The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1895-03-01
THE GOVERNMENT LOAN.

So, dttl lObeSI teSS. L uoFo Is q
vast and we'll founded dissatisfaction
with the new loan of the government.
1T will cost the people Of this country,
first and last, not less than $25, 100000
more than it should. The terms made
by the syndicate were extremely harsh,
and the dignity and credit of the nation
both suffer from them. There is the
SIG, 900, 900 Of interest sacrificed by the
refusal to substitute gold bonds for coin
bonds at 81 per cent. Then these bonds
were subscribed for by the people both
in London aud New York at a heavy ad-
vance over the price paid for them by
the syndicate. Altogether 25,OOO,OOO
is very modest estimate of the public
loss by the deal.
This congress contains more than the
usual percentage of men who seldom
open their mouths without emitting
howl against the banks and against
Wall street. 1t is safe assertion that
whenever you find such a man you will
see him bending his whole energy to
work thai will play into the hands of
Wall street and Of the banks. And it
has been so in this case. The fat mon
ey shriekers, the silver coinage brig
the capitol at Washington with their
denunciations OF plutocracy have delib-
erately and consciously and voluntarily
handed over to this syndicate of bank
ers the sum OF s25, 100000 Of the peoples
money, without getting in return one
cent of compensation. This is the long
and the short of the bond deal.
We do not know what inside facts
may be developed concerning this tran
saction There are enough on the out
side to satisfy most people. 1t is known
that by the refusal of congress-, again
and again. to take any steps towards
financial reform, the maintenance of
specie payments was endangered. 1t is
known that the condition of the treasu-
ry was desl crate, and that it could not
probably have held out more than
forty eight hours longer. 1t is known
that gold simply had to be had, to an
swer the demands on the treasury for
redemption of the legal tenders. Con-
gress had refused to issue bonds to get
the gold. Ii had refused to take any
steps to retire the greenbacks. Either
would have stayed the progress Of dis
trust. But both ha l been definitely re-
jected; and the condition of the treasu-
ry was that of the man whose note will
go to protest unless he can raise the re-
quired amount before the close of bank
ing hours.
There was no time to advertise for
bids for more bonds. 1t takes some
weeks to curry through negotiations of
that sort: and this was not question of
weeks or days, but of hours. There
was nothing in the world that could be
done uut to summon the representa-
tives of those who had the gold and get
from them the best terms possible. They
knew their advantage and were notslow
to use it. They drove hard bargain.
So does man when he finds that neigh
boris house has been built partially on
his ground. and the neighbor comes to
purchase OF hIm the required strip.
He asks all that he thinks he can get,
and screws the unfortunate man un-
merclfuly The government has been
screwed and made to part with valuable
securities for an insufficient considera-
tion. Put the responsibility for it
where it belongs; with the men who re-
fused to grant any relief. and malig-
nantly and exultantly put the treasury
at the mercy OF the brokers. These
men, foremost among whom are those
loudest in denuncialion OF the bond is
sue, have robbed the people OF S25, ,000,-
900 for the benefit OF the syndicate. No
outcry now can conceal their part in
the transaction.