The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-01
THE SYNDICATE.

The service which the Morgan Roths-
child syndicate has done to this country
is greater tran can possibly DC estimated.
Wien Mr.. Cleveland made The contract
with that syndicate at the beginning OF
last February the gold was being drawn
cut of the Treasury at a rate that would
have bro isht the government TO protest
before the end OF March. But withdraw
ais of gold ceased with the announce
ment of the contract and there have been
no Withdrawals since except for the le-
climate purposes of export. Prior to
that time IT was believed that the country
was bourd to come to a silver basis. and
there was a scramble TO convert debts unto
gold coin. The announcement or THIS
contract satisfied every one that the gov
eminent would be able to continue pay
ing all its obligations in gold on demand,
and the alarm ceased and demands upon
the government for gold came TO an end.
During the summer, Americans travel
ling abroad have carried large sums of
gold away from this country, and we nave
also been large importers Of foreign goods
at the same time. while our exports IN
that season have been limited. This has
caused considerable drafts on the Treas
ury gold. and these have created some
, uneasiness. The uneasiness caused by
these drafts is one of the most instruc-
tive lessons possible upon the timidity OF
capital, and the absolute necessity for
slightest tendency TO alarm it.. a gen
teman who has very large transacticrs
with New York banks told US that a
few days back he went 20 the president
of one of the New York banks and eX-
planned TO him some operations that ne
was about to engage in. that would re-
quire considerable money. The bank
president. though be was in the habit of
making large advances TO this gentleman.
and knew that his money would be per-
fectly safe. at once responded in alarm
that II would be impossible for him 10
make any new loans. Don't lou see"
said he, that a large amount OF gold
is TO go out of the country by Saturdays
steamers?" What testimonial 10 the ne
cessity of having perfectly stable finance
The MCrgan-Rothschild syndicate has
already advanced the government some
100000 Of gold more than they we're re-
quired to put mp by their contract, and
we have not the slightest doubt that it
will continue TO advance all the gold
that the case requires until the balance
of exchanges commences to bring gold
back to this country. They may be I'M
der no obligation TO do it. it is true. But
they arc able TO do it, their reputation is
involved. and We have not the slightest
doubt that they will do H. II they carry
the disordered finances Of this nation on
their shoulders until the natural conci-
tions which their action develops re-
store order to them. they will have per-
formed the most stupendous work
ever performed by man. There
IS absolutely nothing at all like
1t in history. They will achieve from
II a reputation that will enable them TO
dictate any policy for good in the finances
OF the world that they please. Such
stake as this is not TO be thrown away.
these gentlemen know its value as
well as any one. and they know they
would lose the great results OF their great
operations II they should allow theft work
10 fan and become incomplete. We feel
perfectly satisfied. therefore. that they
VIII keep the Trcasury's gold reserve I'M
inI aired until our exports Of cotton ana
wheat. which VIII soon begin now re-
move all petsibility OF danger to II.
But whilst their acts constitute the
greatest possible testimonial 10 the conf
dspcs which these men have inspired by