Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1893-05-11
From tho Atchison Champion
Not a Mere Dead-Line.

Not q Mere Dead-Line,
Henry Clews, the we'll known Wall
street banker, in his circular of the
22d instant, unveils the real reason of
the uneasiness in Wall Street. He
says:
The weak point IN the market con-
tinues to be the gold movement, about
which there is still much uneasiness
The thing especially feared is not any
real trouble in the treasury finances
calculated to seriously affect the gov
eminent credit. Wall Street has no
misgivlngt that the United States can
suffer from impairment of public con-
confidence or from any inability to
take caro- Of all and every form Of it's
obligations. 1t knows too we'll what
the resources Of the government are
and what is the worlds estimate Of
them to fall into such narrow miscon-
ception The thing feared is thGt the
reserves Of the banks mag be so
drained by eUports of gold as 10 COM
pei a further reduction of loans and
discounts and a consequent selling of
securities held on speculation This
latter possibility is SO real that it
would be folly to belittle It, It is the
seriousness Of this possibility that
makes down town interests so anx-
ious that the government should sell
an amount of bonds in Europe suffic-
lent either to arrest the export Of gold
or to bring back part Of the large
amount we have exported.
The italics are ours.
This is a very simple explanation
Of the Calamity howl" among the
banks Of Wall Street. The manage
ment Of the treasury department in
the interests Of the people would in
terfere with securities held on spec
ulation" in Wall Street. In other
words, the government was expected
to sell bonds, purchase gold and make
the deal to enable Wall Street to
gamble in securities" What a pa
triotic view of the object Of govern
ment Of the people, by the people and
for the people" that is to be sure. He
continues:
The latest advlces from Washing
ton indicate that Secretary Carlisle is
disposed to shape his financial course
upon principles so as to afford no
special consideration for the immedi-
ate interests represented on the Stock
Exchange. From such semi-oficial
intimatlons as are forthcoming, the
secretary appears TO be disposed to
suffer some considerable impairment
of the 500, 1000, 900 reserve rather than
issue bonds. 1t is not to be gainsaid
THAT the reserve is intended to be
made available and not to be a mere
warning dead-llne; and that one Of
It's uses is to provide for temporary
abnormal emergency, when there is
reason to expect that, upon the adj
iustment of the transient Irregular
ties. the funds will flow back to the
treasury which have been recently
forced out. The verdict Of public
opinion would be that of applause in
the event of the Stree gold" fund re-
covering its normal dimensions even
though it be By adding 20 to so mil
lions to the public debt By q bond IS
sue.
The italics are ours. Mr.. Clews
evidently measures public opinion"
by the narrow boundaries of Wall
Street. "By adding Is to so millions
to the Public Debt by bond issue"
thus creating another annual interest
fund to be borne by the labor Of the
people to enable Wall Street to spec
ulate and gamble in securities, is &C.
cording to the Wall Street idea the
proper thing to do, but nlnety-fve
per cent Of the people will sturdily