The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-05

The New York World either believes
that government 3 per cents can be sold
20 the people at par for gold TO the
amount OF Sa.oo0oo0 or more. or II has
grudge against J. Pierpont Morgan. who.
it IS understood. is forming a syndicate
10 take the bonds which. Il is expected.
the government viii issue within very
few days unless Il becomes apparent that
congress VIII pass the bond bill. There
is chance. OF course, that that paper Is
only trying 10 advertise itself. Still. Il
is only fair to assume that il is sincere
until there is satisfactory evidence that
IL is not As an evidence OF its sincerity
a offers TO take 100000 Of , per cents at
par or 4 per cents on a per cent. basis.
and pay gold for them. 1t must have a
pile Of gold or greenbacks boarded. be-
cause. in the event Of the bonds being
offered to the public and Il decided to
subscribe for Sl.OO00O0 Of them. it would
find # somewhat difficult to get gold
from the banks. If it has greenbacks It
could get the gold from the treasury. but
II IL should get the gold from that source
the government wouldn't be any better
or than fl is now.
What evidence has the World that the
public would take 100000 or 500. 900
4 per cent. bonds and pay. in gold. for
them the price at which they are now
selling in the market? Has it any? If it
has it hasn't presented it in any of the
hysterical articles it has printed on the
bond business. II has contented itself
with assertions. Let it open it's columns
TO the public with the request for inves-
tors to send in their names. stating the
amount Of 4 per cents they are willing to
take. the price they will pay and whether
or not they can get gold to the amount of
their subscriptions. In that way it can
test the question as to whether 100000
of per cents can be placed with the peo-
pie for gold at the current price for 4
per cent bonds.
We do not believe. neither is it gener-
ally believed among fair minded men,
that the President and Secretary of the
Treasury. would sell 4 per cent. bonds to
syndicate at 1G3is or 10i IL they believed
the bonds could be sold to the public at
1l7la for gold. Why should they? The
head of the last syndicate and the head
of the one that is believed to be forming
to take the proposed issue of bonds is
]. Pierpont, Morgan. a republican. Mr..
Morgan has never helped the democratic
party in any way, but it is notorious that
he has given largely of his means to as
sist the republican party. The President
would not, therefore, favor him in any
way if he could help himself. Senator
Hill made this very plain in speech in
the Senate on Friday. What folly it is
then to insinuate that the President in
tends to sell the bonds to a syndicate
rather than TO the public in order to let
certain bankers make large profits!
Suppose the bonds should be offered to
the people and they should fail to take
them. either because of a lack of conf
dence in the ability of the government to
continue gold payments or of their inabil-
ity to get goldl What then? The gov
eminent would be in pretty fix, would
it not? II would be absolutely in the
power of the gold brokers. 1t would have
to sell the bonds on terms fixed by those
the terms would be pretty hard ones
The President and Secretary of the
Treasury understand the situation much
better than those who are giving them
unsolicited advice, and they are just as
anxious to do the best that can be done
for the public good as their advisers are.
These advisers are bold and aggressive
because they know that if their
advice should be acted upon, and the gov
eminent plunged into worse difficulties
than those it is now contending with,
they would not be blamed. The Presi-
dent and the Secretary of the Treasury
would be condemned. Still, in order to
satisfy all parties and remove all grounds
for criticism, the President may take the
risk of offering the bonds to the public
before offering them to a syndicate If
the result should be hurtful to the gov
ernment's credit, perhaps those who are
assailing the syndicate so vigorously
would have the decency to admit they
We're mistaken
The whole trouble is with congress-
That body refuses to do it's duty. The
Senate refuses, or will refuse, to even
pass the bills which the House passed,
inadequate as those bills are to meet the
present emergency. The people are grad
ually learning the truth, and eventually
they viii place the responsibility where
it belongs.
New Years Resolutions.
1t is to be hoped that the oood old Gus