Iron County register., 1894-01-25

place in 1879.
But even if the authority were un
questionable, there seems to be nc
doubt in the minds of the best lawyers
that the good realized from the sale oil
bonds must be held for the purpose sci
forth by the act-the redemption oi
legal tender notes outstanding in 1879.
1t cannot be used by Mr.. Carlisle for
the purpose of filling out a deficit oi
| available cash, or for meeting the cur.
rent obligations of the government,
| And yet MIR. Carlisle has been so using
| the remnants of the fund he found there,
| and will continue so TO use it, with the
prospect that before the year is out
the reserved will be depleted again,
and another bond issue demanded.
Even the New York World, which
may be depended on to stand by the
administration whenever it has any
ground whatever to stand on, shrinks
from the policy of issuing bonds in re-
sponse to the clamors of the eastern
bankers. It asks this question: '.Do
the banks that threaten to squeeze the
treasury insist on compelling an in
crease of the national debt that only
capitalists will profit by?" The ques-
tion is important enough for Mr.. Car
Isle to seriously consider. Will the
secretary of the treasury, in the face
of the Democratic policy-with the
people of the country in the most seri-
ious financial straits they have ever
experienced-insist on an increase of
the national debt that capitalists alone
will profit by? Will he commit the
outrage of increasing the burdens of
the taxpayers in order that capitalists
may have a safe investment for their
idle funds?
There is another view of this matter
that has not been duly considered. In
1873, in 1879, in 1888, in 1885 and in
1888, when there were panics and
semi-panics, and rumors of panics in
Wall street, and when the capitalists
and spectators were short of funds,
there was a great clamor for the
government to redeem bonds, in order
to relieve a currency famine. In al
most every case when the government
was called to the aid of Wall street,
the redemption of bonds relieved the
strain and restored the equilibrium.
Does it not follow that the sale of
bonds Will contract the currency and
thus add seriously to the troubles from
which the people are now suffering?
If the gold which the treasury realizes
from the sale of bonds is to be held as
a redemption fund, it will be taken ab
solutely out of circulation, and the cur
rency will be contracted to that extent.
If the gold is not to be used as a re-
demption fund, then there will be de-
mands for bond issues until the capital
lists of the east have all their funds
invested in these safe and convenient
securities.
We are very much afraid that Mr.. !
Carlisle will inaugurate some very
dark days for the people of this coun-
try when he surrenders to the clamors
of the money power of the east and
lends willing ear to the sinister sug
gestions of John Sherman. So far as
John Sherman is concerned, it may be
said with truth that he never did
neater stroke of business for his own
party and for the eastern capitalists
whose agent he is than when he sue
ceeded in gaining the consent of Mr..
Carlisle to carry out a scheme which
BENJAMIN Harrison had treated with
deserved contempt.-4tlanta Constitu-