Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-11-15
THE ISSUE OF BONDS.
President Cleveland Determined to Main
tain the Gold Reserve and Keep UP the
Cnuntruba frnIit

President Cleveland Determined to Main-
tain the Gold Reserve and Keep Up the
Country's Credit.
Philadelphia ledger, Nov. 18th.
The Ledger is authorized to state that,
probably, within the next 30 days, the
government will issue $50,000,000 five
per cent bonds, the premium on which
will, it is confidently anticipated, make
them equal to three per cent bond.
The government has decided upon this
measure for the reason that it is now, as
it has always been during the official
term OF President Cleveland, deter
mined to maintain gold reserve suffi-
cient to keep unimpaired, not only at
home, but abroad, the national credit.
The President and the Secretary OF the
Treasury, having recognized that from
1890 until the repeal of the purchasing
clause of the Sherman act, in 1898, and
the financial panic which chiefly re-
suited from the continuous operation OF
that vicious which exchanged gold
for silver on the same basis--the reserve
OF gold has been at times in danger of
falling below the point of safety, have
decided that to prevent recurrence in
the near future Of such an unfavorable
condition, it is necessary to provide an
increase of the gold reserve.
BY doing this they will give, espe-
cially abroad, assurance of the invul-
nerable stability of the national credit.
Their experience of previous years in
forms them that during the next two oil
three months the shipments OF gold to
Europe will probably aggregate several
millions, the larger part of which will
be taken directly from the Treasury
and in order to preserve unimpaired-
by recouping the Treasury for its proba.
Bile losses-the credit of the government
| and, consequently, the credit of the
mercantile community of the United
States, they have definitely decided thai
an issue of gold bonds shall be made.
. President Cleveland and Secretary
Carlisle, it may be worth while to say
upon the personal authority of both o.
them, in view of the many sensational
statements to the contrary, are now
and have been at all times since thu
| question was first considered by eithel
| of them, of one and undivided mint
with respect to it. They have, with tina
| sagacity and devotion to what they
UtlleNG W uC tllG llS l5ap dhu pSSb Alboi
ests of the country which characterize
them as public servants, agreed togethe
that public and private credit shall b.
supported, so far as they can rende
their efforts to that end successful, upol
basis of unquestionable stability, and
Congress having failed to give the Secre
tary the authority which it should hav,
given him to re.establish the gold re
serve, they nave conjointly determined
their views having always been ant
now being in precise harmony, that
is expedient and necessary that it shoult
be re-established by the intended issue.
The gold reserve is now about $6l,
100000. 1t should be $100,000,0 900. Tn
issue of the proposed bonds will keep
at or nearly the latter sum, and thereb.
assurance will be given to this and to al
countries with which this people hay
dealings that the national credit, upol
the integrity of which private credit j
so materially founded, will be invincibl
maintained by the government. Th
advantages Of this policy will, we be
lieve, be made manifest in the strength
ened condition Of American securitie
abroad and the consequent indispositio
to export American gold.