Democratic Sentinel, Volume 16, Number 51, Rensselaer, Jasper County, 6 January 1893 — UPSET THE PLAN. [ARTICLE]

UPSET THE PLAN.

The President Vetoes Secretary Foster's Arrangements with Wall Street. A New York correspondent says that Secretary of the Treasury Foster’s trip to New York City was not on private business, as was given out officially, but was for the purpose of consulting Wall street magnates on the proposition to relieve the money market and check the exportof gold by having the government issue from $50,000,000 to $100,000,000 of bonds. The Wall street men were in favor of the scheme and the speculative contingent were in high feather. The President’s co-operation had been counted on as sure, but this confidence was suddenly discovered to be delusive. The President not only refused to approve the deal, but he went further and expressed himself with unusual force and declared that he could see no excuse for issuing bonds, and, what was more, he did not propose that any should be issued while he was President. According to Wall street reports, Secretary Foster, before he suddenly left town to go West, is credited with having received a dispatch from Washington couched in pretty stiff language and running substantially as follows: I want no new bonds Issued under my administration. Take no steps. Do nothing. B. Harrison. He says that Mr. Foster met the Wall street men at a club house and a prolonged conference was held. Some of the most notable men in the street are said to have been present, and an agreement was formed on the financial policy of the Government. The action of President Harrison upset their plans entirely.