The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-07-17
The Commercial Value Of Gold.

The most significant financial event OF
the week has been the failure Of the city
of New York to place, at per cent, per
annum, long gold loan Of less than
100000, and singularly enough, it has
passed almost unnoticed by the public.
The exact amount asked for was 81, 746,
$40, and although money is going a-beg-
ging in the Street at less than 3 per cent,
the amount Of the bids was only $2,256,
37i. and the premium offered less than
per cent. Whether this result is to be
attributed to the dread OF the $55,OOO,-
600 debt impending over the city for the
4 construction Of the underground rapid
ttransit road, or to the expectation OF
new Government bond issue, it is i'm
possible to say, The fact only remains
that, whereas the city, six years ago,
could and did borrow $9,O0O,OOO at "a
per cent, it cannot now borrow $1,000
600 at 3 per cent.
From present appearances, the silver
question will not be 80 prominent in our
coming Presidential campaign as it SEEM
ed likely to be a few months ago. The
Democratic party, in spite OF its tradi-
tional propensity to take the immoral
side of great national issues, shows, even
In the extreme West and Southwest, a
praiseworthy hesitation to declare In
favor of paying debts with money de-
based to half the value of that now
current, and here in the East it is solidly
for maintaining the present monetary
standard. The Republicans, also, are
nearly unanimous in their opposition to
free coinage without international agree
ment. which is the same thing as being
opposed to il altogether, since the in
ternational agreement talked about is
pure chirnera. Germany does not want
Il and will not even call conference to
consider it, and bimetallism in Great
Britain is favored only by the same Sc
lect number OF visionaries who have
been advocating il for the past ten years.
Their leading essayist, Mr.. Arthur James
Balfour. has been notified by his own
marty that he must not attempt to bring
forward his currency theories as a part
Of the new Administrations programme,
and 10 make sure that he will not do SO,
neither he nor his bimetallic colleague,
Mr.. Goschen, has been appointed Chan
cellor of the Exchequer. In Great
Britain, as in this country, the chief
motive Of the agitation in behalf ofsilyer
has been the low prices OF agricultural
products, and the competition Of silver
standard countries in the ruder manu-
featuring industries. AS this motive
fails from the general improyement,wi with
out aid from silver, Of prices and OF BUSH
ness generally, the desire for a depreci-
ated monetary standard weakens there
as Il does here accordingly.
On one account II is to be regretted
that the debate on the merits OF free
silver coinage, so auspiciously begun in
Kentucky by Secretary Carlisle and bis
colleagues, could not extend TO all pariA
Of the country, as II would II free silver
, were made national political issue
For never has so much ialsehood and
sophistry been poured 10th on any sub
iect as has been poured forth in behalf
Of silver, and its advocates have used the
silence Of the friends Of good faith and
honesty as proof Of an inability 70 answer