The Monmouth Inquirer

The Bond Steal.

The Democratic New York World has awakened to the sins of its party. In startling headlines on Thursday it heads its article on the recent financial steal by a gang of private bankers: "Buncoed out of millions. The bidding for the bonds proves that the administration let slip a sum equal to nearly half its loan. General scramble for the issue. Into the jobbers pockets will go $8,418,757, which in a savings bank would grow to $27,628,676 in the life of the bonds." Above the picture of J. Pierpont Morgan it prints in large letters: "The man who has worked the administration for millions and millions" and below the pictures of Grover Cleveland, President, and John G. Carlisle, Secretary of the Treasury, the words "The men Responsible for the loss of millions to the Treasury of the country."

In its editorial the World says: Does anybody now suppose that Mr. Cleveland did the best he could when he secretly sold these bonds to his former client's syndicate at 104½? With New Yorkers anxious for ten times the issue and with London bankers bidding, as they did yesterday, for $600,000,000 at 4 points above the syndicate distributing price can there be any doubt that the issue could have been sold in the open market for greatly more than was got for it? Was there any necessity or excuse for a secret negotiation with speculators to discredit the government and give millions of its money away? Is there any possible reason for supposing that a public at home and abroad which to-day wants ten or twenty times the issue at three or four times the premium would have failed to take this $62,315,000 at a much better price than that at which it was sold, if the issue had been offered openly in the market. Is there any term but "bunco" with which to describe the transaction between the government and the syndicate.