Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1893-04-28
CONFIDENCE RETURNING.

- - al leIb ~ 1000
CONFIDENCE RETURNING
No act of Mr.. Clevelnnd's admins
tration during the time it has been in
control of the executive policy of the
government has been received by the
country with more profound sutisfuc
ton than the publication of the briei
but conclusive declaration of yesler
day morning regarding the iinancinl
policy of the government. BY the
operation of forces over which the
present administration had no con.
troll, and for which it was in no way
responsible. it found itself confront.
ed with difficulties of IL most elnbnr.
RAISING nature. The gold in tho
treasury was drawn out until it be.
came plain TINT it would be iuprac.
ticable, without some means of re.
placing the legal tenders to retain
the redemption reserve of S10O,OUU,-
0OO. The question was raised what
would be done when the free gold
that is to say, the gold above the re
serve-had been drawn out.
We are compelled to admit that in
these circumstances the course of the
Treasury Department was not whit
foresight aud prudence would Lave
dictated. The question to which we
have alluded should have been con.
sidered in advance and decided, and
there never should have been any
doubt allowed as to how it would bs
resolved. Unfortunately this was
not the course. Apparently the qnes-
ton was not forcscen; certainly it
was not decided, aud tho public was
left i'll grave doubt ae to how it would
be resolved. But that is now, hap
PLY, matter of the pnst. On the
one essential point involved there IL
no longer any reason for any doubt
whatever All the notes of the gov.
eminent will be paid i'll gold, all the
obligations" of the government will
be kept OH one level and that the
very highest.
The end having been decided Oh
and authoritatively announced by the
President himself, the means remain
to be determined. What they must
be, the language of MIR. Cleveland
clearly indicates. 1.-THE strong cred
1T OF the country, still unimpairol,"
must be used. The details of its uso
are matters of subordinate import.
ance. They can be readily develop
ed by the Treasury Department in
the light of such information aud
suggestions as may be available
That was clearly the object of the
conference. held yesterday between
Lending bankers and tinnncies of this
city and the assistant treasurer. The
specific propositions there consider
ed, on the one hand and the other,
are very properly withheld from the
public at present. The object in view
10, however, well known, and it is
known that that object is being
aought with entire harmony and
with the utmost sarnestness by all.
The government is bound, in all
circumstances aud Mt all times, to
maintain gold payments. Not dol
lar OF it's notes, of whatever class, will
be paid in anything else when the
holder wishes gold. Not dollar of
its obligations, of whatever form now
outstanding or which it may be ad
ylsable to issue. will be paid in any
thing but gold when The holder
wishes gold. I'm whosever hands the
promises to pay of the United States
may be found, or from whatever
source presented, they will be met MS
they have been met every day since
January l, 1879, in the currency of
the world. SO fur as it is in the DOW
er of the bankers of New York to mid
the government in maintaining this
policy they will beyond all question
do so.
In view Of the complete and un-
questionable establishment of the
policy of The government the details
OF the events of the Street are of lit.
tie consequence. The feeling on the
Stock Exchange yesterday was one
OF greater cheerfulness, fact that il.
interesting only as showing the i'm
mediate effect of the Presidents un-
qualified declaration. The same feel
ing manifests itself in other parts of
the country. and the Boston banks
offered the Treasury one-half of their
gold--about $4,50O,OOO-in exchange
for legal tender notes. The most
signihcant feature of the day WINS a
renewal of demand on the London
market for American securities and a
declining tendency in foreign ex
change. These two facts really touch
the core OF the situation.-New York
Times.