The comet. (Johnson City, Tenn.) 1884-1916, 1895-03-07
MIR. CLEYELAND'S CRITICS.
The Attacks Made on Him for the
Bond Issue.

There are two ways of looking at
the matter, the manner and the con.
sequence OF the recent bond issue, and
we are not quite sure that Mr.. Cleve-
lands. critics have chosen the right
one. 1t is true that the bonds, now
that they are on the market, are in
demand at price very much higher
than that at which the government sold
them. 1t is true that this price may
increase still further, rising even to 100
1t is true that the difference between
104, the figure at which the syndicate
obtained the bonds, and 120, the fig.
nre at which they are likely to be
sold to investors, represents aproft of
many millions ofdollars to the original
purchasers. But does it follow that
the government could have done better
under the circumstances-that Mr..
Cleveland and Mr.. Carlisle have COM
mitted blunder which will cost the
country dear? That is question 10
be settled before any intelligent verdict
can oe passed upon the transaction.
Meanwhile, the country has derived
benefit that can hardly be estimated
even in millions. The administration
has given final and conclusive proof
that the United States intends to main
tain its credit at any cost, to preserve
its solvency, and to pay its debts, dol,
lar for dollar, in the best money of
the world. Aud the world, on the
other hand, has tested its confidence
in our integrity and our resources by
Offering us gold in overflowing volume.
We know, now, thatln Mr.. Cleveland's
time, at least, the country will be held
firmly in the front rank OF respect
and confidence, and that the country's
promise is, in the eyes OF the world,
worth every centitguarantees. Surely
! that is a matter of relief and pri lie
aud reinsurance. Surely transaction
which has broughtus 80 much OF profit
and contentment can not be regarded
as altogether barren.
The deal has been denounced as
wastelul and improvident. How dc
the critics know it was? How do they
know, in the event of rejecting the
offer made by she Rothohild-Morgar
syndicate, the government could have
| obtained better terms elsewhere? How
can it be demonstrated that this very
arrangement is not the cause of the
present value of our securities on the
mouey market? 1t ia easy to make
charges. Any gentleman with pail
OF lungs and an easy going conscience
can handy epithets and accusations
But where Is the evidence that Mr.
Cleveland, at that critical financial
moment, with Congress that hat
sulenly refused to come to the treas
ury's relief, and with national bank
ruptcy confronting him, could hav'
made better bargain, or, indeed, any
bargain at all, save with the men il
question? Would rupture with thu
Rothohilds have helped us with othe
financiers? Would smaller capitalist
have rushed in where Rothchilds fear
ed or refused to tread? It is very wei
to point to the fact that our bonds
which we sold at 10i are now sough
for at lis, but what has caused then
to be sought so-is it not this convinc
ing manifestation OF Mr.. Cleveland
determination to maintain oui credi
spotless before the world, and th
worlds belief that whatever Congress
may or may not do, the American
people will honor and sustain him il
his course?- Washington Post.
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