The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1895-02-01

needed.
While the news of the mornings
Withdrawals of gold from the Sub
Treasury at New York, telegraphed
by Assistant Treasurer Jordan to the
Treasury Department, was received
by Secretary Carlisle at the Cabinet
meeting and read by him to the Presi-
dent and the other members Of the
Cabinet, it was recognized that the
crisis expected, if Congress should not
act in time to prevent it, had come;
and there was no difference of opinion
as to the necessity for the Administra-
ton doing all that the law would per
NIT it to do to maintain the credit of
the Government.
At the other end of the avenue,
where the trouble, of course, really is.
the gravity of the situation seemed TO
be as thoroughly respected as at the
the White House, although the silver
men stoutly contended that it would
be a good thing for the country to
come to silver basis as quickly as
possible.
There was a great deal Of talk
about Wall street trying to force bond
issues and bond legislation for It's own
enrichment, and much criticism of
bankers in general and New York
bankers in particular, and an evident
unwillingness to act under the pressure
of the emergency, which large ma
jority of both houses and cf both
parties apparently believed to have
been created by artificial means for
the purpose of advantage to the
bankers.
The demand made by the New
York Chamber of Commerce on Fri
day for an issue of gold bonds was to
large majority of both Houses like
the proverbial red rag to bull and
made difficult the task OF the conser-
vative men who were endeavoring to
smooth the way for Treasury relief
legislation. 1t is believed, however,
that something will be accomplished
next week in this direction, after the
renewed appeal expected from the
President and in consequence of the
active efforts being made in both
Houses by prominent Democrats.
The Republicans of the Senate
deliberately ignored the subject at
their caucus because of the differences
between the silver extremists and the
rest of the Republican Senators, and
gave out that, as the minority party,
they would wait for the action of the
other side. However, the Republican
Senators on the Finance Committee
are already committed to the PROPOSE
ton for Treasury certificates advanc-
ed by Senator Vest on the Demo-
cratic side at the last meeting of the
committee of Tuesday, and there
seems no reason to doubt that at the
next meeting it may be put in formal
shape.
"It is generally conceded that the
gold movement can now be stopped
by only one remedy-a large enough
issue of bonds to cause a higher
money market. With the bank sur
plus reserves now down TO $45,465,-
o75, the issue OF only $780, 900
bonds would withdraw sufficient
money from circulation to advance
money to q to 8 per cent. A per-
manent 2 per cent. money market
would stop the gold exports, as the
foreign bankers would quickly take
advantage to make sterling loans, and
the outward flow of money would be
Immediately checked.
"The rapid depletion of the gold
reserve has excited alarm abroad and
foreigners have been pouring securities
into this country during the last six
weeks, selling many high class railroad
bonds payable in currency, which
were tenaciously held all during the
panic.
"The Clearing House Committee
met on Saturday and were joined by
National Bank Presidents Simmons,
Cannon and Tappen. The situation
was discussed, but no action could be
taken by the banks, so that an cx.
change of views was the only result of
the conference.
Houses with foreign connections
say that the foreigners are exceedingly
puzzled by the inaction of Congress
and cannot understand why the simple
remedy at least of the issue of low
rate gold bonds should not be author
lied by Congress. Understanding
nothing of the complication of politics
in this country they fear that there is
something radically wrong in oul
financial system or that the sentiment
of the people really favors silve,
currency basis, and consequently art
liquidating their holdings of American
securities. This feeling is intensified
by some of the foreign houses, which
have become wearied by the situation
and have advised their foreign CORE