not be accomplishing the object
more effectively.
From one point of view, then, the
failure 01 a strike is positively a good
tiling. Tills fact does not justify an in¬
ference that sympathy should not be ex¬
tended to strikers. Strikes are the
most encouraging symptoms of the In¬
dustrial situation. To be sure, some
shallow reasoners, even among the la¬
bor leaders, are contending that It is
not. advisable to strike, that they always
fail and thut they are too costly. It is
a trifle odd that so many union work¬
ingmen are misled by this casuistry.
The strike is the ono instrument feared
by capital. The capitalist, is always
contending that strikes are costly to
tho workingman and lose him bread,
butter and employment, llow very al
truistic is the capitalist! He is influ
enced solely by considerations for the
workingman’s welfare in deprecating
strikes.
The great trouble with the strike Is the
d(Acuity iu le-Jing H. '»
a* ,ioi ...... at uB-v
laborers will secure a competent
leader who, profiting by the experience
his predecessors, will organize r bril- |
liantly successful strike. What the
eapitallsts fear is a strike organized
six months in advance, with preconcert
plans to prevent the transportation
of scabs to the scene of hostilities. In
other words, it Is a principle of the art
of war, that military science can only !
be met by military science. be organized The strike |
of the near future will on I
Btrictly military principles and led by
a man who is capable of planning a
campaign The coming on strategical will he tactician, principles, In j
man a
short. Not that there will he pitched \
hattles. There are the courts to deal J
with. The most gigantic strike could :
he maintained for weeks without In- |
volving any breach of the statutes. !
What lias been said implies no reflec-1
tion upon the brave, able and disinter- j
ested men who have led the strikes of
t lie past. Theirs has been a hard lot
and they will not he forgotten. But It
is to be hoped thut no workingman will
permit himself to he convinced by the
capitalist that, he should never go on a
strike. The strike is the coining power.
The Napoleon of labor may he In liis
cradle now.—Alexander Harvey in
Twentieth Century.
THE BOND CONSPIRACY.
(lev •luint Scored by Financier*—Stetson
and Syndicate.
New York papers, as every one
expected, say Mr. Morgan refused
to discloso who the successful sub
scrlbers to the new bond Issue were or
what the amount of their allotments
was. The arrangements for the big
"bunco” game were made secretly, and
Mr. Morgan is not the man to divulge
secrets. The only information Mr.
Morgan would give out yesterday was
the fact that the subscriptions for the
new bonds amounted In all to $750,000,
000- $200,000,000 here and $550,000,000
in London That is certainly an enor
moos subscription for a little over $02,
oOO.OOO of bonds, and Wall street com
,ented on It freely, taking the ground
that it showed emphatically that the
credit of the government was sill unim¬
paired. As soon as the announcement
was made by Mr. Morgan that the sub
scriptlons in this country amounted to
$ 200 000,000 the price of the new bonds
,
reached 12014
The storm of Indignation which Is
sweeping over the country on account
of tho miserable Cleveland-Carlisle
Morgan- Belmont-Steuon conspiracy to
defraud the government out of millions
is growing louder as day follows day.
Persons who seldom think about finan¬
cial affairs are eagerly discussing, and.
as they now see clearly the wicked
character of the bargain, warmly de¬
nouncing the inexplicable conduct of
Cleveland and Carlisle.
“Is It such a small thing, Mr. Cleve¬
land,” the people say, "that you prac¬
tically place over $9,000,000 In the hands
of this syndicate without offering to us,
to whom this great sura belongs, some
reason for doing this :
Mr. Cleveland would probably not be
much pleased if he could hear the re¬
marks that are made about him
“Stetson,” said one man; “surely
Francis Lynde Stetson, Mr. Cleveland’s
personal friend and law partner, is in
this soft thing, isn’t he?”
It seems as if people will never get
tired of asking why Stetson was such
VOL. II. NO. 17.
a close party to the peculiar transac¬
tion. They still ask the same ques¬
tions about him, and can not under¬
stand how Mr. Cleveland could have
consented to his intimate friend being
mixed up in the disgraceful affair.
They say he must have known that
there would be a great outcry when, the
country fully understood the nature of
the transaction, and he should have
avoided anything which might make
people think there was something
“cooked” in the deal. When there were
men employed by the government to do
the work, they say, he had no excuse
for allowing Mr. Stetson, who is not
only his law partner, but is also the le¬
gal adviser of J. Pierpont Morgan, to
draw up the contract and witness the
paper. They declare that they will
not be satisfied until the whole busi¬
ness is fully explained.
THE BOND SALE SCANDAL.
Tin* Leading Democratic Paper of the
Country I»cnonnc«m it.
The folly of the new bond contract,
now that its terms are published, is al¬
most incredible.
The resources of our country are im¬
measurably greater than those of
France or England. Yet tho adminis¬
tration has based its bargain with the
bankers upon the assumption that 3%
per cent is the lowest interest rate at
which we can expect to borrow money,
when French rentes and British con¬
sols are everywhere deemed desirable
investments at 2% per cent.
Our own 4 per cents witli twelve
years to run are eagerly sought lor
investments at 110 and above, which
would make these new bonds worth
about 119. Yet the treasury has
agreed to sell sixty odd millions of them
at about. 104.
The treasury thus consents to a
bargain which puts us ns a nation
upon a credit basis scarcely better
than that of a South American repub¬
lic. It consents to pay a rate of inter¬
est which, if it were applied to British
or French securities, would breed in
slant, panic.
In nddltion to this the government
has placed itself helplessly in the hands
of this grinding syndicate for eight
mouths to come. It has agreed that
it will sell no bonds to anybody between
now and next. October without giving
the syndicate the option of taking
them.
It Is a bad bargain and a foolth one
from beginning to end. It throws
away $16,000,000 or more at the out ot.
V ’’''— uijiend.v i»Vl»S«I*' “•e nations!
-At »
borrowing to meet the emergencies im
possible upon any reasonable term"
It is no wonder that when such a
bargain was to be made the negotla
(Ion was conducted behind closed doors,
and that an effort was made, even after
(lie contract was concluded, and de
spite the foolish denial of Secretary
Carlisle, to keep its terms secret,
The transaction was scandalous,
But for the high respectability of the
men engaged In it. one might almost
say that the government had been
buncoed New York World.
I
A lieu ill,I Till Gold l!»»l*.
You should get. Henry Clew's iinan
c | a | rftV iew of Feb. 3, and put in your
| )0 ok. if you know how to use it,
j( w m d() ) 0 ts 0 f good. Henry Is tho
K0 |<l-bng apostle par excellence. It is
tQ() | ong , ol . ( 0 entire, but here
a gen | eni .<> j want you to read:
“The business Interests of tho coun
try j, av e Kone ,j own to a gold basis. It
j(j H0 wjth manufactured goods of every
,i e8( ,, ipti 0 ri. It is so with iron, steel,
cotton grain and securities.”
"The business interests of the coun¬
try have gone down,” see? "to a gold
basis,” H „„? Now can you understand
why merchants, traders', ignorant little
bankers etc., are failing? Now do you
know why the price of “grain and cot¬
ton” are below cost of production? He
says it is the “gold basis” he advocates
that reduces the price. in another
place he says the prices are on e<
down to buy them cheaply. Now you
have been taught the law can not make
.
the prices of wheat and co o . -
says the gold basis caused the price to
fall, and a « old basis is made y a -
Can you u B derstand . Aie you , n >
dumb, blind and halt, that you fail to
comprehend? In the same review be
says if a silver dollar basis were foisted
on the country people would cease to
horde money and prices would go up.
I)o you understand that, you kickers
about 30 cent wheat and 4 cent cotton?
Don’t you know free coinage of silver
would have to be gotten by law and the
law iu doing that raises the price of
things. One thing he tells to blind you,
the other Is the information to the con¬
spirators who are plucking you. Now
go and vote for the gold basis parties
and become a worse serf than you are.
If you want to, but don’t repeat like a
parrot that laws don’t regulate the price
of everthing—for it does. Wheat would
bring $2 per bushel and cotton 30 cents
a pound, legal tender money, good as
gold, in one year if certain financial
laws were enacted. But the rich rob¬
bers. knowing your ignorance, will see
to it that the men you elect will not
enact any such laws, You are too ig
norant to know what laws would bene¬
fit you, and never discover the cheat.
Cote the old tickets just once more!—
Coming Nation.
While the papers are howling about
the “$9,000,000 dollars lost” in the last
bond deal—why not state the whole
truth? The whole amount of the bonds
is a dead loss, that must be paid in the
labor and produce of the American peo¬
ple.
The "$10,000,000 loss” on the last
bond deal of which the republican press
complains so loudly, is only one-tenth
of the loss. The face the bonds, and
the interest for thirty years, is a total
loss,