The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-02-28

49,. ~>a~,oss wa hexq1u by the preSezzt4-
tsx, az : dubious banking scheme anccsn-
nen,ed by . provision for state banks.
mich alarmed the bess sentiment OF the
r.ne ana watch was deceatei In the
house OF representatives. TIE resuH OK
chs alarm WAS TO increase the hoardsnx
~ rns,rey. IL was drawn out OF the BANKS
a. r,,f IN safety deposit vaults: import
-. ,s,uccuus<d their bits sn Europe; gold
~ =, ~ w4tndrawn from he asury %
Ansx s1cn spayneno: our own pelpzs
chose the best money 70 hoard. thus ere
.rsps further demand Tor gold. and four
->~t. ago very serious fears were enter
..,r>s chat our currency would 80 TO q
e.,ve- basis. worth about 50 or 90 cents GA
.bs dollar A god. and there wound have
neen such . run On the treasury 10 oraw
,rs remaining gold reserve IS the country
has never witnessed
...rhe effect OF such . state OF things.
n II had come to pass. would have been
aiu,os. instantaneous all over the coun-
try. and the man who with paper or
silver dollar the day before could have
bduxht a pound Of meat for 10 cents
would have been obliged with the same
currency TO pay Is or % cents Tor IT,
.The effort to maintain the parity OF
al our money would have been at an
end. From this state Of things President
Cieveland's bond sale has for the time
being relieved the country. How long
that relief will last is the element OF
uncertainty about tho immediate future.
No financial legislation Is possible at
this session Of congress. and 1t 10
question of very grave concern whether
the gold obtained by the recent bond sale
will not again be drawn out and compel
q resort to another sale OF bonds TO
again relieve the situation. This ID al
most certain to be the case. If It Is true.
as believed. that under tho present tarin
there q q shortage OF revenue with
which to meet the obligations of the gov
eminent. Many Of the best thinkers in
congress and outside Of 1t firmly believe
there will be. and there seems to be no
one except Mr.. Carlisle who IL willing to
give any definite opinion to the contrary.
and Mr.. Carhsie's conduct OF the Office
OF secretary Of the treasury has not been
such a. to inspire confidence In his pre-
tictions or calculations. If 1t should
turn out that there was SUFFICIENT and
q surplus revenue. thus avoiding the use
of proceeds Of bonds for the payment Of
current expenses, and there should be
no depletion Of the gold reserve from any
ether cause. confidence might in some
measure be restored. but until we know
where we are. the feeling whichsI can
only describe 90 uncertainty will con-
tinue: every man who has any money
will hold on to It. make no investments.
and no Improvements in financial con-
ditions can be hoped for.
'You ask mo how long this win con-
tinue. No man can tell. 1t may result
In the president calling the new con-
gress together. II 30. let US hope that
It will differ from it's predecessor and have
the courage and wisdom to give US that
which Is the basis Of all business pros
perfty and without which none can be
hoped for. namely. q sound currency. A
currency In whfch every man, rich or
poor. citizen or foreigner. banker or
laborer. has tho utmost and entire con-
6dmce."