Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-01-09

the depletion OF the reserve to raise the
money needed to run the government.
BY this time the freq silver scara had
LED many private individuals to convert
property into gold and to secrot or put it
away III fear OF an emergency. There
WAS gold enough in the equity as there
Is today, but it was frightened into hid
| lug The terms of the so called popular
! loan Of Jan. -, 1894 did not attract this
| hidden gold ana M active canvass among
| banking men alone saved the loan from
/ failure. OF course the bankers saw their
Opportunity AID Withdrew gold from the
/ treasury by turning in greenbacks OF
the sos. 000, 900 received frem these bonds
about s24 00Q, GOO was withdrawn from
the treasury The bond issue Of Novem-
| ber Of thas year brought the gold reserve
MP to SIG, 600, 600 but within four weeks
| $50, 600, coo WAS withdrawn. Naturally
! President Cleveland wished to get gold
from some source other than from the
treasury and with this for il protext en-
tered into secret compact with bond
syndicate, which was in alliance with
foreign bankers.
Now il is well known that greenbacks
are a popular form Of money. Several
millions had already been paid into the
treasury in gold in order TO obtain these
grecnbauks II the 500 600 600 in green
backs paid in for gold had been held back
there would have been little danger that
those who wanted gold could have got
enough of them TO make any extended
raid upon the treasury in February 1885,
without carrying them to premium.
Now here is where the Cleveland policy
spot Those greenbacks once taken into
the treasury had TO be immediately paid
out in expenses. Had our revenue been
adequate those greenbacks would have
been held back and the endless chain
wculd not have existed, there you'd have
been no corner in gold, widespread appre
|
able to form accurate opinions of such
financial questions would not have driven
so much of the yellow metal into hiding
Tie syndicate bond deal was effected
and the excuse given by the President
was that gold could not he obtained
otherwise. What an argument this
afforded the free silver men, They had
long been telling the country that gold
could be cornered, that it was in the
hands of few people that foreign
bankers really controlled the gold of the
world, that The yellow metal WASH + sufli-
cient for our monetary needs, and here
WAS tie President, the great soaEd money
; apostle, seemingly corroborating theit
statements. or course those WHO
thoroughly understand financial matters
knew that such deductions were lntrues
J that really no eubstantiation of free sit
claims had been made; but the gre1t
majority OF people in the country are, not
able to sift hidden truth from such over
abundant chaf of specous argument.
BY denying the real cause for these bond
issues, for this syndicate deal, the Presi-
dent created extended impression through
out the country, an impression hostile 10
sound currency.
Today there is no doubt but that fear
of criticism deferred the President from
making another syndicate deal, that he
has prescribed terms which will assist he
syndicate to get the bonds, moreover that
he desires such result. If he can mako
the country believe That popular loan is
Intellectual his former deal wiz be freed
from blame This explains Why he has
not done what he conld to make shia
method of securing gold cffectual. Whcn
| f3r refunding purposes Secretary Sher,
man offered $500 00o, 900 in bonds he
didn't ask for bids but fixed price and
i; offered half cf one per cent to agengs VITO
effected sales. IN this way bonds were, sold
all over the ,country and the gold held by
small banks and private persons could be
reached, as it probably cannot by the
: methods adopted by President Cleveland:
We bad panic when tltre was money
I'll enough, enterprise enough, and of all
resources enough, simply because we had
an administration without brains chou h.
g This country has gold 'enuugh Of all
e kinds oft,wealth more than enough, of
} sound mshey sentiment enough, of credit
3 why if il kassa 10 credit enough
t what haa ii, timesof peaces
And yet we ssn y d admiinisssa,ion
t with rainssakSush s5ilize our ba9nds,
+ less resources 1t ~ sfsc than hum Pat.
, ing; it is a most ecnspicuous illus i63
1 of the fact that insa1ency is pos els
] dangerous. ~ =
Now Let the Baboos Boohoo. =
t. A professor of Oxford Universi IL .tle-
: clares that tbe Ir,Satsa q. - Is r;,.X l.,