The advocate and Topeka tribune., 1893-02-22
THE FINANOTgRs SHOULD SPEAK.

Henry Clews, in his review under
date Of February II, expresses great
anxiety respecting the financial situs-
lion in America Speaking of the
constant flow Of gold from our shores,
and the failure of congress to repeal
the Sherman silver law, he says:
The net stock Of gold and bullion in the
treasury fell from $12l 100000 on the LIST
81 January, TO $1O8,0OOOO on the 1St Of
February. A further loss of $10,OOO,OOO-
which might but too easily occur in the
event Of continued exports Of specie and
from Che Strengthened revenue resources OF
the treasury-would sink the treasury gold
reserve below the 500, 100000 requirements.
In view Of the scramble Of the great Euro.
pean banks for gold, we can have no assur-
snce that such an inrOad on our gold stock
might not arise. We are thus verging very
unOOmfortably close upon a condition in
which the treasury might find it necessary
10 sell bonds; and that is matter not to be
ignored.
The current of gold movement in Europe
compels US to look these possibilities
squarsly in the face. The Austro-H Hungarian
loan Of S25,OOO,OOO for establishing gold
payments is already virtually contaminated,
which means the immediate withdrawal of
chat amount of gold from other countries
into boarded idle reserve. A bill has been
introduced into the French legislature,
which is expected to take early effect, au-
thorizlng the Bank Of France TO increase it's
note issue by $1OO,OOO.0OO, the main object
contemplated being to enable the bank to
increase its stock of gold by exchanging its
notes for it. Moreover, Germany will soon
be in the market with a new loan for mill
tary purposes, whilst the long. deferred
Russian loan is expected to be soon nego-
tiated in Paris, with tho effect Of subjecting
the continent to drain Of gold into RusSis'S
war chest. These operations, happening at
q period when the silver agitation is dispos-
ing European bankers to augment their
stocks of gold, are not to be lost sight of.
Coming at time when we have already
been largely depleted of gold, and when
the treasury resources are lower than for
many years past, and when its gold reserve
is thus exposed to overdrawal, the least that
can be expected is that congress should
strengthen the morale Of our own finances
by the repeal or suspension Of the Sherman
act. And IL is TO the last degree urgent that
Wall street should sec to il that no blame
shall rest upon the financial metropolis for
any failure of congress to adopt that course.
CoNaREssMRN ARE NOT FINANo1RRs; VERY FEW
OF rHEM UNDERSTAND EVEN THE RLEMENTs OF
ECONOMIC PRINCIPLES. IT Is THEREFORE, DUE
FROM THE MEN OF FINANCE THAT THEY SHOULD
PLAINLY AND EMPHATIoALLY EXHIBIT TO CON-
GRRss AND TIE COUNTRY THE DANGERS OF THIS
SITUATION; AND THAT DEMONSTRATION SHOULD
BR MADE THROUGH GREAT PUBLIC MEETING
AT AN EARLY DAY. That IS VOICE THAT
WOULD COMMAND ATTENTION AND BR Re
spnCrnD, and the fact that IL has not yet
beon uttered may well be urged by con-
gressmen in extenuation of their apparent
lack Of appreciation of the real seriousness
Of the situation.
Mr. Clews seems to think that the
g riInanciers have been neglecting
their duty. He thinks if they would
get together in public meeting and
express themselves, their voice would
be needed, and he is undoubtedly
correct in this opinion. Let few
Wall street bankers get together and
make known to congress just what