The herald., 1895-12-26
RUSSIAN GOLD
Said to Be on Tap to the Extent Of 5000.
100000

~~-~ ~. 'eP ~ tuO VI 3AOOy-
100000
WASHINGTON, Dec. 25.-Great interest
was excited in official circles here today
by the publication in the Washington Post .,
under New York date, OF a statement to
the effect that the Russian government
has offered to lend the United States any
amount of gold up to O0,OOO-one-
half of its total possession of this metal
in order to maintain it's credit against as
saults from the great money powers of
other Europea natl ons, and that, learning
OF this tender, the ROthschilds, through
Messrs. Belmont Il Morgan, had ma 1e
overtures to let the United States have any
amount of gold needed. The statement,
II is learned, is accurate so far as concerns
the fact that Russia rendered the United
States part OF its store of gold, but the
natural inference that this offer was a re-
cent one. made in consequence of the late
Venezuelan message and subsequent panic,
ID not warranted, for it was made two
years ago.
The history of the matter is brief and
runs back only to the beginning of the
present administration of President Cleve-
land. Soon after he came into Office for
the second time the president was con-
fronted with rapidly shrinking gold re-
serve in the United States treasury and a
heavy loss of revenue incident to radical
changes in the tariff. This situation re-
suited in the United States being asked
larger rates than usual for any bonds it
might wish to float. The Russian govern
ment for ten years had been accumulating
gold, in many cases at great disadvantage
owing to the hostility of the money lenders
of Central and Western Europe. and most
of this gold was purchased in the open
market by secret agents of the Russian
government. The purpose was not only t.
provide proper reserve in the Russian
war chest, but also to provide against a
contemplated change in the Russian mon
etary system, by raising the silver rouble
to parity with gold.
Taking cognizance OF the situation of the
United States government with which il
had always been on terms of the closest
friendship, and between which and itself
there were no conflicting interests to arise,
Secretary Gresham, through Prince Canta-
QUEENS, then Russian minister to Washing
ton, was notified that Russia stood ready
to part with half of her store Of gold. If SO
much were necessary, to the United States
in order to protect her old-time friend in
the family of nations. This tender was
made about eight months after President
Cleveland assumed the presidential Office
for his second term. At the time the offer
gratefully acknowledged. but as the capital
lists of other nations gained an inkling of
the fact that the tender had been made, it
was found that the terms upon which gold
could be purchased in the open market, as
consequence of Russia's tender. were so
favorable as to render it unnecessary to
tax the friendship of Russia. At present,
It - understood, the Russian offer still
holds good.
Wants to Be Protected
OMAHA, Dec. 25.-H. T. Oxnard, presi-
dent of the American Beet Sugar associa.
ton. said this evening:
."Whiie congress Is placing duty upon
SO many other things, why are the Ameri-
can sugar producers not protected?
~ was surprised to note the action OF the
ways and means committee in neglecting
this feature American sugar is produced
in the United States by rivals of the trust.
The American producers are struggling for
existence and an increased duty on raw
sugar is the only practical method of stim-
ulating the industry in the United States.
The duty on raw sugar helps the great
sugar trust, but the duty on the raw article
assists the producers of the country gener-
ally, and indirectly the great agricultural
interests.
duty of Is per cent on both raw and
refined would help the American beet sugar
producers without benetiting the trust,
since the trust must purchase it's raw mate
rial abroad. The production of every
pound of sugar by the American producers
into competition in this country
means SO much less business for the trust,
hence the trust is anxious to hinder the
development of the home product. The
danger is that the ways and means COM
mittee, in ignorance of the true sitnation,
will fatally cripple the rapidly growing il-
dustry of beet sugar manufacture in the
United States. The west is vitality inter-
ested in this subject"