The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1895-02-23
CONFIDENCE RESTORED.


CONFIDENCE RESTORED.
A month ago almost every business
man in the country was alarmed at the
financial outlook. They knew that the
moment single greenback was pre-
sented to the treasury and payment in
gold demanded and refused that the vast
amount of currency in the country would
become Of uncertain value. And every
one of them knew that any man who
held this currency or had any debt due
him payable in currency would not be
able to say what his property or claim
was worth. They knew that the doubt
and uncertainty caused by debased
currency would bring Oh a panic and
with it great loss to the capitalist and
wage Garner Every level headed bus1-
ness man in the country, every banker
and money loaner appreciated the situa
tion, but Congress obst1nately refused to
give the slightest aid. No doubt pow
erful minority Of that body was eager for
8 financial crash. That was the situa-
ton a month ago. Now things have
changed, gold has stopped leaving the
treasury in such dangerous amounts.
The Etruria and Paris which will prob
ably arrive in New York to day will have
on board about s3,5o0,O0o in gold. What
hes caused the change? 1t was the cool
judgment and great courage OF Grover
Cleveland. When his own party, rent
by local issues, aud the Republican
party playing for political capital,
would have allowed the national credit
to have been lost he stepped coolly and
courageously into the gap and saved the
national credit He did it in the interest
of the whole people and not for any one
class. 1t becomes really tiresome to read
what some of the public press have to
say about "the gold bug" and "banker"
trash. Every reasonable man knows
that if capital fails labor must also, every
man who thinks believes that every
panic that ever existed is caused Or ag-
gravated by public distrust or lack Of
confidence. But the very men who we're
full of that distrust so recently are now
eager to make loans, eager to purchase
the very bonds which President Cleve-
land b as negotiated, and eager to pur-
chase them at premium of from LID to
12O. But even now the Republican press
chagrined at the success of the President
attempts to criticise him because he did
not mako as good bargain as could be
made. Because be sold to the Roth
childs instead of to Americans, because
hesold on long terms instead of short.
A Republican cheap money senator from
OBSERVATION-DISCLOSURES fierce attack
upon the President said: "The Presi-
dents wanton attack upon the credit of
the country has been the most disastrous
of this generation, ''and in another breath
says, "the syndicate has already been Of
fered 1929 for these bonds, and the pres
ident of one Of the leading banks OF New
York says that within ninety days they
will rise to 120."
We fail to see where the attack has
been made on the credit of the country.
A few days ago the press of the country
v ere seriously debating as to whether
any more bonds could be negotiated and
now We SEQ bonds selling at a premium.
If this is an attack upon the credit OF
tho country we hope to see it continue
until bonds enough are issued to retire
every last greenback in circulation, and
then perhaps our treasury will be safe
and the United States will be able to
meet the $4,000, 100 debt due nine years
hence. The Republican press and the
enemies of the President who so hlppant.
ly accuse him of this and that, forget or
else never knew that the President did
just what the law allowed him to do and
it was because Of the criminal conspiracy
OF cheap money men in Congress that he
was prevented from making a better
bargain.
The United States needed gold. The
Rothchllds had gold and we're will ng to
make q contract with the United States,
which was better than could be secured
Is the President to be con-
demned for dealing with the Rothchilds?
And now that the President has saved
the country's credit his enemies say that
could have done that. That
may be true, but how many of the pro-
statesmen in the United
States Senate would have had the cour-
age to act as Mr.. Cleveland did. There
are lots of currency theories and perhaps
every Senator has one but the peculiar
virtro NJ Mr. CIavaland's action, was that