The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-01-07
The Presidents CAN for a Popular


IIeS.uSHt mas Deel CoeFceu py
the %unthinking Il INSCRIPTIONS ele-
ments opposed to him into advertising
for q popular lean to repleaish the Trea-
sury gold reserve. The call is not yet
a day old, vet already the resulting COM
plicaticns are making themselves appa-
reat. There are not wanting those who
proyhesy that the loan Will not be sub
scrioed. There are a still larger mum
for over and over again. and finally win
be made good by the subscribers with
the Treasury's own gold. There are
not wanting people who believe that the
entire hundred millions will be paid
with the fifty million or so of bullion
available in the Treasury. This is not
impossible. BY drawing it out and pay
ing it in and then drawing it out and
paying it in again the operation can be
contaminated. The Treasury cannot
refuse to pay it out, whenever currency
is presented, and there is no scarcity
of currency.
The bankers have the fate of the loan
n of the Treasury in their hands, and
the upshot depends a little on their pub
lie spirit and a good deal on their pru-
dence. Public spirit does not $50" to
any very large extent when there are
millions involved. Prudence may prevent
any extremely wicked course of action.
Wall street is not popular outside New
York. The West does not love it. The
country does not love it, anywhere.
Congress-well. every second Congress-
man dabbles in it under cover, espe-
cially the silver gang-but in the open
Congress looks upon Wall street as Col
gotha and Gehenna and two or three
other objectionable places all blended
into one. So, perhaps, the gentlemen who
hold their hands off and let the people
subscribe the loan without throwing too
many barriers IN the way.
1t is probable the gentlemen in the
combine" could very easily prevent
the subscription of the loan if they put
their heads together. They are said to
control about all the gold in sight in
this country and a good part Of what is
available in Europe. There is no appar-
ent reason why they should not make the
metal practically non-procurable by out
siders. They could a%ccentuate the demand
upoa the Treasury to such am extent that
even the preposterous operation of with
drawing gold to pay for the bonds
would be difficult. if not impossible. In
a word, there is every reason to think
that they completely control the situa-
ton and the only question is whether
they will actually dare exercise control.
1t is a very lamentable thing that this
state Of things should have come to
pass. 1t is not the consequence of any
act of this Administration. nor could
the Administrator do any considerable
thing to remedy the evil. The situation
is a cumulative one. 1t is the result of
out insane currency system, and when
this crisis has passed, one way or an
other. a new one win Immediately be-
gin to mature. We cannot go on heap
ing VI interest-payi.. cebt forever at
the rate of $500, O0o,o 900 a year. We shall
presently have to suspend specie pay
mentor at least gold payment, which
is about the same thing.
The thing moststo be feared now is
that the form of this loan will make
another one almost Immediately impera-
tive If the President had not been en-
barrassed by sensational newspapers
and reckless political opponents he
would no doubt have made a bargain
which would nave protected the gold re-
serve for a year. The bankers would have
cleared four or five millions among them
assured probably for a long enough time
to allow the balance Of exchange to
turn, and gold to begin flowing back to
this country. The popular loan fails to
guarantee anything for twenty-four
hours. It does not even check with
drawals during the period in which the
instalments on the bonds may be paid.
Tie Revived EsfsE License Agitation
We are not disinclined to agree with
the Rev. John L Scudder on the general
principal of high license. When it is only
high enough to reduce the number of sa-
looms BY crushing out the lower and
more Gisreputable ones. it is a good thing.
1-5sa,A ir s,,cb a th;,0 &c ox-ardosn- II 10