The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-02-07
Government Bond. and The People.

Now that the new loan has proved
such a magnificent success and the peo-
pie Of the country have vindIcated their
ability to help the government out OF a
financial hole, and demonstrated to the
satisfaction OF all the world that there
Is no necessity for the United States
treasury to. be placed at the mercy of
foreign money lenders and secret syn
dicates, It is amusing to note how some
newspapers that were confident that
the popular loan would be a failure are
falling over each c:..er to congratulate
the country. and in an II told you so"
manner give the administration all the
credit.
For instance. the esteymed local
Democratic organ makes haste to
chronicle the fact that the bids were
for four or 1--WE times the amount of the
bonds offered and at evidently fair
prices" THE administration and the
country are to be congratulated" says
our contemporary. The Register, how
ever, was one of those papers that. at
the time the bonds were advertised,
took pessImistic view of the situation,
and added It's aid to the injury Of the
credit OF the country, by declaring that
a popular loan would simply place the
nations credit in the position OF Wall
street football on the 18th OF Janu-
airy the Register said:
annkA tho
truth in declaring that the Register was
opposed to a pubic offer by the secretary
OF the treasury OF Sl0O.0OO.m OF bonds,
which II the popular subscription were
success would simply result in draining
the treasury OF all the gold II possessed.
The people have no gold and can get none
from any place but tho United states
treasury, while Individual banks through
out the country with small holdings OF
gold would stand no show against the
syndicate that controls the gold. Our
Fourteenth street contemporary spoke
the truth-strange to sayEwhsn i saia
that would simply seem TO be placing me
credit of the government in the position
OF Wall street foot ball.
The Intelllgencers object in making
this quotation is not to torment the Re
eister by calling attention to its ignor-
ance OF financial conditions in the coun-
try. The Register simply got its cue
from the doubt expressed by the secre-
tary OF the treasury that the people
would take the loan. II In the support
OF the administration view 1t was
Obliged in know It all' way to con-
lure up some wonderfully original rea-
sons, such as those quoted above. 1t was
welcome to do so. for no one believed
for a moment that they were worthy Of
consideration.
The point is; that now that the result
OF the bidding is known. 1t should be
apparent to the Register and other pes
sinists that popular subscription can
be a success without draining the
treasury Of all the gold It possesses"
that II is not true that " the people have
no gold and can get none from my
where but the treasury of the United
States" and that 1t is not true that the
Morgan syndicate had gobbled up all
the gold In the country.
According to the annual report OF the
director OF the mInts. issued few
weeks since, there is over ssOO.OOO.OOO OF
gold in the United States. 1t was stated
In the report that more than half of this
amount is In the private banks. trust
companies and the pockets of IndlvId-
uals. 1t was this fact that left no
doubt in the minds of those favoring n
popular loan that the bond Issue would
be taken up without the assistance OF
foreign bankers and organized gold
syndlcates. The result shows that this
confidence was not misplaced. 1t also
demonstrates that the people have faith
in the government In spite OF the In
clinatlon in some directions to dis
credltit.