The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-07-24
More Bonds and the End Not Yst

Once more we perceive the inevitable
slowly taking shape in the neighbo
hood Of the sub-treasury in New York.
Without any apparent reason or excuse
gold is beginning to flow to Europe
again, and this outward movement ia
begun in the face of the fact that there
is tremendous glut OF money in all the
great capitals Of Europe-in London, in
Berlin and in Paris.
In those capitals the war chests" are
filled to overlooking with gold, and the
vaults OF the great banks are bursting
with treasure that Is lying idle. In
New York money Is worth from to II
per cent. In the South aud West where
there is currency famine, it is worth
anywhere from to IS per cent.
This, we are told, Is prosperity Of the
most marvellous kind, and whenever o
trades union compels manufacturing
concern to raise wages to point where
lsborers can survive, we are asked to
hit our hats to the gold bug standard
and to thank our stars that we have 9
British financial syndicate to protect
our Treasury. As matter OF fact, We
have tried to join in the ovation. but as
native Americans we find that the ap-
plause with which we would fam make
the welkin ring sticks in the throat and
leaves bad taste in the mouth.
Far be 1t from us to indulge in abuse
of the syndicate which Mr.. Cleveland
invited to take charge OF our financial
affairs. There Ia nothing cheaper than
abuse, and the gentlemanly bankers
who took advantage OF the situation
which the administration deliberately
forced upon the country would have
been simpletons indeed II they had al
lowed the occasion to pass without inn
proving 1t. The members Of the syndic
cate are In business for the purpose of
making money for themselves and their
clients. When they seek health they
go to Bar Hsrbor or to Baden. Baden,
but when they stand at their counters,
or when they are called in to hold an
inquest on the remains OF American
prosperity, they would be fools indeed
II they failed to command fee COM
mensurate with the Importance of the
occasion.
Now. whatever else may be said about
the gentlemen who have been engaged
for some months in sustaining the
honor and the credit OF the American
people" II cannot be said they are fools
Nor can 1t be said they are frauds. A
man goes into business for the purpose OF
making money, especially when he goes
Into the banking business. There Is no
sentiment and no patriotism in the mat
yer al all. Those who compose the syn
dicate found that they could make a
profit OF from ten to twelve millions of
dollars by furnishing the peoples treas.
ury with sixty five millions OF gold.
In carrying out the contract, how
ever, 1t has shown to the people of tho
United States that IL ia in the power of
few individuals or firms to control the
exchange markets for at least brief
period, and this control of the exchange
market means that gold can be piled up
in Europe and held, or piled up here
and held. And when gold is held - Is
cornered, only the average citizen is not
aware of what 10 pinching him when he
hnds the product OF his labor depreciat.
Ing before hts eyes
But the syndicate, being composed OF
good business men-men who are not
inclined to dissipate tho large profits
which they have won by selling United
States gold to the United States Treas
ury-have at last found that they can.
not prohtably keep down the market
| rate OF exchange Pending the delivery
OF the bonds they sold bills Of exchange
a az SA's9. when the market rate was
o. 10 This they did at an apparent
loss, but they recouped themselves bv
| refusing to import foreign gold, paying
into the treasury that which they had
Kept from going abroad. They have
| heen criticised for this. but from the
business point OF view it was no doubt
perfectly legitimate
Now, when they find it impossible TO
Keep the rate OF exchange below the
gold shipping point without sustaining
loss, they are perfectly justified in