The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-11-13
FIFTY millions BONDS
The 'Ledger's" Authorized
Statement Protecting the
Gold Reserve.

PHILADELPHIA, Nov. 13, 1S9f.-The
Ledger today has the following in its
editorial columns
1.-THE Ledger is authorized to state
that, probably within the next thirty
days, the Government will issue $780,
600, 600 five per cent bonds, the premium
on which will, it is confidently antici-
pated make them equal to a 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, de-
termined to maintain a gold reserve suf-
ficient to keep unimpaired, not only at
home, but abroad, the national credit.
The President and the Secretary of hte
Treasury, having recognized that from
1890 until the repeal of the purchasing
clause of the Sherman act, in 1893, and
the financial panic which chiefly resulted
from the continuous operation of that
vicious law-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 a recurrence in
the near future of such unfavorable
condition, it is necessary to provide
STABILITY ASSURED.
by doing this they will give, especi-
ally abroad, assurance of the invulnera-
bic stability of the national credit Their
experience of previous years informs
them that during the next two or 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 probable losses-the
credit OF, the Government, and conse-
quently, the credit of the mercantile
community of the United States, they
have definitely decided that 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 of
them, in view of the many sensational
statements to the contrary, are now, and
ton was first considered by either of
them, of one and undivided mind with
respect to it. They have, with that
sagacity and devotion to what they be-
lieye to be the highest and best inter
ests of the country which characterize
them as public servants, agreed together
that public and private credit shall be
supported, so far as they can render
a basis of unQuestionable stability, and,
Congress having failed to give the Sec
retary the authority which it should
have given him to re-establish the gold
ItSeINc,1 tAOy nave QclSIIniIlGQ,
their views having always been and now
being in precise harmony, that it is ex-
pedient and necessary that it should be
re-established by the intended issue.
THE GOLD RESERVE.
1.-THE gold reserve is now about $751;
900, 900. It should be $10O, 900, 00O The is
sue of the proposed bonds will keep it at
or nearly the latter sum, and. thereby
assurance will be given to this and all
countries with which this people have
dealings that the national credit, upon
the integrity of which private credit
is so materially founded, will be invinci-
bly, maintained by the Government. The
advantages of this policy will, we believe,
be made manifest in the strengthened
and the consequent indisposition to ex-
port American gold.