New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-14
TRUSTWORTHY RECEIVERS.

Coming bond sales cast their shadows before
MANY men find no other Interpretation when
they see exchange rates firmly held ana goiu
going abroad. They point to the contract De-
tween the syndicate and the Government last
February as conclusive proof that the long-he
ed masters of finance, if they did not intend 10
favor second issue Of bonds this year, even
then foresaw conditions which would proDaDy
cause it before October They could already
forcsee the great decrease in cotton acreage, Tor
which associations and public meetings at the
South were preparing, and which was expected
TO be greater than it has been. Some idea or
the injury done to winter wheat could even then
be formed The long delay in congratulations,
by which railroad and coal interests could De
placed on better basis and American securities
made more attractive to foreigners, might have
been expected, nor was it difficult to foresee that
the Government receipts from the new law
would leave heavy deficit, though encouraging
heavy importations and thus producing adverse
balances if decrease in crops should restrict ex-
ports Of products. All these elements were sure
10 be taken into account by the able financers
who made their bargain with the President last
February 1t Is now semi-officially announcer
from Washington that if another bond issue or
an extra. session of Congress becomes the al
tentative. the President will certainly choose the
Issue of bonds But this was also expected, ana
probably considered in advance by masters
If finance so that practical certainty may have
hecn attained regarding 1t. They must have
known the indisposition Of the President to call
y Republican House together before the regular
session The very language Of the contract i'm
niles a foreseen probability that the Admins
traton would prefer to issue more bonds rather
than to ask the next Congress for financial re-
lief
Sucb are some Of the considerations which lead
many TO believe that the outgo Of gold about this
time with the resulting depletion Of Treasury re-
serves were from the first reckoned as probable
by masters in fiuance. The general condition OF
business. strongly though tentatively recovering
from extreme depression, was in fact discussed
rs the probable result Of the elections last year
and the adjournment Of the Democratic Con-
gross without making more mischief. But such
recovery necessarily involves more interest than
usual in the crops Of the fall and In the condition
of the Treasury To help the Government Of
this great and rich Nation out Of Its troubles
the second time In single calendar year was
obviously an achievement worthy the Dest-hld
plans Of the abest masters 1t must have been
shown last winter and the success Of the syndi-
cate thus far the business world would not be
greatly alarmed 10y an outgo Of gold or sinking
Of reserve. but would rest In the confdng be-
lief that with thoroughly competent receivers
in charge Of the Government no great evil would
be permitted
We are now at the middle Of August, and the
movement Of breadstuffs Is barely as large as it
was last year, with exports Of cotton naturally
smaller II does not now seem probable mat
exports of wheat will be large this year or will
begin early With the largest stocks OF cotton
ever known abroad at this season. and the pros
pect Of a short crop and advancing prices mere,
It Is scarcely probable that the cotton movement
will become large until later than usual. The
imports still continue larger than last year. and
the course OF foreign trade does not now promise
any material excess Of exports Tor TWO months
10 come. while the imports themselves and the
less favorable crop prospects do not tend to
hasten the increase Of domestic trade or the
marketing Of securities abroad. Thus it seems
that, whether it was ever planned and intended
or not. the country has TO look to the receivers
Of the Government for guardianship and defence
against the unwisdom Of its official rulers, and
against any untoward conditions that may arise
in business 1t is simply the most Illuminating
and disgraceful attitude In which great and
powerful people have ever been placed by egis-
atve and official incompetence and wronghead-
edness But the receivers are able and the coun-
try need not be alarmed.