The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-08-25
THAT GOLD RESERVE.

whatever that president Cleveland
will order another issue Of bonds when
| necessary to preserve the nations
credit and it might have added that
nobody else doubts it. II there Is one
proposition in this whole financial dis
cussion upon which all could agree 1t
is that Cleveland will issue unlimited
bonds, ostensibly to preserve a So
called balance of gold in the treasury.
The claim that this reserve is neces-
sarv to maintain the nations credit is
not by any means conclusive. 1t IS
not borne out by the facts, neither can
it be sustained as the correct theory.
Whe were told year ago that every
thing depended ON keeping the reserve
I'D to the one hundred million mark.
We saw it decline to $46,O0O,OOO and
there was no decline in the market
value of our securities, neither was
there any abatement in the demand
for them. 1t is only necessary to cite
the fact that when the last issue of
So, 100000 was offered the subScrip-
lions were fifteen times greater than
the face Of the bonds. This refutes
all the theory as to the demand for
our securities, and it goes without say
ing that they are considered good or
there would be no such demand for
them This talk of ruined credit, and
of bonds being returned to us in ship
loads for payment is simply a bug
bear, gotten up and circulated solely
to deceive the public. 1t is cOnserva-
tive to say that twice or thrice the
amount of our government debt would
be carried in Europe, and they would
regard it a choice investment. The
persistent claim Of maintaining the re-
serve as a means of preserving our
credit is a thin disguise of the real
object, as arranged and operated by
this administration. 1t is the same
in effect as the claim of an individual
of his ability to pay $1,000 on the
ground that he had deposited in bank
$50 in gold as evidence of good faith.
1t is putting it in the mouth of the
bOnd-hOlderS to say 1--WE have no con-
fidence in your ability TO pay at ma
turity unless you humbug us with
cash deposit Of two cents ON the dol
lar Nothing short of revolution or
some great national disaster would
cause anything like a wholesale de-
mand for payment Of our bonds, and
in such event the little golden nest
egg, called the reserve would be the
mere mockery of payment.
If. instead of these pretenses, the
oddities would state the simple truth
that the gold reserve is simply foot
ball for the bond buyers and stock
gamblers, and that the talk Of preserv-
ing our credit by keeping it intact is
for the purpose of playing upon the
credulity of the public. we would soon
see that the farce is not worth the cost
to the taxpayers. OF course bonds
will be issued. and that without limit,
so long as the game can be worked,
and so long as the gold combine can
pocket their millions in margins and
discounts.
The misfortune is that it is being
done under the form OF existing laws,
and Cleveland Is committed to the
scheme in the interest Of the money
kings. He will cooperate with the
syndicate in keeping the endless chain
in motion. with the net result 10 the
people of an increasing. onerous debt.
and the creating Of choice investment
for bond buyers. The reserve is sim
ply the means TO an end. and that end
is 4 costly one to the public