Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1894-01-25
NEW BONDS ISSUED.

The condition or the treasury, RS
exhibited by recent reports OF the Sec
rotary, is serious. Not only is it
threatened with deficit Of some S75,-
OOJ. 600 at the end of the current fiscal
wear. but the gold reserve has been
impaired to the extent Of nearly one
third OF its whole amount, while the
amount OF notes for whose redemp-
ton it is held. has been vastly increas
Ell since it was established. The
problem OF supplying n remedy is
therefore twofold.
Ths issue OF additional green
hacks. or the coinage Of the "seignor-
Az" on the silver bullion now held
bv tae Treasury, nave each been Eug-
Vested a such q remedy. But while
either plan would furnish funds 10
meet current expenses, Meth r would
.frsug- hen the gold reserve, but each
would. on the contrary. impose still
greater strain upon it. Moreover,
adoption OF either plan; aud as the
emergency must be met at Onc". such
clpsdi. uts are out of the question;
for ". all know now that the necessity
for congressional action means the
certainty Of senatorial obstruction.
There j, 10 remedy lefi bat the issue
of bonds. 10 be sold for gold, and This
the Secrer AIRY has adopted; aud he
has imposed such terms as will give
a rate Of interest as low as is consist
cut with the prompt placing OF the
loan. He has further fixed the
amount Of the separate bonds low
enough TO permit their being takon by
individuals all over the land. The
necessity for such action is potent.
The unl, blame that could attach 10
the admins ration in the premises
would be due 10 Il failure 10 apprsci-
ale the emergency at once and meet
il promptly
But tits the general impression that
an increase of public debt is some
thing TO be avoided, il possible; who
then is TO be held responsible for the
state of affairs that has made 1t una
voidable? Five years ago a Demo
cratic Administered ion retired. leaving
i'm the Treasury cash balance OF
51S5. O0O.O0O what has become Of it?
The Republicans cut down the reve
nue. 10 insure a continuance OF protec
tiondu,ies. Theyappropriated nearly
half Of this Treasury balance TO pay
iuy bonds that were not due till 1901
for which they had to pay high
premium. aud now they impudent!y
accuse the administration Of increas
lug thp public debt, when it adopts
the only available means to make
rood thi- wantou waste. They pass
cd tie sherman law, under whose
operation the Treasury was robbed
IF its gold and panic created; aud
now when necessary steps are taken
to enable the nation TO meet its cred
itors. they sneakiugly encourage the
change that the government has sur
rendered 10 Wall Street and the
money power" They saddled upon
the taxpayers a pension list whose
amount exceeds the expense Of main
tanning any of The standing armies OF
Europe; aud now when the resulting
deficiencies must be met, they have
the efTroutery to charge the E1ecu
tive with the adoption OF wal
measures" in time Of peace.
These facts are undiSputed; and
they show conclusiyely that in so faI
a. the issue of bonds NAV not, il
itself. be for the best Interests Of the
people, we are simply paving th'
inevitable ppna'ty for the iniquitir'
prrpetrated by the Republicans dur
inc the last few years. Let all loya
/ Democrats bear this well in mind
+ aud Ne may b. insured that. howeveI
widely Jhpy may differ upon hnancia
policy. the pending bond issue will no
I be- the occasion of a repetition on tha
fac-ional strife whi.h go lately men
ar-d the unity OF the party, snc
waicu their common enemies arr
seeking TO prevent by every mean
in their power.