The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1896-02-29
rHE NEW "colN" BOND ISSUE.


Efforts of the FREQ siIveritcs to Cripple
Our National Credit.
The foreign advices indicate it be ex-
tremely improbable that any consider
able portion of the new four per cent.
coin" bonds issued will be absorbed
in Europe. 1t is still less likely that
a subsequent issue would find favor
with foreign investors if the bonds
were made payable in 'coin," which
would have the option of deciding
whether it would redeem the bonds
in gold or half-worth silver dollars,
utter having borrowed gold. 1t is al
most certain such bonds could not be
sold ut par, and exceedingly probable
they could not be disposed of abroad
except at a great discount, while no
sane man doubts that market could be
found for all the three per cent. bonds
we might want to sell If they were
made payable in as good money as our
government wants to secure.
- The terms of the bill which passed
the house by majority of only 80 are
not calculated to attract foreign invest
ors; and yet it is believed that even this
mild measure could not pass the sem
ute without having tackled to it a rider
for the coinage of "free silver" calcu-
lated and intended to defeat the gov
ernment in borrowing gold for the
maintenance of the treasury reserve.
The contract for the 500, 100000 now
to be issued is not to be executed by
future legislation, unless that congress
legislates for directrepudiation; but the
present issue of four per cent. 3o-ycar
bonds will be made payable in "coin,''
and therefore open to all the objections
that attach to evasiveness of language,
especially when a large proportion oil
the lawmakers are avowedly in favor
of constituting such language to per.
init payment in half-worth silver. II
the word gold" had been substituted
for "coin" these bonds would readily
sell for one-third more money. A
three per cent. bond, payable principal
md interest in gold, would readily sell
now for gold at premium. But the
congressional national credit wrecker.
care nothing for the interests of the
government. They do not want to up
hold but to pull down to the 50-cen'
dollar level.
It is an important feature OF thu
present contract that the bonds shall
be taken by the banks of the Unitet
States, and not have to be offered II
quantity to markets across the Allan
tic. Some of the bonds may be Offered
there later, but it is our home bank
that have undertaken to build up thu
credit of the government. Many of TIN
bonds will be taken by national bank
and used rs the basis for additiona
circulation, thus preventing decreas'
in the total volume of the currency
Others will be taken by savings banks
and still others by individuals. som
of whom will have to pay for them il
CURRENCY, but the gold will have bee
furnished to the government out OF tn
bank boards. In addition to this ther
is reason to believe that the leading
banks have agreed under certain cond
tions to exercise a more or less com
plete control of the movement of gol
between this and other countries b
raising or lowering the rates paid 10
the use of money, as is done in Grea
Britain, France, Germany and Russi;
So it may be considered certain tina
the parity will be preserved until aftt
che people of the United States ha'
Dad the opportunity to say at the ne,
election whether or not they are
favor of having the present currenc
standard maintained or siumped
half-value money.-Chicago Tribune.