Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-01-06
BOND ISSUES IN A NEW LIGHT.

nigh atlalumeltS ana great aD-uly, pre-
sents the present national financial sit
uat,on including the hundred million
loan IN a new and very encouraging
light Apprehension regarding bond
issues, ne believes, to be due to a
general misunderstanding Of the ult.-
mate result Of the Administration pol
icy. and he further believes that the
present condition Of deadlock between
House and Senate IN Congress and the
: President IN the executive department
is, in reality. the very solution Of our
greenback difficulties. What seems
misfortune" says Mr. Williams, may
appear. when examined, to be our sal
yauon. For the first time since the
year 1878 the Resumption ac, is again
in full benefcent operation; the redemp-
ton Of legal tender notes is practical
retirement despite the law Of 1878, which
required their reissue. The coming pur-
chase Of $500. 600, 600 worth of gold must
result in one Of Two conditions. Either
the gold Will remain in the Treasury
and continue TO secure the credit Of
our Government, or It Will be withdrawn
by the presentation of legal tender notes
for redemption. The business men Of
the country ought to understand that
the second result. which is now the
chef cause Of apprehension, gives what
is practically the only opportunity to
bring our Government into an simpreg-
nabla financial condition. 1t seems to
/ have been forgotten that the LEGAL ten
der notes of the Government are not
unlimited N quantity and that we are
about to arrive at a point where the en-
tire issue may be buried in the Treas
ury vaults. and the country thus be re-
I.eved Of the incubus which has crushed
our credit ever since the repeal Of the
Sherman act.
There are at present $4SS, 100000 of
/ Government notes in existence, each one
of which. if in circulation must be re-
deemed in gold on presentation at the
/ Treasury of the United States. OF these
notes. $1O4.O00.0OO have within the last
three years accumulated IN the Treas
ury and ara now powerless to do further
harm. This has been accomplished Oy
/ the sale OF bonds. until now but 1919
000 600 remain to do their destructive
work. As the revenues of the Govern
ment are now substantially equal to the
expenditures. the future sale Of bonds
under existing law performs the single
/ function of imprisoning these robbers
Of cur national credit If S2OO,0OO,OOO
of gold are now or in the not distant
/ future to be received in return for bonds,
and this gold is Withdrawn from the
/ Treasury by the presentation Of de
mand notes for redemption, there VII
then remain but S1790OOOOO for future
use I'm depicting the Treasury. Whether
the process. which we now regard as
/ threatening to our prosperity. 5 a bless
Ing or misfortune may ne pest 'es'e1
bv the conditions which viii exist when
q further bond sale Of S179O0O0OO shall
have been completed. Wnen 1he goiu
then purchased shall have been with
drawn by the redemption OF legal tender
and Treasury notes, every one OF these
notes viii have been retired and our
Government VII no longer be al 'ne
mercy Of these mar'olsrS. IN o'ner
words. II there IS no co3aSe ~ =A sung
coni-,.ons' The policy Oh f'esll7n' Ole'7-
lands Administration WAI nave Oe7n
fully executed "-,Aoo' the intervention no,
/ OF Congress. me o"-N.As powers Vi i5
F Treasury VIII nave oeea "Ipeu OUT 'He
Resumption a'' "i.l nave ooiuP'e',u rs
work, and oas monetary sY sem VIII
have o77a brought PACK slOs-an''ally
TO the basis p'o'-1ed IN lae Oo'S'''u-
ton. ana ,-l.s process Is 'ie Que " i''.1
seems neFi'aele' ana 1l1IsloIe ~ o1
contemplated IN 'Ae o'''ul@''on o. o''
future business 'pP'''u'',-e'. II IL We
/ true -hl- inc ,'-,--'..,' "-''iu' a y" '''S vi
s''- from me treasury are 10 ~ ',s
blessed instruments o. our i7l'5'' IL j.
eQu''.S "0e '"'. 'I. p'- "'''''-,
Vi O'-7' '@ '.'' .' -, ~ o-'' 80 ~.