New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-03
THE SITT1 TON.

Tho swiftly moving food of outgoing god
has bccD Suddenly arrested Exporters were as
frantic to stop their shipments on Sa'nrua! aS
,bov wore frantic 10 make them on Friday. For
tho first fine in many weeks gold which had
hoen Withdrawn was turned back into the Treas
ury on Saturday Without any bond issue. with
ONT even the certainty that any bond issue
would he made. a sharp turn for the better is
soon in tbe stock and money markets This may
holm in remind some people how directly the
nrosncrjtv Of thc country depends upon. the
solvcncy of the Treasury. and the maintenance
Of gold redemption for the notes oulstahdh2'
. coroless word or Two by Secretary Carlisle
about the payment of Treasury notes in silver
precpitated the panic of 1893. A threat OF dis
organization Of the currency at the opening VI
the present session Of Congress early III Deceh-
hor took ont of the Treasury in forty days more
n,on.v- than the issue Of SjO.0O0.000 bonds
broncbt in The mere expectation OF another
loan large enough to protect the currency has
stoppcd the outgo of gold for the moment ana
has put gold back into the Treasury
II would be well for the country il the inner
meaning of these events could be appreciated ny
the Administration and by Congress. Ihr'!
years of unparalleled progress ana prosperi'!
under Republican laws have placed the creoit
of the United States so high that two years vi
unsurpassed foolishness have only injured ]"
Cold and ceareycd foreign bankers stake Hill
ions on the belief that the American people
represented after March by Congress not
Democratic will make adequate provision ior
the rcdemption of any bonds that may be issued
and for n revenue exceeding the expenditures
of the Government. They are betting on n sure
thing Republicans in power never suffer the
National credit to collapse.
The loan IS a bad one. Foreign bankers VINO
take it have customers who hold S3oo.Oo,o"
OF railroad and other American securities. 1hcy
say to their customers: Railroads are niS-
gracefully managed, and earnings are bad. ana
with Democratic tariffs are likely 10 continue
bad But Government bonds the Republicans
will be sure to pay. Government So per
cent bond is better for you than railroad
'ppr cent bond" Then their customers sell
their railway securities. and take the Govern
ment securities. and the country does not get
the gold IL hopes for. but it becomes bound To
pay foreigners S4000.0O0 yearly in gold. II gold
comes this way AT all. 1t will be only because
the individual investors in Europe prefer To
cling 10 their railroad and other securities, ana
so new money goes into the Government loan.
We cannot make money by borrowing from
Europe If our own people should put their
savings into a popular loan. they would get the
gain, as their Government gets the loss sen
ator sherman was right in declaring that 'he
people would end the whole business III TWO
DAYS IL they had chance to take popular
loan. But the President prefers to 20 10 Eu-
rope. 1t is costly blunder; for when ne y
first responsible because he killed the tifhc Oh
Congress by trying to pass n State BANK o'i''
but Congress IS directly responsible also, De-
cause it has refused to pass any bill Tor rcpieh-
ishment Of the Treasury. and though strongly
and eloquenty urged in both houses has refused
10 authorize a popular loan. The sow-foo'ed
years as they come will mark the President ana
his party with disgrace, because they nave
brought to utterly needless dishonor the strong
est Government and the richest and most pros
porous people in the world.