Mexico weekly ledger., 1895-02-28
THE LAST O N ISSUE.

knows that the Government cannot
make money either for itself or the
people. The Government gets money
either by taxation or on promise TO
pay The financial question at this
time is attracting a great deal of at
rention and causing some trouble IN
The political parties. President Cleve-
land and his cabinet are not receiving
the hearty endorsement of their party
leaders in their financial policy. Some
members of Congress do not think the
President is right. Some oppose him
because they think it popular to try to
harrass him, while others want to get
even with him because he, perhaps,
refused to appoint some pet of theirs
TO office. The Office of President of
this great country is one hard to fill,
even when you have the cordial sup
port OF your party. President Cleve-
land has been embarrassed, opposed
yes, bitterly oppcsed-on all occasions
by members of lis W party in both
houses of Congress. This opposition
has in many directions made him more
and warmer friends in the rank and
file of the party. Men who know him
to be honest, sturdy and fearless have
become Disguised with some of the
b~latherskites who have been bounding
him because they could not use him.
Why did not those who abuse him sug-
gest a better financial policy? Why
did not members of Congress come 10
his aid instead of forcing him to heroic
measures to save the country from
financial disgrace? Those who are now
making the most noise about the last
bond issue clapped their hands with
Joy when Congress refused to move in
the matter, and, at the same time they
knew the credit of the country was
threatened and that unless Congress
acted promptly the President would
and that he must do just what he did.
Cleveland is a man like the rest of us
and has made and will make mistakes,
but when he is found erring it will not be
against the safety of this grand repub-
lie or it's honored, respected and noble
institutions. Congress was, to n large
extent, responsible for the condition
which confronted President Cleveland
prior to the last bond issue and some
of the members had acted with malice
and fo~rethought and were glad of it.
The credit of the country, all agree,
must be maintained at any cost. The
gold reserve must be kept up. II vas
useless to do business with the Wall
Street sharks. The last bond issue
showed how easy it was for them TO
draw out the gold and buy bonds and
then draw it out and buy bonds again,
etc. Congress refused to act, or even
to advise, although appealed to in a
special message. There was nothing
left for the President to 10 but to act
on his own responsibility under the
laws of the country and he must act
promptly, too. is the fault finding be-
cause he did not stand in with Wall
Street, or because he moved at all?
Did those who are criticising him want
the country to go into bankruptcy?
Most assuredly not, although the finan-
cial trouble, to a large extent, grew out
of their ideas of inanciering. The fault
finding, we Judge, where It is honest,
is on account of the price paid by the
President for the safety secured. How
could it have been done cheaper and
better, taking into consideration the
facts and surroundings? We now not
only have the gold reserve but we
have the confidence of the financial
world, which is worth more than gold.
Some people don't care anything about
having a reserve, fund or meriting the
confidence of the financial world.
Such men should not discuss so gravea
subject. If the Government did bust
ness like they do there would be no
United States Treasury, no. Secretary
of Treasury, no President; in fact, no
United States. A prominent Republi-
can writer who has no love for a Dem
ocratic President, writing from a finan-
cial standpoint, closes a column article
asking'sWhat else could Cleveland do,'
m follows:
''The course Of the foreign exchange
market, with its unprecedented,
though inevitable, export demand for
gold, rendered the sale of more bonds
necessary, and the Treasury reserve
shrunk to lower figures than ever be-
fore. But who would sell gold? It's
purchase was n necessity IL finan-
Ella honor was to be saved.
IL has for years been a matter of
common talk that the Rothschilds had
left standing instructions with their
American agents to take any issue of
Government bonds entire on a certain
basis both of price and specifications.
II the good faith of the Government is
doubted, any issue is valueless. IL the
word ''coin' should at any time be
construed as silver, a foreign holder
would find the payment of his bonds
worth par only in this country, but at
u great discount anywhere else. Such
being the case, he othschilds or any |
Others would be utter fools to take
bonds except at any price which in
sured them Il certain and an immediate
profit. And this one thing is certain.
After the d~isgra3eful exhibitions ofthe
obstructive power of Encouragement
throughout thiB entire session, the |
success of h loan il due far more to
the prestige of the R~othschiids' repu-
tduOn IMAM 10 TIE creult or the tniteu
States Government. !
II, again, the contract made by the
Morgan Rothsclilds syndicate ended
with the payment for the bonds, the
Administration might be reasonably
~impeached on the ground of sheer in
capacity. However, the syndicate are
mo- tn find themselves free for a long
time to come. Take the single provis- |
ion obliging them not to export gold
or withdraw il from the Treasury di- |
rectly or indirectly. Tocarry this out,
they are obligeC to control the entire
exchange market, which hugs the gol
export point. a rather expensive
item. Again, should gold go to al
premium generally not the artificial
premium seen for the last few days
they are 10 keep the reserve intact,
taking in payment nothing but green
backs and Treasury notes at par.
Is there any other firm in the world |
capable of fulfilling such n contract?
Hardly. There are no inordinate
profits accruing to thc syndicate. The
difference between the two bond prices
i0I and tl9- n he charged up to
the two years doings of Congress-
The Missouri Legislature in its mig
gardly appropriation for the StateUni-