St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-03-02
CAN NO HELP.


matter-that is, the latest, and let
us fervently hope, this last bond
matter-appears to have been in the
condition of the Teuton, who, con-
doled with on the death of his wife,
shrugged his shoulders and replied:
IT can no help" AS one passes in re-
view the situation for the week or
two preceding the negotiation, one
sees the Vaccinations which drove
the government to the alternative
of another bond isue on the terms
offered or suspension of specie pay
ment, while at the same time one
gets a glimpse of what our Popu-
money power"
Much of the denunciation that is
being poured on the administration.
all of it, in fact, should be turned on
the merciless grabbers and hoarders
of gold, who compelled the issue.
All that may be charged against the
administration is that it scared too
easily and might have called the
bluff. 1t certainly would have been
much worse for the syndicate had
there come a gold suspension than
it would have been for the treasury
For two weeks before the announce
ment in the message of the negotia-
ton of this loan the daily papers
teemed with the statements of gold
Withdrawals, a part for shipment,
but evidently the larger part for
boarding. This was attributed at the
time to the nervousness of capital
lists over the financial balkiness Of
congress and the fear of a rapid
and early descent to a silver basis.
The last loan proceeds were being
rapidly withdrawn, and at the rate
going, the treasury would very soon
be bare of gold.
It is now evident, or inferrible if
not evident. that the runs on the
treasury were but part of a scheme
to force another issue, and to throw
the treasury officials into condition
of panic in which they would accept
any terms to save the diScredit of
suspension. To the president it
probably presented an opportunity
to give congress and the country an
object lesson in the expensiveness
of ''coin" bonds at this time. 1t
is possible that the president thought
1T would bring congress to it's
senses. The situation was one to
cause uneasiness. That it did in the
minds of investors was shown by
the shrinkage in other bonds. 1t is
easy to conceive that this uneasiness
the scheme to force bonds.
Having secured their contract, the
syndicate exploited it for all there
was in it. They advanced the price
at once to a figure that netted them
nearly $5,000,000. The bonds wero
subscribed twenty times over by
eager investors. It is intimated that
the syndicate will hold all or the
most of the bonds for a further ad-
vance. This is conjecture. There is
evidently no lack Of confidence hero
or abroad in the solvency of the,
country Seen in the after lights.
the bonds might have realized the
treasury all the syndicate will now
make. Seen in the ante-gloom, this
IS not so certain. How far the act
OF this syndicate, with it's enormous
backing Of money, taking the bonds.
treasured the timid who had been
sellers and impaired confidence, can
not, of course, be known, but it is
probable it had a stong effect TT
was in the power of the syndicate to
have impeded if not prevented the
success of the competitive sale by
assuming a doubtful attitude. The
mlnnoWs fear the whale.
summed UP, it seems that a num-
Der of enormously wealthy men
went in for big speculation out of
the necessities of the treasury; that
they aided in bringing about. the
conditions that would make their
success sure; that the treasury was
nervous and alarmed, and that. in
stead OF calling the bluff, it yielded
TO their terms. That it was a bad
bargain goes without saying. That
the administration was in fault is
not true. That the primary fault
lies in an imbecile congress is true.
mat the effect is to restore conf
oence and values is a fact That it
puts behind the treasury power
that can sustain it and prevent the
scandalous gold jobbery of the past
year, and whose interest it is to
sustain it, is also apparent. And
that the sooner this country gets
out of its vicious and dangerous cur
rency system, gets it's demand obIi-
gatlons out of the way, the sooner
it will be free of any money syndi-
cate, and the better it will be for the
peace and prosperity of the people,
is also a refulgent fact.