New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-10

has caused the present bond issue as well as the
preceding ones, and if the revenue measure now
before the Senate is not passed, there Is no
surety that the same necessity for borrowing
viii not again. Political conspirators
openly defy the will Of the people as expressed
by their representatives. in the lower house OF
Congress. The Republican majority in the House
has passed bill providing for an increase in
the public revenues. 1t has passed bond bill
by which bonds could be issued on more favor
able terms than allowed by the laws now in eX-
istence; but both Of these measures have been
held up in the silver Senate. The Republican
majority has done its dTty.
The selling in the stock market for foreign
account in the last three days has represented
upward Of 10000 shares 1t has not affected
prices because local traders have been inspired
with confidence from the outcome Of the bond
bids. but it is unfortunate that foreigners are
kept out of the market by the silver idiocy
which prevents the Government from getting
more revenue and enhances the chances or
further borrowing.
The magnificent response which the people
have made from all parts Of the country to the
Government bond call DOES not indicate popu-
lar approval OF Democratic inanc!ering. 1t
represents the country's determination TO up
hold the Nations credit. The cost Is great. but
the peoples patriotism is greater The demon
stration is significant. It not only shows the
peoples goodwill and patriotism, out IL SHOWS;
also that there is vast amount OF unemployed
capital seeking investment. 1t shows an lnne-
pendence Of foEign investment capital ana
places the investment interests of the country on
higher standing. 1t shows that the people
are unwilling TO let Democratic financial ana
Of the prosperity which the power and Weaith
of the country make possible. The first bond
issue under the Cleveland Administration means
q cost to the country in principal ana interest,"
al the date Of the loans maturity or *'5oOoOuJ.
This issue was for $4,000 600 for ten years al
3 per cent. The Treasury received s5SGG69l7,
representing subscriptions at a premium. so the
cost to the country of this issue VIII De
sl6,3S3.OS3. representing the difference between
the interest Of $25oooooo. plus the premium 90, OF
$50,000,000. and the amount secured, soSooo.?i'.
The second issue will cause total payment
from the Treasury in interest and principal or
S7G.l .00o. and. the Treasury received sos
444 900 from this issue. the cost TO the treasury
will be s146s0l 100 For the bonds sold last FeD-
ruary, amounting to s62315oO0. the Treasury
received $65 ll5 900. and the interest charges on
this loan for twenty-five years will be se4'Slo'ooo,
which. with the principal. makes Sl2i l5V.ooo' or
a cost to the Government of s62.Ol5.OOO. on the
present issue the total interest charges lv'
twenty nine years will be sl16.ooo.ooo. which,
with the principal to be paid back, VIII De
1926 100000. Figuring on basis OF ~ loI tnr
entire issue. the net COS; to the Government Tor
this issue will be sos 900 900. making the toR
net cost to the Government for the use OF
s297 226 ooo-the amount received IT, IN tne lous q,
bond issues-$l9S. 02S.1S3. Constant BORROWING ~
an expensive way TO run Government. lhr'e
years of Democratic hnanciering WI cos, ,ne
country on bond account S49l -I'Vvo Io' ~ nav r
vorYous periods Of $29G coo ST. or an Increase IN
the public debt of $685.. $4,000.
According 70 the Treasury Departments las.
debt statement. the public debt. exclusive oo OF
bonds issued t. Pacific railroads was S'+@o2'Sao'
The present issue will raise II 10 sS4',5o-'s-V
The aggregate Of debt. including certlhcates anu
Treasury notes debt which interest mas
ceased since maturity. and debt bearing no ~,
terest on January q. was $lGS'lso.'SS. Hone
consolation may be taken In comparing thIs
with tho debts Of other nations. AustIa-I "a ul
garys debt il 80 S6G 239 539 Frances s4446 w. ~
Great Britain's 81 $50 1883. Germany =
g. 3sl s22112; ltalys. 1924 s26329. ana fuSsl
e 4gl 1904 The United States has the sfhaiI-
est debt and richest resources and IT VIII pro-
per DESPITE the opposition Of certain members
Of congress to remedial legislation.
Republican Administrations pre@'o ing. 'e az
Democrats Administration paid Of ABOUT as
much deb, as the present Administrators ma
incurred and in connection with inns lh' ~
tensiye loss TO general business IN IN. last I'M
vnors must also not be lost sight or 49,,
rho DEVELOPMENTS in the week. OUTSIDE @, u',
bond matter have been favorable: hHll i,'
earnings showed further gains ana inc Id,i''' ,
orf in hank cloaringS merely reflected N" VH.,H
IN business caused by the uncertanuts Oh, Wy
bond NEGOTIATIONS. All stocks In Which 49, 80
ings have been at all important cloSen S Sn
week AT substantial gains There was ~
Increase in outside and commissloh-Ilou'
,erest and the volume Of business VS. "a Ia
better distributed than in several weeks NJ
taking sales caused occasional Iehctioii 49,.
course of prices Of the principal actiNe 80 $3.50
and bonds are given in the fohoW,ns t",,nd
while the movements Of all stocks VIII We io1''N
in the usual table printed further on