Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-10
Inquiry to Be Made of What is in
This Country.
THE PRESIDENTS POLICY CRITICISED
Offers of Aid from Bankers Said
to Have Been Rejected.
A CHANCE FOR GREENE CKS

There is a promise, when the discussion
of the currency question begins in Con-
gress, of very interesting inquiry touch
ing the amount of gold held in this coun-
try, by whom, and the reasons why, in the
eral times been reduced, it has appeared to
be so difficult to keep the reserve up to the
hundred millions figure.
The Presidents Policy.
Critics of the Presidents policy assert
that it has been curiously short-sighted;
that it has not only put the greenbacks in
false light, but has denied to them the
full exercise of their power. While money
brokers have been permitted to use them
to the governments disadvantage. the gov
eminent has neglected to use them to its
own advantage. Why, the question Is
asked, has the government at such times
never gone into the market and obtained
gold on it's greenbacks? Why were inter-
est-bearing obligations always considered
necessary? 1t is estimated that there are
at least five hundred millions of gold held
In this country: The figure is sometimes
placed at six hundred millions Half of
this sum is in the vaults of banks, national,
state and private, and much the greater
portion of 1t, it Ia asserted, could at any
time have been secured for the government
by the exercise Of a broad national policy.
The greenbacks have always been as good
as gold. That has been the governments
boast, and upon that boast-so universally
accepted and supported-the governments
credit has rested, and still rests. And yet,
1t Is charged. that. with all of this gold
near at hand. and obtainable merely by
the making of a request and the produc-
gone into the market-or, rather. into a
syndicate's counting room-and paid high
interest for the yellow metal.
Offers of Gold Rejected.
A prominent eastern Senator has this
matter under consideration and will give
his views at length when the time comes.
He lays the blame wholly st the door of the
administration He points out that the
banks have repeatedly offered to come to
the governments assistance; have tele-
graphed the amounts of gold they stand
ready 20 transfer to the government for it's
greenbacks. But these offers were rejected;
sometimes for one reason and sometimes
for another; but for some reason they were
almost invariably rejected The result was
the manifestation after awhile of spirit of
Indifference on the part of the private hold
erS of gold, and, what was even worse, the
growth of an impression among the great
body of the people that the small holdings
of the government represented nearly all
the gold there was in this country. And so
it came about that when runs on the gov
ernment's supply would begin, anxiety
among the ody of the people would become
very great.
The Coming Interest Payment.
The Importance of this subject Increases
with the approach of the LIST of January,
when the semi-annual interest on Ameri-
can securities held abroad is due. This, of
course, must be paid in gold. The exact
amount of this is not obtainahle. but 1t is
large. Now, the question is asked, how
shall this emergency be met? If the
amount is to be drawn from the govern
ments store. how much, if any, of that
store will be left? Would the govern
ments whole store suffice? Obviously,
therefore, it is held. there must be another
sale of interest bearing bonds by the gov
eminent, or else an exchange by the gov
eminent of greenbackS for gold to such
II situations as may have gold, and which,
knowing the greenbacks to be in every way
as good, may be willing to part with it on
these terms Ought not the banks and the
private holders of gold this time to have a
chance to show how far they are willing to
go to help maintain the public credit ?
Have they not shown their willingness to
respond? Would they not, If afforded an
opportunity, supply the government with
all the gold It needs until Congress can
mature legislation which shall put an end
to the embarrassment?
The republican financiers are saying give
the .greenbacks a chance.