St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-08
a FORLORN HOPPE.


Syndicate loan transactions of the ad-
ADMINISTRATION omit to state why a re-
course to such methods was necessary
They do not tell their readers that con-
gress refused to enact any remedial
legislation whatever; that this attitude
of congress aggravated the feeling Of
distrust that was sending greenbacks
and treasury notes in for redemption
and drawing out the money univer-
sally solvent. Nor do they tell that
when, eleven months ago, the last loan
was placed, the treasury was within
two days of suspension of gold re-
condition that made the president take
the shortest cut to relief, and that was
hard bargain with the men who had
or controlled gold. But hard as it was,
the gain to the nations industries in
the immediate revival that followed
was immensely greater than the loss.
The gold reserve is down to $50, OO0, 900
again. The dearly bought gold has
been again drawn out to feed the in
satiable greenbacks. Congress is again
In session, and is nc better than it's
predecessor. The president asked for
loaf, and the house rendered him a
crumb, which, even the senate with
holds and offers a stone instead. The
president appeals to the people of the
country to furnish the gold with which
to preserve the solvency of more than
hampered by obsolete laws that con-
gress is incapable to mend. The bonds
cannot be placed on sale in the towns
and cities. at the postoffices and banks,
put must be bid for, process the man
with few hundred dollars, the "stock-
.ings of France" in this country, is
practically debarred from using We
hear of banks intending to subscribe,
and there is little doubt that the entire
loan will be placed in this country
among the banks and citizens.
But of what use? Suppose that a
hundred millions of gold is taken out
of circulation and put in the treasury
behind the greenback and paper cur
rency of the country, what guarantee
is there in the past or present, in any
law existing or in any likely to pass,
or in the honor or patriotism of men
that it will stay there? What is the
use of pouring water into a tank whose
bottom f1Ill of bo1ac2 WIN eo,,5 -.
forlorn hope on a useless assault? Will
confidence be restored by it? Will men
cease to distrust congress when it's SEN
ate committee sends in a free coinae
Dill? With war clouds gathering thick
all over the world, will prudent men
or timid men or selfish men refrain
from converting promises to pay into
payment? Every dollar of the s346.-
O0OOO greenbacks and $4,000, 900
"Shermans" can be made to draw out
its equivalent in this gold which pat
riotic men are going to pour into a.
nerveless treasury. The president. it
Is said, has broken with the syndicate.
What is to prevent the latter from
presenting greenbacks and taking out
this gold as fast as it is put in?
In five and a half years prior to
Dec. 1, 1895, the president tells us
in his message, there had been pre-
sented for redemption in gold 1915, OO0,-
900 Of greenbacks and treasury notes.
The entire greenback issue has been
paid, and the entire amount is still out
standing, ready to be paid over and
over again. Since resumption in 1879,
$403 000,0 900 of gold has been given out
IN redemption Of these paper obIiga-
tons. Since silver purchases were paid
for in 'Shermans," $4,000, 900 Of them
have come to the treasury demanding
gold, have been satisfied and are still
alive to demand redemption as fast as
they can make the circuit OF this truly
vicious circle. What a commentary IT
Is on the intelligence Of congresses.
What a travesty it is on self-govern-
ment. No business man would for an
instant tolerate such a system in his
affairs, and yet what vender of pea
nuts knows better than to do a con-