The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1893-11-11
TRIED TO FORCE GOLD BONDS.

UNCONDITIONAL Tepedl law.
TRIED TO FORCE GOLD BONDS.
1.-THE truth of the whole matter is
that the national banks of New York
determined, months ago, to secure an
issue of gold bonds by the government
and started a monetary panic in order
to force the president to call congress
together for the purpose of issuing
bonds which could be made the basis
of national bank speculation. The
bonds which now constitute the basis
of national bank circulation fall due
in 1907 and the bankers realized that
new bonds must be issued in order to
insure the continued existence of the
national bank system. After they had
commenced the panic and the people
of the country were thoroughly
alarmed they were unable to control
the storm and it assumed proportions
they had not anticipated. Mr.. Carlisle
has stated hat when he went to New
York with the president some months
ago to view a nautical display in New
York harbor he was invited to the
private residence of a national bank
president and found there all
the national bank presidents of
New York city. They immedi-
ately assailed him on the sub
ject of issuing bonds. He told
them emphatically that he would
not, under any circumstances,
favor a bond issue. They warned
him that all the gold would be
taken out of the United States treas
ury and that the business of the coun-
try would be entirely ruined unless his
gold reserve was fortified in some way.
He then proposed that they should
bring their gold, which amounted to
over s45, 900, 900, to the United States
treasury and take out certificates for
it. He assured them that if they would
do this it would make the treasury SO
strong that the attacks upon it would
cease. The bankers unanimously de-
clared that this should be done. But
when the time came for action, not one
dollar in gold was furnished by the
New York banks to the national treas
ury. Boston, Philadelphia, Chicago,
San Francisco. st. Louis, Nashville,
New Orleans and even Denver sent
gold to strengthen the treasury, but
the New York bankers deliberately sat
down on their gold reserve and refused
all assistance to the secretary.
NO IMMEDIATE SILVER LEGISLATION.
81 do not think there will be any
other silver legislation during the next
congress. There is a general DISPOSE
ton among congressman to allow the
present financial policy of the admin
istration to have a fair trial. 1t is a
square issue between bi-metallism and
the single gold standard, no matter
what may be said to the contrary by
the friends of unconditional repeal
THE coinage of silver has been ar
rested by an act of congress, and If an
era of prosperity now begins the gold
men will have a conclusive argument
in support of their assertion that the
continued coinage of silver was a
menace to the business interests of the
country. If, on the other hand, these
golden promises are not fulfilled it will
prove that the continued coinage of
cilNNi uHu " SouoC iiC buoluCSS stag
nation and monetary depression Of the
past few years.
I'm my opinion the closing of the
minis of the United States, Germany
and the Latin union in 1873 and 1875 to
the coinage of silver resulted in a gen.
eral contraction all over the world of
the circulating medium, and this has
necessarily caused a fall in the price of
products and an enormous
Increase in the value of gold.
1T is impossible that the mints of
the world can be closed to silver with |
out increasing the purchasing power of
gold and causing a general fall in the
prices of commodities. If, for instance,
there were only white and red horses
the state of Missouri and the leg
i%slature should pass an act that no
horse should be harnessed or
put under the saddle, the most