New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-02
MORE BONDS.

,rh. president nroposes TO issue S1OOOOOooo
q, 4 nor cent thirtv-year bonds. expecting 10 ger
. LARGO nronortion Of them taken abroad Ii Is
.o,a ,ho, representatives of foreign houses have
becn satisfied by an opinion OF the Altorne!
General that. as no com except xvi" wac "
circulation when the per cent bonds were a'-
thorzed the stipulation Tor pay !" WI"
,oooI,v means payment in gold But the transac-
&C., 70 r,ode IL NOT a good one for the country
Tho President himself is more responsible thah
o,hor man I'm the world for this dismal
ctate Of things Had he said to Congress when
II met in Deccmher-to go no rur'her pach III
.ho droorv record Of his mistakcs--that ii ought
10 pass AT once such measures OF r'Nei Us 'ic
Repnblicans would support. AZ his pa'''sals
with his advice are now saying III me HOUSE, hc
might have saved his country more IMAM HIS
salary would amount to for more IMAM TWO
centuries. He was too much partisan Tor mat
course. and not enough patriot.
Assistant Secretary Curtis reports that the
pcr cent bonds can probably be placed on IL
IA nor cent basis With the old 'ariii law !ieid-
ing ample revenue. although Democratic toolish-
moss about the currency was then expected. cap
,taUsts offered TO place bonds for Secretary Eos
,or AZ a Oh per cent basis The difference Is |
NOR conf yearly. or. If the bonds are 10 run
,h;r,,. ,oors $40 OO0 600 on the amount Of bonds
70 be offered. The President couh nave ni'uc
this contract at quite good terms rs secretary
Foster il he had consented to the hcccSsar! coi
ditions namely. that the revenue should De SUM
o,o,t and such rs to maintain industries and
ho+ tbo Troosury reserve should be kept invio-
late without the slightest squirting toward Il
substitution of silver paper FOR paper reu'ci"
able in gold 1t has pleased the president 10
take n different course first TO fool over 'he
State bank scheme and then 10 oner various
concessions to the silver men. the hatcrs "'
greenbacks the hatcrs Of National banks ana
the more money men His triumph Is mat
he has cost the country Sl2WO,0oo, II ne sue
ceeds in placing bonds 10 run only tweiVe years
m a 3ib per cent basis. or S3oWono II thc
bonds have TO run their full term.
We are a rich Nation. and presumably can
stand IT, But we are also poorer by more than
Sc 600 900 900 than we were when Mr.. Cleveland
hogan 10 rim things and It would be delight
10 the working millions OF this country ir they
could get within S2.OO0O00O0O yearly of th"
wages they received two years ago. when thcy
have 10 nav SgOOO.OOO year more interest on
bonds issued by Mr. Cleveland and 10 pay That
additional sum for a good many years To come.
and for the present Ia pay out 81 -" Tor ever!
500 they earned two years ago they Will gel me
fair measure OF reform" ~ Mr.. Cleveland I'M
derstands It, II Democrats only were to bear
the burden and the oss-but We are all in one
boat. and the cost Of the Nations fool>hn"sS
we all have la share.
A decent revenue law would saw" the country
81 100000 yearly on his one issue of bonds. AMI
preveu, another. and yet Democrats do not dare
or are not willing To give the country iarlI
which will raise an adequate revenue. II costs
something but the country has IN" Democratic
rule for which II voted The best thing R"pnh-
leans can now hope TO do Is TO walt until the
| President has borrowed all the money ne thinks
| necessary and then TO ask him II hc means 10
make any provision for payments or for An non
| est and adequate revenue In the future. II
| would be I'm the last degree diScrclilabe II the
President should then refuse 10 approve Surh
increase Of revenue as will be- necessary 10 meet
interest on the bonds issued by his orders. AMI
to prevent recurring exhaustion II the Treasury
|