Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-01-02
AUTHonilG ,nr noND ISSUE.


increase in the public debt may not be
popular policy for the party n power,
but in the preser' condition 81 the
Treasury it is Difficult to seq how it is
to be avoided. III. as publican
Congress looted tao Treasury and left
it bankrupt. Tho people we'll under
stand the condition and jas suses, and
1t is not questio. OF psr. an popu-
larity, but OF pub necessity.
The New York 1. Post says on
this subject:
"The governmeu oebts 1ie mo greater
| oY reason OF the sus of cNcheouer bills
/ Thoy have merely tsseu b. NJ form
| Instead of OWN Contractors. pensioners,
clerks and mfu,TpaCiurets, VINO have
groups depcnde 1t IN themselves, aud who
cannot afford 20 Hait FOR their money, il
owes people who idCsirs THAT form OF in
Vestmcnt SO every body s. satisfied This
Is not saying thai q eJ./ eument obligation
should be created 0aS 3usc some people
would like to hni tale Investment FOR
their idle money. Iyat would be a form
OF socialism quite as ireproheusiOle as any
other The rule, which should govern in
this case are thu anne as those which
apply TO pr-vat, corporation.
The Washington correspondent OF
the New York Th gays:
"Thc men who arc Sslposing the sugpes.
ton That the country should be run on Eor-
rowed money forget that the Treasury is
now using Tor current expenses the fund
obtained by borrowing money The fund
secured by sales Of bonds to provide for re-
sumption is being daily used up to meet
current obligations. When that is drawn
upon TO an extent so great rs 10 disturb
pubic confidence, another element OF an
noyance may be added 20 the situation.
Men who now ask for a bond issue vere
most determined in their opposition to that
/ suggestion less than year ArO.
The idea that il was necessary was
! treated as a suggestion made bv selfish
and scheming men, interested principally
in providing u new lease of life Ior nation
al banks. II the bond issue could have
been made months ago, the Treasury would
have been much easier, and the necessity
for providing new and immediate sources
OF revenue would not nave been 50 press
ing
at viii be several months before the
Treasury can begin TO realize any benefits
from the new tarI Oill, IL its passage
should be followed by an increase OF i'm.
portatiOns. Secretary Carlisle has now
asked FOR tue permissing 20 issue bonds.
With that power he can obtain money AT
once and stop using up the redemption
fund, that BIDS fair to bp exhausted unless
bond issue is permitted
In what way the Treasury reserve
shall be replenished or how the money
! shall be raised to meet the governments
obligations opinions may differ, but. as
the Washington Post points out. that
the reserve must be strengthened and
provision made for supplying the cur.
rent needs OF the government is gener-
ally agreed.
The alternatives recommended by Mr..
CARLISLE, the issue OF $4,000, 600 i'm
notes or bills bearing per cent inter
est and redeemable in one year after
date, or the Issue Of fye-year bonds OF
the ordinary form and at The same rate
Of interest, both have merit, and there
seems TO be no good reason why the
Secretary should not be- authorized ,o
adopt either or both Of these plans i'm
his discretion, without naming fixed
limits 90 the amounts.
The Treasury ought by all means 90
be invested with she power to meet
whatever cziesncies may arise through
% depletion of the reserye or falling
of FOO The revenues that tho credit OF
the government may bo maintained.
tAas rcaus with tho ueces Sits of
an appeal o. Dorcr. or OF converting
Congress Iu extra session with every
emergency.