Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1885-05-23
TIE

The predlctlon Vi the NOW 1ork gun
that by August or September Secretary
Manning will have to choose between
trenching on the hundred million gold
reserve for the redemption of greenbacks,
saws the Salt Lake Tribune, or pay out
silver for interest on the public debt and
for the current expenses of the Govern
ment, is not alarming. That is exactly
what should have been done all along;
that is to say, silver should have been
paid out currently with gold, and to all
public creditors without discrimination.
The practice has been to pay gold alone,
or paper; there has been no offer to pay
silver to anybody. On the contrary, the
United States Sub-Treasurer in New
York City is member Of the Clearing
house in that metropolis, and pledged to
nav no balances in silver. This is not
fair play toward the white metal, and
the friends of fair play between that and
gold, have just reason to complain of it.
Further, it is suspected, apparently
with the best of reasons, that there will
be q strenuous movement by Admins
tration officials before the close of the
year, to make it appear that the coinage
of silver will have to cease or a panic be
precipitated. This will be done with all
the influence of the Treasury Depart
msnt, combined with the whole bank.
ing interests of the country. The pro-
cess, and its preliminary working have
been watched with much interest by the
Tribune. Some days ago we made note
of the beginning of the plot, as follows:
"The New York Tribune bewails the de.
crease of gold in the Treasury of the
United States. Well, where does it 60
to! It does not leave the country. Is
there a combination among bankers to
hoard gold until they can scare the PEG.
pie into throwing ash de silver as money?
It looks So"
The Alta California, itself q friend of
silver, but not an alert one, copied that,
and said: "This shows that ell the
fanaticism is not on one side. Does the
Salt Lake Tribune seriously suppose it
would pay New York bankers to lock up
gold, and lose the interest upon a hun
dred millions of it, to accomplish the un.
certain purpose of depreciating silver ?"
Now, it is not of much consequence
what the Tribune thinks, or what the
Alta thinks, aside from the facts. Mere
opinions are nothing, save as they are
enforced by acts; and just there the
bankers and the Secretary of the Treas.
ury have a tremendous advantage over
both journals. They have control of the
situation and are using their power to
enforce their ideas, to the disadvantage
of silver. 1t is this misuse of power to
which the remark of the Tribune ap-
plies. The Alta thinks it unreasonable
to suppose that the bankers would lock
up gold, losing the interest on it; failing
to see the ultimate profit, which would
be greater than any interest than can be
had at this time for money; in fact, in
New York money can command virtually
no interest at all. But a glance at the
statements of the Treasury and of the
New York banks for the past two months
will show whether the depletion of the
Treasury in gold and the locking of it up
by the banks has in fact begun as in
Dictated by the Tribune or not. At the
beginning Of the two months in question
the Treasury held, of gold not needed for
the redemption of demand certificates,
$l27, 1898, 1913; at the close of that period,
it held SIG, 35l, 2S2, a loss of $ll 047,-
AL. During the same time the banks of
New York City raised their gold on hand
from SlOl, 664, 400 to $ll3, O37, 900, IN
increase of $ll, 1872, 600, a gain almost
identical with the depletion of gold from
the Treasury. This is q pretty fair start
toward the boarding referred to by us,
and its object is undoubtedly as stated,
to influence the country against silver.
This is made the more plain by the ad.
ditional fact that during the two months
heretofore referred to. the quantity of
silver in the Treasury has been increased
from $40, los. 399 to $55, 1911 1913, a
growth of 49, 43, $40, the greater portion
of which must have been had by holding
it in place of gold, as the gain by coinage
was under FIVE millions, reckoning it all
as deposited in the Treasury. All these
facts point in one way. and that way is
n most unpleasant to contemplate. 1t
all means q renewal of the war on SILVER,
in q shape that is meant to deceive its
best friends. if they are not keenly alive
to the misch ief that is brewing.
THE MENT BUILDING.
The Silver State makes the following