The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-02-04
FINANCIAL REVIEW.
Henry clows's Weekly letter on
tho Business Outlook.
ANOTHER BOND SALE is NEEDED
To Replace tho Depleted Gold Re.
scrve-rhs Treasury Condition a
piscrcdlt to tho Administrator ut
washlnGton-A Comparison of Ma.
tionai Dsbts-Further Gold Ship.
ments not Probable.
Spttfil corapoatsnt Of Ne inielli,taa.r.

NEW YORK, Fob. Tho appearance
oil tho market during the week ha, indi.
Gated tina. there we're somo stock,
shaken out, and prices were forced
down so As to buy than as cheaply ai
possible. The worst Of the sauall, l
think. Is now ovor. Some people have
been more frightened than hurt. II
the United State, treasury should BY
chance suspend gold payments. which
Ia the worst that can happen, and that
!. not likely, even in tina. event the
holders ofleSal tenders would mos. like
ly want to get out Of their money and
take stocks and bonds instead, as a, the
present prices OF most OF the active
marketable securities are about down to
solid gold basis, while the money they
hold will lose it, gold value. for a time
A. least. II the treasury should disco II.
.inue sold payments.
The business iuterea,s OF the country
have gone down 10 gold basis. Il is
so with manufactured goods OF every
sscrip.ion. l. Is so with iron, steel,
cotton, gram, aud 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 il gold redemption OF its notes
were stopped By the treasury; in which
event the next turn would be Tor saga
cious people to exchange their uon.re-
deemable paper money into nanutAc-
iured goods or raw material, such a.
iron, grain aud cotton; also into ,ecuri-
ties or anything else that has dropped
doyu TO low basi, OF value. Tie feel.
ing would set in to buy everything that
looks like bargain, which would be the
forerunner OF buoyans and advancing
markets in all lines OF business in this
country. On the other hand. il Con-
greis passes gold bond bill, favorable
turn will come by the sale Of the bond,
III Europe and the transfer OF foreign
gold TO this country, which would come
in such quantities, II bond, enough
were sold By the government, as TO re-
move the depression prevailing here to
the other side. The importation Of
gold would encourage confidence in this
country and the loss OF /, would dep.ess
correspondingly the people on the other
side the Atlantic.
The holders OF legal tenders who take
them TO the tEea7ury and demand gold
for them discriminate against the kind
OF money they Surrender, aud TO meet
such discrimination the government 10
compelled TO make some provision 10
replace the gold thus drawn The only
means OF doing this 4. present 10
through the sale OF bonds. The govern
men. should be provided by an act OF
Congress with another way, which
would be to exact payment OF part OF
the dutie, in gold. As it stands now, no
one pays into the custom house any
gold whatever, aud this is diacrimina.
tioa by the importers against gold
money, as they make payments OF du-
ties in every kind OF money excepting
gold coin. 0ne-halt OF the custom du-
ties a. least should be required by act
OF Congress to be paid IN gold coin.
This would be the best means OF repten-
ishing the government gold reserve,
and it would be through 4 business
process. It is urged by some that such
action would be Discrimination
againss the legal tender money OF the
country. Suppose It is? Dc not the
people who present legal tender notes
10 the treasury and demand gold for
them discriminate acains. them2 But
in truth it would be Discrimination
in favor OF the notes. because i. would
provide gold with which TO keep them
redeemable.
The discredi; OF the present handi-
capped condition OF the United States
treasury is not so much \ discredit 20
the country a. 20 those who are admin-
isterinS its affairs st Warrington. The
people Of the country are simply stock
holders. as Il were, in the great United
States corporation, and they will see TO
! il that A. their mex. meeting TO yote
they will turn out everybody who has
been derelict in bis duty and instru-
mental in bringing abou: the presen.
state oil affairs. 4 good maay OF the
representatives OF sectional and per-
soual interests, "a against national, il
will be remembered, were voted gu. OF
Office las. November, and the balance
will receive the same punishment At an
early day when the people have the OPP
portrnity of exercising their power.
After the Ausean stables have been
cleaned out" the millennium will have
arrived.
The following statement should be
sufficient TO base confidence upon, not
withstandlGg the present period oil
gloom. The public debt OF the United
States zovornmens was, on january l,
Sl,06i.2o4l 900. as a;ains: the debts OF
tho following European nations:
Austria u7g s, ,s6'i Ile. SO
Erlnce.-.. t,'lor '-Nas
IIc1t Bslsl 3bSlLsHO
Germany Prussia. etc.. 81 " IL
Italy SstS-oI-J
The Unitod States government. there
fore. has no. only the smallest debt, but
is also the riches. in resources. Tho
debt OF Canada per capita i, $50. The