in which, in a few hundred words, the entire national campaign was outlined.
"We have made our case in this matter of the bond issue. We have presented the facts clearly, convincingly, conclusively, but the Administration refuses to heed them. We are now going to compel it to heed them on pain of facing a scandal that no administration could survive.
"What we demand is that these bonds shall be sold to the public at something like their actual value and not to a Wall Street syndicate for many millions less. You understand all that. You are to write a double-leaded article to occupy the whole editorial space to-morrow morning. You are not to print a line of editorial on any other subject. You are to set forth, in compact form and in the most effective way possible, the facts of the case and the considerations that demand a popular or at least a public loan instead of this deal with a syndicate, suggestive as it is of the patent falsehood that the United States Treasury's credit needs 'financing.' You are to declare, with all possible emphasis, that the banks, bankers, and people of the United States stand ready and eager to lend their government all the money it wants at three per cent, interest, and to buy its four per cent, bonds at a premium that will amount to that. . . .
"Then as a guarantee of the sincerity of our conviction you are to say that the World offers in advance to take one million dollars of the new bonds at the highest market price, if they are offered to the public in open market.
"In the meanwhile, Chamberlin has a staff of men sending out dispatches to every bank and banker in the land, setting forth our demand for a public loan instead of a syndicate dicker, and asking each for what amount of the new bonds it or he will subscribe on a three per cent, basis. To-morrow morning's papers will carry with your
