The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-09-22
BANKS BOARDING GOLD.
Eastern Bankers Call Their Western
Brethren to Time.


Brethren to Time.
PHILADELPHIA American: When Han
nibal was encamped before the gates
of Rome, the piece of ground occupied
by his camp was put up for sale, and
brought it's usual price. In this way
the Romans indicated their mistaken
confidence in their final victory over
the Carthagenians, even when they
could not put an army into the field
to face them. This kind of confidence
seems to be very much wanting to the
friends of the gold standard. They
are not satisfied that they are going
to win this year, and that the silver
people will carry out their policy, so
they are beginning to gather up and
hoard the yellow metal, in the belief
that it will go to premium after No
vember The banks of Kansas City
have actually suspended gold pay
ments for this reason, and thus take
their share in boarding gold for flu
ture profit in selling it.
The bankers of our eastern cities
have wit enough to see that this policy
is pusillanimous and desperate. Be-
sides censuring their brethren in Kan
sas City, they have taken steps to re-
plenish the gold reserve of the Ma
tional Treasury by paying in gold and
taking greenbacks in exchange. There
is nothing very heroic in this proceed
ure These greenbacks are demand
notes which can be converted into gold
at the counter of the New York Sub
Treasury at any time. They are pay
able, indeed, in silver as we'll as gold.
but as the treasury pay silver only to
those who ask it. they are gold GER
tificates practically, and will be re-
deemed as such at any date before the
next 4th of March.
On the other hand, this step is emf
nently polite. It will not do for the
gold reserve to fall much below the
limit of $100,000,OO0 fixed without
rhyme or reason, as that needed for
the redemption of the greenbacks. If
it fell to half that sum, and nothing
happened, sacred superstition of the
monometallists would be shaken, if not
shattered. Nor will it do for Mr. Car
Isle to make another bond issue before
next November. This the organs Of
the monometallists frankly admit,
would be ruinous to their cause. They
thus concede that those ssues of bonds
to borrow gold were most distasteful
not only to the silver people, but to
voters whose support they count upon.
Yet, as soon as the election is over,
we shall see Mr.. Carlisle putting him
self once more into the hands of the
New York money lenders to increase
the national debt for the sake of mono
metallism.
Very naturally our creditors abroad
and their agents in New York are in
terested, and are going to do their
share It is said that the foreign ban
kers are going to furnish sterling ex-
change to the amount of $50,000,000 to
STE, 900, 900, in order to check the ex-
port of gold and obviate the need for
bond issue before November. This
is to be done, we are told, by the issue
of sixty-day bills, in the confidence that
the tide of gold will set toward US be-
fore two months have expired. That
the bankers are willing to take such
a risk is proof how great is the inter-
est of the foreign money-lenders in the
maintenance of the gold standard.