The commoner. (Lincoln, Neb.) 1901-1923, September 11, 1903, Page 3, Image 3
The Commoner. SEPTEMBER 11, 1903. 1 CLEVELAND THEN AND NOW I The Now York "World Is one of the papers that takes pleasure in presenting Mr. Cleveland as an available candidate for the presidency. It may bo interesting to the readors of The Commoner to note the difference between the tenor of the World's editorials today and the tenor of its edi torials just beforo the campaign of 1896. Below will be found some extracts from editorials which appeared in the Now York "World of January 4, 1896. It will be remembered that Mr. Cleveland had alieady made a bond sale in which Rothschild and Morgan figured as the purchasers, and Stetson (Mr. Cleveland's former partner) as attorney for the bond ring. As a result of this contract the Rothschild Morgan syndicate made several million dollars. After allowing the gold to be drawn out, by a ruling of the treasury department, which sur rendered the government's option as to the kind "of redemption, and a new bond issue was contem plated by the president, he made a tentative agree ment with the syndicate organized by J. Pierpont Morgan and it was understood the syndicate would obtain the bonds for about $1.05. The New York "World, and a number of other papers, at one attacked the arrangement and denounced it as a steal, and pointed to the scandal the former bond deal had created and demanded that the bonds be sold at public auction. Public sentiment expressed itself so strongly against the bond deal that the president was com pelled to reconsider his arrangement with Morgan and offer the bonds at public auction, receiving for them bids which amounted to something over five million dollars in excess of the amount that Mor gan was to pay. It was while this matter was under consid eration that the New York World published the editorials above referred to. The reader who peruses the extracts presented herewith will be at a loss to know how Mr. Cleveland can be urged as an acceptable man to be put in charge of the executive department of the government His second administration was wholly subservient to the monied interests, and the World plainly states it in the editorial mentioned. There has been no sign of repentance or change of purpose, and Mr. Cleveland is being urged by the very ones who used him to their own pecuniary advantage during his last administration. The World emphasizes its criticism by a car toon which shows Mr. Cleveland with Mr. Stetson on one side and Mr. Morgan on the other, and his official robe covered with finger marks and blots. The cartoon is entitled "In the hands of his friends." Below will be found enough of the editorials to show the World's opinion at that time: "Mr. Stetson is Mr. Morgan's attorney in negotiating the bond deal with the president. Mr. Stetson was formerly the president's law partner. Has there ever been published a no tice of dissolution of partnership?" "Why should the president of the United States allow a syndicate of gold speculators to dictate to the government when the laws make him absolute master of the situation? , Reject the robbery!" "This new bond negotiation has been a mixture of bluff, bulldozing and blackmaiL Reject it!' "The World's way: Publicity! Publicity! Publicity! Grover Cleveland's way: Secrecy! Secrecy! Secrecy!" "The unsolved problem of finance: Why should an investor who is willing to pay J. Pierpont Morgan say 117 for a 4 per cent, thirty-year United States coin bond be un willing to pay the government the same price for the same bonds? Or is he unwilling?' "Reject the sleal, Mr. Cleveland. Smash the ring!" Under the caption, "Tho Great Bond Robbery: Reject the Robbery, Mr. Cloveland," the World Eays: "The World again appeals to you, Mr. Cleveland, to save the country from a calamity worse than foreign wars. It entreats you to spare us national disgrace. It asns you to save us fiom the scandal of suspicion, tho disaster of popular distrust in tho integrity of the administration itself, and in the com mon honesty of our public servants, it ub.vH you to stand as a Beutinel between free in stitutions and tho greed which would de grade ihem to the level of government by seorot dickers for money. We tell you Kindly, but 'frankly, that tho people are losing faith, even in you. If you maiio this secret bar gain with a syndicate you give away to your own friends ten or fifteen millions of tho peo ple's money and the people will surely . ask why. It will not help them to a pleasing an swer to ren. ember tho secret comings and goings of tho dlckorers, their midnight con ference with your agents, your personal re lations with some of them and tho mystery with which tho matter has been surrounded. They will wonder why you did not consult some disinterested statesman of your own party, why you did not ask tho advice of sen ators and party leaders, why you consulted only with Mr. Morgan's attorneys, who is, or was, your own law partner, and with bank ers who have accumulated gold as their stake for the game. Vhe millions Involved as a loss to the people are nothing as compared with the calamity of distrust Better a hundred million lost, or a thousand, than the people of tho republic should doubt the integrity of the government and learn to believo that money has taken the place of manhood as the controlling force in the np.tlon. Why should you not save the country from all this? Why should you not reject tho robbery? There is plenty of gold in the country. Tho treasury can get all it needs If it chooses without paying blackmail to any syndicate. The Eu ropean supply is enormous and is seeking em ployment. It is already involuntarily coming this way to buy tho proposed bonds from the syndicate at their legitimate price. Why should you sell them to the syndicate for mil lions less? What excuse can there be for a transaction which at once robs the people, discredits tho government and breeds a dan gerous popular distrust in the integrity of the executive branch? A little while ago you sent a message to congress. In it you professed a willingness to take upon yourself the re sponsibility of provoking war with the most powerful nation of Europe by way of ward ing off a remote and invisible danger to the integrity of our institutions. Why should you not be equally ready to make war upon this steal which really and directly threatens the integrity of our institutions as no foreign pow er ever did or ever can. The World has of fered and now offers again, to subscribe for a milion dollars' worth of public loan gov ernment bonds on a 3 per cent basis, and to furnish for them gold which it will not draw out of the treasury again when tho transac tion Is over. There are tens of thousands of other subscribers ready and eager to take bonds on like terms. Why should you not ap peal to them and reject tie robbery? More over the syndicate bankers themselves would make haste to take all the bonds they could get at 117 if they were denied the extortion ate term3 for which they are secretly nego tiating. Reject the robbery! Appeal to the people! Save the country from the calamity of popular distrust! Crown your career with the greatest, wisest, noblest public service that you ever had an opportunity to render." Under the caption of "The President's Rcspon Bibillty," the World on this same date said: "Although Mr. Carlisle is secretary of the treasury he is not president of the. United States, and it is to. the president himself Tather than to any one of his subordinates that the people of the country will look for the maintenance of the public right against the attempt of private cupidity to control tho treasury. The president is responsible. Gold cannot bo cornered and forced on tho gov ernment at speculative prices without his con sent. No syndicate of bankers formed to over ride the people In the control of the public finances can possibly succeed without hln coun tenance. Public men of tin democratic party know this, and they ought to lomonstrato with him when they see him in danger of taking a course which, ifporslsted In, will completely disorganize, their party and render Its success In the next pre Idnntlal campaign Impossible. Tho press of the country ought to appeal to his common sense and call on tho people to pro test in tho nnmo of common Justice against allowing any syndlcntc of capl'allatfl. domestic or foreign, to dlctnto tho policy of the gov ernment. It Ib not yet too Into for the presl dont to show himself equ 1 to his responsi bilities. Lot hlra reject tho robbery and smash tho ring." JJJ The "Hard Up" Disease. "I assert without fear of Intelligent contradic tion that tho new Fowler bill for asset currency to be Issued by thousands of banks, large and small has no parallel In any progressive country; that it Ib a discarded, unsuccessful experiment of the past; that It is unsound and gives privileges to picayune creditors as against larger creditors, the millions of depositors." These statements were made by Andrew J. Framo, president of the Waukesha, Wis., Na tional bank, In an address delivered before the Wisconsin state banking association. Mr. Frame is an advocate of the single gold standard, but unlike many other advocates of monometallism, he does not take kindly to tho proposed asset cur rency scheme. In his address before the Wis consin bankers, Mr. Frame snld that tho disease to bo treated might bo dlngnosed as "hard up," but ho said that issuing I. O. Vs would not cure tho malady. He declared that the advocates of asset currency proposed "to undermine our pres ent foundation by the injection of an additional quantity of inferior currency;" and he concluded "From a careful survey of the world's history of banking, I believo aBsot currency as tho cure-all for economic troubles is a fraud, a delusion and a snare. Tho remedy is worse than tho disease." JJJ The Strong and Weak. In addressing a religious society, Mr. Roose velt said: "I want to see every man able to hold his own and be strong and also ashamedta oppress the weak. I want to see him too strong of spirit to submit to wrong; and on the other band ashamed to do wrong to others." That is a very good sentiment, indeed; and It should apply as directly to nations as it does to individuals. Civilization advanced materially when men learned to die rather than surrondcr their rights; but that advancement was inconsequential com pared with the mighty progress that will be made when men shall learn to die rather than trespass upon the rights of others. Mr. Roosevelt could make valuable contribu tion to his country's history, as well as to hi country's progress, if in doing his part in shaping republican policies, he would apply to nations the rules he lays down for the guidance of Individuals. JJJ It will cost more to repair the damage done to the ships during the naval display off Oyster Bay than It did to repair the damage done by Spanish shot and shell during the late Yanko Spanko war, But it made a delightful holiday for the president and his guests. -i a totiifiii''"''" itoi i ir yjjMkj'ifev'