The Durham daily globe. (Durham, N.C.) 1889-1894, 1893-11-29
II Seems TO Be of Great Interest
Now.
Our Correspondent Reviews 1t as He
Sees Ii.
THE CONGRESS MUST DO SOMETHING
The Idea of a Bond Issue Has Been Con
sidered by Grover Cleveland
Seriously.

continues to be a matter of public inter
est and in some quarters, doubtless, o.
more or less s%olicitude. The steadily de
clining cash balance and the depletion OF
the gold reserve are circumstances to
create concern, and were it not that con
gress will soon be in session again and
it Is supposed will give immediate atten.
ton to this most important matter, the
situation might produce a feeling OF
alarm. 1t is striking evidence Of the
faith Of the American people in the credit
with a gold basis for u paper currency
redeemable in coin Of less than 81 to so,
and that basis steadily growing less,
there is not a doubt or a question as to
the soundness and the safety of every dol
lar Of such currency. How long this con
idence would continue, if there should
be no change from present conditions,
it is impossible to say, but it will be the
duty of congress not to allow it to be
subjected to any experimental test by
providing as soon as possible after it
meets in regular session for relieving the
treasury situation.
This state of affairs will give unusual
Importance to the recommendations of
the secretary of the treasury. Thus far
there has been no intimation of a trust
worthy character as to what policy he
will advise, though coniectures are not
lacking. 1t appears that Secretary Car
Isle was expected to say something in
his address at the New York chamber Of
banquet that would afford at
least a hint of what he thinks ought to
be done, but obviously that was not the
place nor the occasion for the secretary
to even intimate what he might propose
to congress. Mr.. Carlisle has not been
judiciOus in all respects since he became
the chief Of the financial department of
the government, but he knows how to
keep his counsel and It is entirely
safe to say that he will rot divulge his
views until his annual report goes to the
public. 1t is said to be the opinion in
some quarters that he will recommend
issuing bonds to restore the gold reserve
and to provide against the threatened
deficit, but this is pure conjecture.
OF purse the question of a bond issue
has been considered by the administra-
ton, but there is reason to doubt whether
the president will be disposed to take the
responsibility of advising an increase of
the Understanding debt, although this
would manifestly be the most direct and
certain way of strengthening the treasury.
Our export trade in the immediate future
cannot be surely depended upon to re-
store the depleted gold reserve. A new
tariff law may not go into effect for a
year and until it does imports cannot be
expected to materially increase in
amount. SO long as we buy less than
usual from European countries it is to be
expected that we shall sell them less than
usual. The outlook cannot, therefore,
be regarded as favorable to a change in
the foreign trade balance thai will dem
whether the production of ugar,
beet sugar, could be devel.
oped to such an extent as 10 become a
valuable national resource. \ brief ex
perience with the industry under the
stimulating influence of the bounty war.
rants the belief hat this can be done and
that before the expiration OF ten wears
the United States will produce, if this
industry be properly fostered, a very con-
siderable proportion Of the sugar con-
sumed by its people. In the meanwhile
the development Of the industry must
necessarily tend to prevent any extreme
rise in the price of sugar, either as the
consequence of monopoly or a diminished
supply elsewhere. OF course the true
policy would be 10 leave the bounty as i,
is. II is not a burden upon the people.
amounting annually 10 not more than
one fourth OF what is saved 10 the people
by having raw sugars on the free list. II
Is the best method of encouraging the
Of this industry, if not, in.
deed, the only sure method of doing So.
Bat the proposal II abolish the tax