Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-02-26

and their associates who have great
credits abroad which may be drawn
upon at will. This is really, as our
contemporary points out the chief con
sideration in the sale. Il could have
been obtained from no other combina
ton. unless. perhaps, the New York
Associated Banks could have been pre-
vailed upon TO enter into such an
agreement. But these New York
bankers had not patriotism enough TO
rise to the situation. The New York
G Clearinghouse is made up OF an aggre-
CATION of fnanciers who have frequent
ly shown themselves solid enough to
meet any great emergency. While the
Bank of England had TO call upon the
richer Bank Of France for assistance
after the Barring crash. the New York
Clearinghouse weathered the great
financial storm of 1898 without solicit
ing q penny Of help, and held up the
whole country in so doing. Had this
great association desired to help the
government it could have checked the
gold run on the Treasury long ago.
The members have not risen to their
patriotic duty, strained relations, it is
explained, having grown up between
some Of them and Secretary Carlisle,
who hes declined to run the United
States Treasury as an adjunct to Wall
Street. Hence, from pure spite, with
over SS1.00O0OO in gold coin in their
vaults and with a further available
stock Of over S5OO,OOO,O0O scattered
over the country, they refused to spare
one dollar to relieve the Treasury.
Under the circumstances, as Editor
Watterson says, the administration
made the best and wisest arrangement
possible. knowing that no matter 81
what price the bonds might be sold in
this country the gold would be imme-
diately withdrawn and again boarded
the administration decided to trea.
with q syndicate that could not only
furnish gold. but-what was more I'M
portant-also give some reasonable
guarantee that the gold would be pre-
served for at least a time. Outside Of
the New York banks, which refused
their aid. only such houses as the
Rothschilds and the Morgans could
give this guarantee.
There is every reason to believe that
the syndicate can and VIII do what it
has agreed to do. Tt can control hos
tile bankers, by indirect influences and
thus virtually secure the cooperation Of
the New York clearinghouse and the
great Continental and English banking
institutions. The Rothschilds have
branches in all the great money CEN
tres of the world-London, Vienna,
Paris, Brussels and Frankford-and
through them can sell commercial bills
so as to keep the rate of exchange in
favor Of a country they are helping.
For a hundred years the .Rothschilds
have been doing this, and they have, no
doubt, agreed to do it again. if necessa-
ry for the United States. The Cow-
ier-Journal says:
From now on we shall be able to
watch for the first time. at least in
many years an intelligent manipUla-
Ji0n of the money markets for praise
worthy and patriotic purposes. We
can hardly see how the syndicate can
fail TO preserve a satisfactory gold bal
ance i'm the Treasury for many months
There will undoubtedly be attempts to
cut iC down. Such q one was Russell
Sages withdrawal of S5j0.000 from the
SUb-Treasury and of the efforts to
force gold to a premium. But these
movements will almost necessarily be
individual efforts, disconnected and of
little consequence when eXeTted
against the syndicate's influences. A
combination to bear the Governments
credit would not be tolerated.
1t is pointed out that the expectation
of gold ceased as soon as an intimation
Of the contract got abroad, and there is
no Indication that it will be resumed,
though at q season when the tide sets
strongest to Europe
The five millions or so the syndicate
win make out of the bond issue
which alone, it made a success. win be
fairly and honestly earned, for if the
syndicate shall do what it has under
taken to do the value Of such service
cannot be overestimated. The loss TO
under such conditions as pre-
vailed during the great sold run would
in forty-eight hours cover the entire
profits Of the syndicate.
The administration has met q great
with patriotic courage and
wisdom.
Baltimore ministers Protest.
BALTIMORE, February 25.-The Min