Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-09-16
Observation-Disclosures 16, 1890.


The Administration has again recognized
It's Obligation 10 relieve the stringency of
the money market.
Chiefly through wild Republican legisla-
ton danger was threatened. To avert 1t
the President has authorized the Secre-
tary Of the Treasury 10 use extraordinary
means. and az the result of the latter's
conference with the New York bankers
Saturday evening the Secretary has re-
solved 10 receive tomorrow proposals for
selling the Government S16, 900 600 of per
cents. and be has also determined to pre-
pay nine months interest on the 1854 ,623,-
bl2 of currency 6's," the bonds issued in
aid of the construction of the several Pa
ciic railroads.
This arrangement will unlock the vaults
Of the Treasury 10 the extent Of throwing
about S23,OOO,O00 of money into circula-
ton: but the advantages 1t gives the
bondholdersis great. They are making so
much money out of the needs of the pub
lie it is difficult to convince many people
thar they are not parties 10 the squeeze"
which every now and then imperils the
safety OF the country and compels the
Government to pay their interest without
abatement nine and twelve months in adj
vance. and buy up their bonds at very
high figures.
The CLEVELAND Administration adopted
a far more simple. sagacious, and popular
policy. but the Republicans, anxious TO
find fault. criticised II mercilessly. They
are therefore now estOpped from using 1t.
That plan was TO deposit with the banks
the surplus funds Of the Treasury. Ample
security was taken. The Government was
not hurt. the people were benefited, and
the bondholders had no opportunity, if
they had the desire, to extort more than
their dues from the Government.
However. we have no doubt at all that
the Government will adopt ample relief
measures. That is its duty and its interest.
In view Of the near approach of the con-
gressional elections it will be quick TO per-
ceive both.
The new tariff bill, it is conceded, is the
immediate cause Of the present strln-
gency. As il passed the Senate il requires
that goods recently imported and now in
the custom-houses of this country must
paw the new duties If not removed by No
yember lst. There are nearly SlS,000,O 900
worth Of goods in bond at New York, and
about - 800, 600 of these are subject to the
new duties, and hence the importers have
begun to hoard money for their with
drawal.
In addition 10 his other measures Of re-
lief, Secretary WINDOW promises 10 inter
cede with leaders in Congress TO induce
them 10 extend the period of bonding from
November lst TO February lst, and 1t seems
probable that for political purposes. If for
no others. the Republicans will make the
concession. This will afford very great
relief.
The Baltimore sun says: Information
obtained by the Treasury Department indi-
Gates that Messrs ALDRIcH, ALLISON, and
HIsoocK, of the Senate Finance Committee,
and Mr.. Mckinney, of the House Ways and
Means Committee, will agree to the pro-
posed extension to February l. 1891, and
the President, it is understood, adds the
weight of his influence to the movement
for more rational date"
No matter at what cost 10 the Govern
ment the Administration will see that the
Republicans do not have TO enter the No
vember elections burdened by the weight
of monetary crisis In addition TO all their
other party sins.
They will soon make money easy again