The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-02-18
GOLD rs NOT WANTED.


The fact that ia submitting his propo-
sition for a popular loan Secretary Car
Isle gave to purchasers the option of
paying for the bonds In installmeuts,
thereby enabling such purchasers to
withdraw gold from the treasury for the
purpose. gives rise to suspicion that
the object sought is not the maintenance
of the gold reserve but rather the retire
ment of the grsenbacks. Had it been
otherwise why should not the secretary
have required the payment of the entire
amount, "cash down."
When the transaction is closed there
should be in the treasury the $40,000,000
in gold which it contained at the time
the bids were opened and the $112,000,-
900. proceeds of the bonds-a total of
$I52, 0000,000 in gold. The indications
are that there will not be half that
amount. The difference between what
there will be and what there should be.
will be represented by gresnbacks and
treasury notes
Under the present financial policy of
the administration it must be apparent
to anyone that it will be impossible to
greenbacks or treasury notes outstand-
ing, for the very good reason that just
SO long as they can be used for the pur-
pose of securing bonds, which are prov
ing SO profitable, the bankers and brok-
ers of Wall street will continue to pre-
sent them for redemption ia gold. 1t ia
not the gold they want, but the bonds.
1t is not the gold the government wants,
but the greenbacks.
The policy of the administration when
the present deal has been concluded, will
have retired from circulation 100000, :
900 of the currency of the country,
which will be boarded in the treasury
la the present depressed condition of
many industries it is a serious matter to
withdraw from the channels of trade so
large a sum.
When Mr. Cleveland entered upon his
first term aud found a large surplus in
the treasury he was so firmly convinced
that 1t should be in the hands of the peo-
pie that he deposited large sums in
various banks, and when this action was
made the subject of criticism and the cry
of "pet banks" was raised he called the
money in again and redeemed govern
ment bonds with it. paying the market
price, which was much above par, in
order to stop interest and get the treasury
surplus into circulation. This sudden
liberation of so much money stimulated
business of all kinds, and the consequent
desire for investments resulted in the
boom of 1878.
Under pretense of a desire to maintain
the gold reserve the president is now
rapidly accommodating a surplus which
will soon equal the one which be SO much
deprecated during his first term. 1t will
be noticed, however, that through all
his manipulations, whether buying bonds
or selling bonds, whether reducing a
treasury surplus or building one up, a
steady stream of profits has poured into
the Golfers of the Wall street gentry, at
the expense of the taxpayers.
Perhaps Mr.. Cleveland's successor may
conclude that the large treasury surplus
which he is certain to find when he
enters upon the discharge of the duties
of president is a bad thing for the coun-
try and will follow the example of his
predecessor, and again put it in circula-
ton by redeeming bonds of the United
States at their market price. So are the
peoples interests tossed back and forth
by the politicians and the ''financiers,' -
aud the bone and sinew of the land pay
for the performance.