People's Pilot, Volume 4, Number 46, Rensselaer, Jasper County, 9 May 1895 — The Bond Deal. [ARTICLE]

The Bond Deal.

Six hundred and sixty-six thousand, six hundred and sixty-seven wagon loads of wheat, 30 bushels to the load, allowing 50 feet for each team and wagon to save end-gates and tongues, would make a procession 6,300 miles long. This vast procession of wheat at 50 cents per bushel represents the profit made given to the bond syndicate on the last sale of bonds by the United States. It -will be remembered that President Cleveland’s former law partner negotiated the purchase and sale, and that while there were many persons desirous of buying the bonds at $1.20%, they were barred out, and a private sale was made at $1.04%. The difference between what the president could have gotten for the bonds and what he did get was 16 cents on the dollar, amounting on the bond issue to $10,000,000 in round numbers. A small circle of men made a profit In a day representing the procession of wheat above mentioned, hast year a subscriber residing In the state of Washington wrote us that wheat was selling in his market at 19 cents per bushel. At this price It would take a procession of wheat nearly encircling the earth east and west at this latitude. In the procession would be 1,754.377 persons as drivers. There would be 3,508,754 horses. This vast procession enables us to grasp to a certain extent the magnitude of the clear profit made by the syndicate on the bond sale. It should be borne in mind that none of this profit is interest. ExPartner Stetson arranged the private sal* to the syndicate at $1.04*%, when others wanted them at $1.20%. The bonds are now selling at sl.2o%.—Missouri World.