Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-03-17

vaults Of the banks or by the govern
ment, aud thus create an additional,
flexible currency.
The pressing question as 70 whether
the Government should issue bonds, Is
SOLELY question OF the condition of the
Treasury, independent OF the question
OF reserves, as it seems to be settled
that there is no absolute law requiring
apy gold to be reserved for redemption
PURPOSES. The theory OF keeping in
tact SlOO, 900, 900 in gold is the banking
idea of protecting the issue OF green
hacks. That seems TO have been sim
ply q banking idea. II il be true, as
sprmised. that rigid examination OF
tho books will show a deficit IN the
Treasury of millions OF dollars, then,
of course. the Government should pro-
vide for payment OF its debts, either by
an emission Of long bonds, or by prompt
use OF whatever cash it has on hand, or
by issuing sufficient bonds 10 liQuidate
such debts. The bond emission is only
warranted By an ascertained actual ex-
listing condition Of Indebtedness which
.it is desired to pus of to a future daY.
II il becomes apparent that the late
administration has, Oy prodigal expen-
diture. depleted the Treasury, and Gre
ated large debt, whatever may DO
thought of the wisdom Of the expendi-
ture, 10 must be provided for. IN
1oubtedly the present administration
will seek economy OF Expenditures
will formulate a tariff so distributed as
% produce ample revenue for the main
tenance OF the Government and the dis
charge OF its obligations. 1t is pledged
10 such reforms. and il is apparent that
the fulflment OF its promise will, In 4
brief time, place the finances Of the
country on satisfactory and stable
basis. 1t is impossible to doubt either
the purpose or the ability OF the United
States 10 promptly meet all It's ooliga'
lions. It's credit is absolutely unim-
paired.
II seems clear that the government
may use any portion Of the 500, OOO,O 600
commonly known as It's reserve for its
own protection, and it would seem as II
the Secretary OF the Treasury would
wisely test the question whether the
present shipments Of gold abroad are
legitimate and temporary in their char
acter before it will increase the bonded
Indebtedness of the country.
England needed gold to protect the
enormous obligations assumed by her
people for the Argentine Coniederacy;
Russia, for economic reasons, required
vast sums; Austria, in order TO dispose
OF her bonds prOftably, required large
reserve OF goid the people OF France,
alarmed by possible impending calam-
ity, followed her historic precedent OF
Withdrawing gold from the banks and
boarding IL in the households.
England, rot yet recovered from her
financial disaster, with paralyzed indus
tries ami overlooking volumes OF money,
still hesitates 70 relieve the wants OF
her neighbors by a supply Of gold, and
points them 10 the United States,
where no intelligent system has been
devised 20 prevent the export Of gold.
Hence the large volume of gold that
mas been sent 20 the other side.
To would seem as if this drain was
about to cease and financial matters re-
turn 20 normal basis II this be true
there is no necessity nor propriety in
the further issue Of bonds. The banks,
welded of their understanding and
welded 10 their present form, naturally
prefer that further bonds be issued so
that their lease may be further pro-
longed Spectators are always eager
for something 70 be done by the govern
ment to aid their operations, but when
government exercises power for this
purpose il descends TO the worst form Of
paternalism.
A courageous secretary will not fear
to use any funds be may have on hand
TO liQuidate legitimate obligations.
WILLIAM =. THOMPSON,