The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-01-18
CARLISLE TO SELL BONDS.


Within Two months there will inevi-
tably be crisis for the present admin
istration and 30 also for the govern
ment under the control of the admin
istration which will dwarf every other
matter before congress or before the
people and which will make the Will
son bill or any similar bill the most
absurd bill possible. The administra-
tion is living along in the hope that
matters will become better and it is
making no provision for the probabili-
ty of their becoming worse. Bat if
things 80 on without the application
Of any measure to prevent the iuevita.
in the future there will speedily come
q time when will be too late to avert a
catastrophe which will simply make
smithereenS out OF the Democratic po.
licy. Tho present indications are
plain enough.
The balance in the treasury 10 now
about eighty eight million dollars.
The last statement shows that about
eleven million dollars of this consists
of unavailable silver coin, The real
working balance is then only about
seventy-seven million dollars, which is
gold, and thisis what remains of the
one hundred million dollar gold reserve
held since 1879 for the redemption of
the legal tender notes. In other words.
for all expenses which exceed the cur
rent revenues the government must
pay out of this already dangerously di-
minished gold reserve, for it has not
another available dollar
Even to make so good a statement
as this the payment OF every possible
debt Of the government is being de-
ferrsd. Some persons who have claims
against the government cannot get
their money and so a small floating
debt is accumulating in this way. New
York banks which have deposited
mutilated notes for redemption have
been induced to accept due bills in
stead of withdrawing new notes. Dis
bursting officers balances have been re.
duced to the lowest possible point.
That gold in the treasury is at this
moment the only thing that stands be,
hind our entire currency and guaran-
tees its payment How long can a
dwindling reserve guarantee? There
might not be danger if the administra.
tiOn showed either the disposi tion or the
ability to apply wise and efficient
remedies. But those who are watching
congress sac no such disposition; no
such ability.
Since the repeal Of the Sherman law
all the currency except, of course, the
gold coin of the national bank notes
which are based on government bonds
has fallen upon the gold reserve for its
redemption on a gold standard. Be-
sides the $500, 900. 600 legal tender notes
there are $725, 900, 900 of other chr
rency or altogether over 81, 900 900, OOC
of currency depending for its integrity
upon that ST, 900, 600 now left in the
treasury and sure Of further depletion
Now, instead Of meeting the question
pressed on it by these facts, what is
the administration doing2 To be
sure, Secretary Carlisle has with 9
forced show of compiacency agreed
to bond issue of $50. 900, 900, to make
good the depleted reserves, running
ten years on practically three per
cent. basis. Congress has not yet
taken cognizancs Of the danger.
Instead Of meeting the question be.
fore the government lis brought with a
sharp turn the leaders are endeavoring
to force npon its consideration bill
which, upon the confession OF its spon.
sor, reduces revenue seventy five mil
lion dollars on the present basis Of i'm
ports. Here is the treasury already
behind thirty million dollars, to say
nothing of deferred payments already
due, with not a cent Of available money
except what is left Of the gold reserve
to meet monthly deficits And the
ways and means committee is forcing
through bill to decrease the revenues
seventy five million dollars, and en-,
deavoring to make up for part OF tht
loss by taxing incomes, cigarettes and
playing cards.
1t is a spectacle which is absurd
enough to make the nation laugh tn,
Democratic leaders out OF congres:
were it not such terribly serious mat
ter for the nations financial integrity
aud material prosperity. How Ions
need such operations as this go on at
Washington to convince an indulgen
people that party wholly at sea owe
| its policy. its members struggling
themselves over the inc identals Will
they are indiff Arent or oblivious to the
storm that is getting ready to burst
over the treasury, is unfit for such 9
trust2 How much shall we have tc
pay for confding ourselves to the ten
der mercies Of the prstentious reform
erS Of the campaign of 1922 How
many millions?
A Boston WOMAN has offered Il
Trinity church. of which she Is