Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-04-05
THE FINANCIAL SITUATION.
A Plot to Issue More Bonds That May Yet
Be Defeated.

"A PIot TO Issue More Bonds That May Yet
Be Defeated.
The infamous plot to force an issue Of
bonds may yet be frustrated. In de-
spite of artificial flurries and of real
money stringency natural trade condi-
tions are asserting themselves healthi-
ly. Banks throughout the country are
exchanging gold they have been hoard
ing for legal tender notes of small di-
mension. moved to this course not by
patriotism but by the necessity of hav-
ing the currency with which to meet
the western movement in grain and
cattle.
1t may very well be, too, that the
conspiracy to secure the bond issue is
weakened by two events now beyond
the control of the conspirators The
first of these is the expiration of the
Fifty-second congress, leaving the sill
yer purchase act unrepealed. The sec
ond is the make up of the senate finance
committee. There is reason to believe
that President Cleveland confidently
counted on the selection of Mcpherson,
of New Jersey, for the chairman
ship of this committee. Mr.. McPher-
son was a member of the finance
committee in the last congress, and his
views on money matters are the same
as Mr.. Cleveland's. In the selection of
Voorhees,, of Indiana, for chairman of
this most important committee, the de-
tenders of the double standard have
won distinct victory, and the victory
is not lessened when it is noted that
the majority of the members of the
committee are pledged to the maiuten-
ance of the present parity of gold and
silver. Washington special says:
Mr.. Cleveland is quoted as saying to
a senator that it would be necessary to
issue bonds or call an extra session of
congress. If there were any prospect
of accomplishing anything by an extra
session he would call it, but there
seemed to him to be no such prospect"
There is nothing in the makeup of
either house, as matters now stand, to
warrant the supposition that an extra
session would result in the enactment
of any financial legislation in accord
with Mr.. Cleveland's views On the
contrary, silver will have more friends
in the house and more power in the
senate of the Fifty-third congress than
it had in the last congress Therefore,
an extra session will not be called.
There is not the same confidence that
bonds will not be issued without
further warrant and without an extra
session. The new rule in the treasury
department is that no information rela-
tive to financial affairs shall be given
out except by the secretary himself,
and on Wednesday Secretary Carlisle
declared:
81 shall give out no information
affairs are going, because l find that the
information is sent broadcast and Gre
ates feeling of alarm"
1t is now well understood that a
most determined effort, instigated by
"financiers" and politicians was
made to force the issue of bonds before
the expiration of the last congress, and
that it was only foiled by President
Harrison's determination that the pub
lie debt should not be increased during
his administration. He stood alone,
his secretary of the treasury not agree
ing with him, but he stood firm, and it
is greatly to his credit
The sooner President Cleveland
makes known the same determination,
if he has reached it, the more quickly
the equilibrium of the financial world
will be restored There have been
some heavy and alarming failures
lately, and the future is uncertain and
will remain so until this question is
settled. That the crime of issuing
bonds in time of peace will be commit
ted by the power administering the af-
iairs of this nation will not be believed
until it is done. Vanguard.