Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-02-21

81. 600, 900 a week. The next week sl0.-
000, 900 would have gone the week after,
the last dollar.
There was no time for prolonged nego-
tiations. If bids had been invited Tor a
further issue OF 8 per cent bonds, the iirst
danger would have been that the end or
the Treasury gold would be in sight before
any bids came in, the second danger
would have been that no bids would come
in. This last, in fact, was almost GER
tainty. The first issue of S500OO,OOO II IS
we'll known. was barely saved from fall
ure. On the second issue for the same
amount the purchasing syndicate were out
of pocket. Congress was standing there
like lot of boys playing with dynamite.
No help was to be had from them, The
bankers had got tired and no wonder, OF
iinging their gold into the bottomless pit,
IL ever there was an emergency in public
finance, il ever extreme measures ana
great sacrifices were justitiable to save the
public credit, the last week in January
was the time.
President Cleveland had against his will,
been forced into the government banking
business. He had besought Congress to
take him out of it, to allow him to contine
himself to the duties of government
paymaster; but no, they would not have It.
banker he was and banker he should
remain. Those demanded notes of his
should go on being thrust in his face. and
yet no gold to pay them, as he had prom
ised, should be voted him. All Mr.. Cleve-
land did was to accept the situation. II he
must be q banker he would be an efficient
one. III it was necessary to submit to
hard bargain to save his credit q hard bar
gain let it he. While Congress was gibber
ing he would be acting. He called In men
with gold to sell, made the best terms he
could with them, got his gold, stopped the
run on the Treasury, saved the situation,
and won the unanimous thanks Of the
business world with the unanimous curses
OF all the political trimmers and pirates.
In fact he did just what any banker would
have done i'll analogous circumstances in
private business. He must keep his head
above water, He must sustain his credit
or 20 out of business. He did it. and the
business men of this country are not going
to hagKle over the terms on which he did 1t.
These terms are said by the men fully
acquainted with the facts to have been the
best obtainable. The bankers expect to
make good profit and will doubtless do so.
business man i'll straits cannot borrow
money as cheaply as one with an abund-
ance of tirst-class securities. Moreover,
the contract has the great advantage of
being by implication continuous one.
The Treasury gold is protected for the
present and for considerable future
period as well. For the relief, present and
prospective, the price paid was not too
high. But il the Populists and pirates as
sert that it was they have the remedy in
their own hands. In two hours they can
pass bill compelling the devilish bankers
to surrender all their profits and take per
cent bonds al par. All they have to do is
to say gold instead of "ccin.n senator
Sherman has at last forced his venerable
lips to utter the awful word. But we do
not expect him to persuade the others to
do it-certainly not before the Today OF
ton expires. As soon expect Satan to
make the sign of the cross. But their
mouths are shut about the "merciless ex-
actions of Jew bankers" For our part,
we hope the bankers. Jew, Christian. or
Turk. will exact as much as they can out
of the necessities of the government, until
the hard Truth is beaten into the heads of
the people that there are always bills to
foot after financial debauch.
From H. 4. Co, lins 81 Co.'S New York; circu-
lar, Feb 10TH.
With its attention rivetted upon WASH
ington in the hope that eleventh-hour leg
islAtion to help the National credit might
be possible, Wall street has lost sight Of
the revolution in the financial situation
effected by the gold purchase contract with
the Morgan Belmont syndicate. In Janu-
airy this country sent 26OOO,O00 gold to
Europe. This week over S0O0,0O0 has
started from England to the United States.
III lllC lNSl NSGh VI JhludTN lut
ury lost l6,O0O000 gold This week it has
gained over 10000, 900 through deposits for
syndicate account. The free gold in the
national treasury fell to nearly Al ,0O0, 900
at the beginning Of February. To-day it
amounts to 49.600O0O. The contrast re-
minds us of the extremity to which the
national finances had been brought, but il
serves to emphasize the favorable
change. Under all the adverse conditions
OF low prices for our exportable products
and the heavy increase in imports under
the new tariff, Januarys complete mer-
chandse returns show an excess of exports
over imports of l3750,0O0. For the first
seven months of the governments fiscal
year we carry a trade balance to our credit
of %, 100000. The contract with the syn
dictate has stopped the scare" exports of
gold and unlocked boarded sums. The
settlement of the real commercial trade
balance, visible and invisible, can be de-
ferred but it cannot be prevented by bank
ing operations. But the effectiveness of
the favorable merchandise balance of the
country will be immensely added to IL
European confidence can be made plus
instead of minus. A great step to accom-
plish this has been taken when the posi-
ton of the National Treasury Is re-
enforced. And the contract pledge of the
syndicate carries the Treasury through the
period when normally exports of gold
reach their highest limit