The herald., 1895-01-28
ALL FAVOR A POPULAR LOAN,
Opinions of Bankers on the
Financial Status.
What the Administration and Con-
gress Should Do.
Senator Hill all Approx. OF a Plan
to Borrow $500. 100000.


Special to THE HERALD.
New York, Jan. 2S.-The World will
this morning say: WITH the gold in the
treasury down to s6z,000.000, with
$4,000. 600 drawn out in one week. with
more than 81 .000, 600 sent abroad in one
day, with the government spending
more than it receives, with recent bond
issuea resulting in nothing but psllia-
ton and debt, with foreign capitalists
turning American securities into gold
because they doubt the future stability
of hodge podge Of government and
finance, with Wall street in the first
stages of fever. with the specter OF pre-
MUM on gold threatening all standards
OF value, the time has come for strong,
heroic and instant action that villa end
eace and for all the present lack of com
mon sense in the management OF
finances OF the country. Statesmen and
fnanciers all say that crisis is at hand.
and they all cry out that something
must be done.
The World presents opinions OF the
leading men and bankers of the coun-
try as to what that something should
be. "a to what the administration and
sonqreas should do at once. To man they
assert that large popular loan, say OF
$500, 200 900 would be subscribed for in
few days and that it would give per-
mansnt relief Congress and Cleveland
they think should take such step i'm
mediately. Here are few among sew
sral hundred opinions:
Elias O. Benedict. President Clevs-
lands intimate friend, said: "There lie
not time to bring about sufficient una
nimity upon any wise plan of establish
ing our currency upon firm foundation
during what remains of this congress.
1t was foressen long ago that legal ten
der money instead OF acting as circu-
lating medium would become circus
lating pump on the gold deposits in the
treasury. So it will continue to be at
every period when, as now, the govern
msnt 10 obliged to provide gold to adjust
the balances OF trade instead OF leaving
that duty where it bslonga-to banking
interests of the country. A step in the
right direction would be the appoints
ment OF q commission which should
comprise members from the senate,
house and from among the banking
fraternity. Such commission would
undoubtedly formulate in the near
future q perfectly feasible and safe plan
for extricating US from monetary en-
bsrrsssmsnt. The difficulty lies In the
want Of wisdom in congress"
II thoroughly approve OF q popular
loan." said Chauncsy M. Depew. sir
the present state OF affairs-with tint
Democrats ia power and the Republican,
coming into powsr-the situation can
mot be remedisd except by some tenta
tive measure. The first thing necessary
il to restore credit and confidence by
popular loan which will keep the treas
ury in condition to inset its obligations
Then. when the financial world nnder
stands that the people OF the United
States are determined to meet thei
obligations, and in gold, there will q
once be q restoration OF credit and con
fidence."
Senator Hill said: 1.-THE question tina
now confronts rs is not one OF partisan
ship, but Of patriotism. We will sc
within a few days whether our Republi
can friends are equal to the demand
that may be made upon them. be
lieve legislation is demanded from IN
present congress providing for gradua
sxtinguisbment, and this can be sur
nlied through a popular loan. 1t 10 oil
ficult to discover why the true irienos
free ,bimetallic coinage in congress o
elsewhere ehonld object to the elimina
ton of this grsenbSck paper currency
which. it is now generally conceded
should be cancelled"