St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-04
Sees No Breakers Ahead for
the Government Of the
United States.
EVERY DOLLAR OF PROMISES
VIII Eventually Be Redeemed
in Gold, Says Banker
CleWS.
TIP TO THE. POLITICIANS.
Lot of Them to Be Sent to.
the Rear by the Dear
People.
SpeciaI 10 the Globe.

Pe0ple.
Special TO the Globe.
NEW YORK. Feb. 3.-The appearance
of the market during the week has in
Dictated that there were some stocks
shaken out. and prices were forced down
so as TO buy them as cbeapIy as pos
sibIe. The Wurst of the squat. think,
is now ever. Some people have been
more frightened than hurt. II the
United States treasury should by chance
suspend gold payments. which IS the
worst that can happen, and that is not
likely, even i'll that event The holders
of legal tenders would most likely want
to get out OF their money and take
stocks and bonds instead. as at the
plesent prices most of the active mar
ketabIe securities are about down 10 a
solid gold basis. while the money they
hold will lose its gold value for time
al least, if the treasury should diScon
tinue gold payments. The business in
terests of the country have gone down
to a gold basis. 1t is so with manufac-
tured goods Of every description. Ii is
So with iron, steel, cotton, grain and
securities also. The threat now is that
the circulating money OF the country IS
going TO drop from a gold basis to
silver basis, which would be so if gold
redemption of its notes were stopped
by the treasury; in which event the
next turn would be for
SagacEous People
to exchange their n0n-redeemable paper
money into manufactured goods or raw
material. such as iron, grain and cotton;
also INFO securities or anything else that
has dropped TO low basis OF value.
The feeling would set in to buy every
thing that locks like bargain. which
would be the forerunnero of buoyant and
advancing markets in all lines of bust
ness in this country. On the other
hand, if congress passes tie gold b0nd
bill, favorable turn viii come by the
sale of The bonds in Europe and the
transfer of foreign gold to this country,
Which would come in such quantities, if
bonds enough were sold bu the govern
ment. is TO remove the depression pre-
Y2iling here to the other SIDE. The I'M
portation Of gold would encourage con-
fdence in this country, and the loss OF
it would depress pQndingly the
people on the other side of the Atlantic.
The holders of legal tenders who take
them to the treasury and de mand gold
for them discriminate against the kind
of money they surrender, and to meet
a s,nJt ,1+
compelled to make some provision 10
Replace tAe Geld
thus drawn. The only means Of doing
this at present is through the sale of
G0nds. The government should be pro-
vided by an act of congress with another
way, which would be TO exact payment
of part Of the duties i'll gold. As it
stands now, no one pays into the custom
house any gold whatever, and this IS a
discrimination by the importers against
gold money, as they make payments of
duties in every kind Of money except
gold coin. Oae-half OF the customs
duties at least should be required by act
Of congress to be paid IN gold coin. This
would be the best means of replenish-
ing the government gold reserve. and it
would be through business process. 1t
is urged by some that such action Wou.d
be a discrimination against the legal
tender money of the country. Suppose
il is? Do not the people who pre- sent
legal tender notes to the treasury and
demand gold for them discriminate
against them? But. in truth, it would
be dissemination in favor of the notes,
because it would provide gold with
which to keep them redeemable. The
dscredit OF the present handicapped
condition of the United States treasury
is not so much discredit to the country
as TO those who are administering its at
fairs at Washington The people Of the
country are
Simply Stockholders.
as it were, in the great United States
corporation. and they will see to it that
at their next meeting to vote they will
turn out everybody who has been dere-
liet i'll his duty ana instrumental
bringing about the present stale Of
affairs. A good many Of the repre-
sentatives of sectional and personal IN
terests. as against national, it Will De
remembered. were voted out of Office
last November, and the balance will re-
ceive the same punishment at an early
day when the people have the opportu-
nifty of exercising their power. After
1.-The Augean stables have been cleaned
Out'' the millennium will have arrived.
The following statement should be
sufficient to base confidence upon, not
withstanding the present period of
gloom. The public debt of the United
States government was, OH Jan. l,
81, CO., 241. goo, as against the debts OF
the following European nations:
Austria hungary 81. S66, 359, $50
FRANCE. .'....'.'..'..'' 1,tfo, tSo'0Jo
Great Britain. NEUTRALITY-SUSPICIOUS.. j. 30O. 119, 063
Grrmany-Prussia, ETC.. 1851, 422, 112
Italy ............ ........... Z,524. SIT. o29
Russia. Observation-Disclosures. 8, 49l, OILS GA
Cur Debt Smallest.
The United States government, there
fore. has not only the smallest debt,
but is also the richest in resources. The
debt of Canada per capita Is 500. The
English Australian colonies of New
Zealand and South Wales average $3.50
per capita, and Victoria $500 per capita,
while the United States debt per capita
is only Sl5. The liabilities growing out
of the failures of 1892 90 in this c0un-
try, which was the worst general panic
period that the United States ever had,
considering its prolongatIon and the |
fact that it covered every locality !
without an exception, amounted |
to less than per cent on
the true valuation of the assets OF the |
70,000,0 900 population. No one can ap-
prec'ate these facts without having !
faith III our country, hope of better
times in the near future. and charity |
Tor the limited intellect of many of |
those who obstruct the necessary ma |
tionaI legislation which is the cause of |
the present troubles. Come what will, |
and under any circumstances. loyal peo- |
pie will continue 10 believe that every |
dollar of such promises will eventually !
be redeemed i'll gold. Al the end of the
war, in 1865. the population Of this
country was 3S.000,000; it is now 10000
900. At that time the true value Of the
assets OF the country were estimated at