The Irish standard., 1895-02-16
THE NATIONAL CREDIT.

which is at the same time OF such vital
Importance, as the money question. The
general lack Of knowledge on the ques-
tion at the present time is largely due to
the fact that the currency question has
not been very prominent for the last two
decades, and to the fact that people re-
frain from reading about this matter be-
cause they imagine it to be past compre-
heneion. And while it is true that the
question is decidedly complex when
viewed from all sides and considered in
detail, it is not difficult to get such gen.
eral ideas CT the subject as will render all
discussions of the matter perfectly intel
ligent and ineligible. 4
The great struggle on the money ques
ton in this country is between the cred1~
tor and debtor classes, between the hon
est money and cheap money advocates,
between those who wish to see the nA-
tional credit maintained and those who
would repudiate rather than lose point.
1t is not fight as is often supposed be
tween gold and silver advocates. There
is no gold man who does not advocate
silver and no silver man who does not
advocate gold. The difficulty is in main
tanning standard and parity between
that standard and other objects which
pass as money. The difficulty at the
present time consists in keeping enough
gold in the treasury to redeem all obliga-
tions that may be presented for payment.
It is the object of the government to
keep on hand at I'LL times reserve OF
one hundred million in gold. Of late it
has been impossible to do this, notwith:
standing the fact that two bond sales
have been made and $l16,O0O,000 in gold
poured into the treasury as result of
the sale. Yet only few days ego Presi-
dent Cleveland requested Congress to
permit the secretary of the treasury to
sell 500, 100000 worth of gold honds-
bonds payable in gold IN fifty years. But
the conspiracy to force the country upon
a silver basis was too strong and Con.
gross failed to accomplish anything. The
law now permits the secretary to sell
coin bonds and this is just what Presi
dent Cleveland proposes to do. The rea;
son for asking permission to sell gold in
stead of coin bonds was because gold
bonds could be sold at lower rate of in.
terest and on more favorable terms than
the coin bonds. The silver mon in Con-
gress, however, thought the present crisis
was likely to force all the gold out of the
treasury and thus force the government
to pay it's obligations on silver basis.
This will not happen, however, while
Grover Cleveland is President. He can
be depended on to do his duty under
the law. He has exerted all his ability,
power and influence to keep the govern
1nent out of the difficulty into which it
has dropped. The treasury needs geld
to maintain the national credit. He now
proposes to get this gold by doing that
which the law allows him to do, by SELL
ing bonds payable ia coin; and he pro
poses to do it at once without fear or
favor. The Republicans taking parti-
san view of the unfortunate situation
have aided the cheap money Democrats
IN opposing the President, hoping to
force him into increasing the revenue.
The president maintains that it is not q
lack Of revenue Or funds but the lack of
a particular kind of funds, viz: gold,
which causes the trouble
We naturally ask ourselves why gold
leaves the treasury SO rapidly. Some
newspapers are foolishly asserting that
the revenue is not sufficient to run the
government. Nothing could be farther
from the truth. Gold has been leaving
us because Of doubt as to whether we
will continue to pay in gold. There has
been run on the treasury just as there
are runs on banks under certain circum-
The real fundamental cause is
the greenback. It was the misfortune Of
the United States to have created de-
mand debt during the war, in the form
Of certain promissory notes payable on
demand which are commonly known as
These notes are being con
tinually presented for payment. Over
$3.50 100000 worth have been redeemed,
but instead of beng cancelled when paid
thew are Hnder the law of 1878 constantly