New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-23
4 PREMLEM on GOLD.

The small premium paid for gold in wall
Street. in some transactions said TO be an clSh'h
of one per cent. cXctcs remark manly because
II is evidence of Administrative unWlSdoih' lha'
II is an incident of the bond transaction, ana not
q result of general distrust regarding the abl'y
or willingness of Government To redeem l'S
notes is well understood. But 1t IS with reason
considered remarkable that the first effect or
an issue of bonds intended to prevent premium
on gold should be the payment OF premium
for gold with which TO buy the bonds obvi-
ouslv no such effect could be produced If the
Government had not in effect bOycotted lis own
notos in the words of The London Times.
and for a special occasion and purpose made
GOLD more valuable in the market than notes
rodocmabe in gold This il has done by most
fooshly holding up 10 public censurc AMI prac-
ticallv threatening 10 blacklist in the bidding,
those who draw gold from the Treasury IN
order To prepare for a purchase "i h"hdS. SOC
retarv Carlisle i quito right if he suspects mat
the scarcely yelled threats which have cmanat'i
from Washington within the last week have
induced possible biddc:> 10 adopt a different
course which may be even more diSadvan-
roreors in the end than the open wiihdraWalS
Of gold The fact that these have discontinued
for two DAYS may well appear 10 HIM sue
ocstivc The right of a holder II lcsal-lcndrr
notes to get gold for them. or to buy with them
bonds or ANYTHING else that the Government
offers for sale. + one which the Secretary can
mo-, deny or restrict without virtual suspension
# specie payments.
Tho sole object Of the issue Of bonds at THIS
tjmc-the sole legitimate object. AT all events
was to fortfv the Treasury 50 that the ont
standing notes should everywhere be REGARDED
- GOOD rs gold. The strangost Of all concciv-
able measures for reaching that end. II must be
admitted. WAS the attempted exclusion or boy
eating Of bidders who wished 10 surrender
notes Of Government for It's bonds. The notes
were r,,lccmahlc in gold on demand. The bonds
are not technically payable principal or Interest
in cold. but in coin II WAS the most obvious
thing in the world that thc Treasury. IN Offering
such bond, for sale. could not afford To- refuse
notes which it wa, intended to make and keep
49, good A. gold TIL, i, 50 clear that many
now suspect that The bond business j. job.
privately arranged from The start with s.ngl"
concern. and that all SORTS Of prctcN'S ar" wei
coined for rejecting other bids. - far THIS
Whisicv and Sugar Administration has adj
vancel. for the worst suspicious are not uttered
by It's political opponents. How the "nd VIII
| support them If AT all will bc seen.
Either before or directly after the award 81
bonds nearly al believe. the Treasury VIII los"
| hv redemption Of notes large proportion 81 IN"
! money bid for bonds. Meanwhile the course 81
| exchange IL such that gold might almost be OK
ported. hut for the approaching purchase 81
bonds The Treasury holds about $1"V"ro"
less gold than il held week ago, although lis
customs receipts have improved. for these ar"
| almost wholly in paper. II j. the unpleasant
fact that gold really commands siGh'
premium as il has not at any other Tim" sine"
/ the resumption Of specie payments under N'
/ uublican laws. Whether il is the beginning "i
ANYTHING serious may depend in measure on
the practical good sense Of The Administration.
and for that very reason the outlook Is some
what hazy. Experience has taught That II Is
difficult 10 Judge. from The utlcranccs of either,
what Mr. Cleveland and Mr.. Carlisle between
them will contrivc 10 get done. Up 10 date, they
have merely disturbed the public credit to Il
lamentablc extent. and provided a most con
ycnicnt excuse for another prolonged agitation
on the currency and coinage question when
! Congress assemblies.