The comet. (Johnson City, Tenn.) 1884-1916, 1895-02-28
The Bond Contract.

The Secretary Of the Treasury has
for some months enjoyed the distino-
ton of being the worst abused man in
the country. 1t is not a very pleasant
position to occupy, but Mr.. Carlisle
has maintainedit with his customary
dignity, and, SO for as the world
knows, without serious disturbance to
his temper or digestion.
Mr.. Carlisle did not, OF course, ex.
pect to satisfy his critics when he ar
ranged the sale Of the new bond.issue.
1t has not astonshed either him or his |
friends that the contract with the new
syndicate has caused him to be de-
nounced by the Republican and Popu.
list orators and press from Dan to
Beersheba. He has too long been
their target to care for such firecracker
artillery when he knows, and knows
that the public knows, he has done
the best possible for his country.
All the assaults made upon the gov
eminent have sought to establish two
things: That it was unpatriotic and
unjust to American citizens to sell the
bonds to a foreign syndicate, and that
they were sold at too low price. Few
have the hardihood to say that they
should not have been Issued.
Unquestionably 1t would be best to
, place all loans with our own people,
all things being equal. 1t is also true
that low price was realized for the
issue.
But every thoughtful man who care.
fully examines into the condition OF
AFFAIR." must not only approve the sale
abroad, but also the bargain made
with the great banking houses which
took the bonds.
. By the terms OF the contract the
e members of the syndicate obligated
, themselves to check the expectations
of gold. The only way to do this il
by keeping down the rate OF exchange
both by importing gold and by the
employment of such other means fol
influencing the markets as lie in the
power of the Morgans and Rothchild,
and their associates who have great
e credits abroad which may be drawn
. upon at will. This is really the prin
cipal consideration in the sale i. could
have been obtained from no other
!, combination, unless, perhaps, the As
ISOLATED Banks Of New York coulC
have been prevailed upon to enter into
such an agreement. 1t is unfortunate
t that they did no! rise to the situation
| The New York clearing house is made
up OF an aggregation OF fnanciers who
have Shown themselves equal to any
great emergency. While the Bank oil
, England had to call upon the richie
, Bank Of France for assistance after
the Barring crash, the new clearing
house weathered the great fnancia
9 storm OF 1893 without soliciting
penny to help, and held up the whole
{ country in so doing. Had this grea
association desired to help the govern
t ment it could have checked the golt
Il run on the Treasury long ago. TIL
:, members have not cared to assum
:, This patriotic duty, strained relation
having grown up between some Q
them and the Secretary of the Treas
ury, who has acted as he thought bes
; independently of their wishes and ad
vice. Private pique influenced then
to such an extent that with over $81
" 100000 In gold coin in their vaults an,
D. with a furth ar stock to, draw from {
< over $50O,00O,OO scattered over Anne
m lea, they refused to spare one dollar {
q relieve the Treasury.
Under the circumstances Mr.. Ca,
Isle made the best and wisest arrang,
= ment possible. Knowing that no ma
's ter at what price the bends might
lie sold in this country the gold would
of Immediately withdrawn and agai