Mexico weekly ledger., 1896-07-30
A Great Financier the Supreme Need.

MEXICO, MO-, July
through your columns a suggestion to
the gold standard Democrats, who are
beating the brush for a third ticket, of
that distinguished patriot, ]. Pierpont
Morgan, as their standard bearer.
Whenever we see the newspaper
headlines, "The Gold Reserve Has
Gone Below One Hundred Million, !" it
is the signal for Mr.. Morgan to rush to
the rescue and 'sprotect the Treas
ury." The dreaded bankruptcy OF
the National Government is thus
avoided and presto "a decided buoy
ancy is impaired to the stock and bond
market"
In the wake of the "anarchistic''
conventions at Chicago and st. Louis
the Treasury is again imperiled and
in to-day's paper We read: 1.-THE
bankers pool for the protection of the
Treasury gold reserve has been finally
organized. j. Pierpont Morgan pre-
sided at a conference and made a
strong appeal for the cooperation OF
the exchange bankers in protecting
the reserve. He told the representa-
tives of the foreign houses that a bond
issue at this time would be politically
| inexpedient, and that the movement
to wipe out the gold reserve of this
| country, if continued, would kill the
goose that laid the golden egg. By
getting together and protecting the
reserve, Mr.. Morgan said, the finan-
| cial credit of the United States would
be preserved, and in the end the for
| eign bankers would derive greater
benefits than the shipment of gold for
a small commission profit at this time
would yield. He emphasized the ne
cessity of presenting the sound money
cause in the best possible light before
the American people, and urged the
exchange men to spike the guns OF
the free silver advocates by providing
ample gold for business purposes
between now and the day of election.
A feature of the scheme is the offer
ing in the New York market, in large
amounts, of sixty-day bills OF ex-
| change on London. These bills, it is
| figured out, can be covered at matur-
| ity by the bills drawn in London to
pay for our cotton and grain, which
have already begun to move outward
to Europe. In this way the demand
for exchange bills will be met and,
theoretically, the shipment of gold
checked or stopped altogether. Sight
bills will also be sold in a manner to
strengthen the general scheme. The
foreign bankers, it is understood
pledged themselves to dispose of $50,
600, 900 or $75, 600, 900 of exchange or
London, if necessary, to protect the
Treasury. "
Wall street received the announce
ment of the meeting with great salts
faction, and regarded it as of ever
greater Importance than the agree
ment between the presidents of the
national banks to restore the gold bal
ance of the Treasury above the 800,
000, 900 line. 1t was recognized that
however beneficial the latter actor
might be it could only postpone an
other bond issue unless efforts were
made to control the foreign exchange
and put an end to the current ship
ments of gold to Europe"
At the same time the pool deposited
some 81, 000, 900 of gold with tn,
Treasury to restore the reserve to thu
hundred million mark, taking a
exchange therefor legal tender notes
Talk about our gold leaving us. Sci
how easy, with Mr.. Morgan in the
White House, it would be to clip the
wings of any traitorous gold thai
might be contemplating flight. And
it is not the first time at a contracted
period Mr.. Morgan has shown sucf
sinewy patriotism. He it was who
assisted Mr.. Carlisle to float the late
bond loans on foreign gold. Mr.. Car
Isle told at the time with a grain OF
hard Kentucky sense to a congress
ional committee it was a ''hard bar
gain," but he had to accept such terms
as was dictated by those who con-
trolled the gold
Now, with Mr.. Morgan officially at
the head of the government we would
in the future avoid "hard bargains -
and are not votes cheaper to the peo-
pie in the end than interest bearing
bonds? And what a bar'l could be
opened for the campaign. Let us
then avail ourselves of the opportun-
ity of what the country supremacy
needs-a great patriot financier at the
head of the government, whose name
will be a platform and full guaranty
that the credit and honor of our grand
commonwealth will be s~crupuiously
maintained. Such a leader would
meet with an earnest support of all
true Americans who hold honor and
honesty national characteristics to be
saved from the reckless rawlings of a
set of cranks and repudiationists.
A SOUND DEMOCRAT.