St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-12
A SORRY sPEcrACLE.

turned into brokers' shop. where
agents Of bullion openly conduct their
business. as if in their private offices!
This is the medley of contradictions
which the imbecile policy of congress
offers to the people Of this country.
and patriotism Of the people and the
greed Of the spectators in gold, for
whose sole benefit the greenbacks re-
main outstanding, is striking and pitiful.
The credit Of this government stands
so high that It's per cent bonds COM
mand a premium, on bids, of nearly
liz per cent, and can be disposed of
in the market at prices above that.
Of former loans served to replenish the
treasury's gold fund for little time,
until they were drawn out again by
the endless chain process. 1t is a part
Of the present anomalous condition of
our financial affairs that this last loan,
although it amounts to 800, 000, 900, and
should bring, at the prices at which
bonds were sold, Sill ,000, 900 and up
wards of actual gold into the treasury
to be added to the s50,0OO,O0O and odd
which were there about the time the
bids were opened, is very likely to
leave the treasury with considerably
as the safety line, after all the bonds
have been taken and paid for. Such is
the final demonstration of the impos-
sibility Of keeping gold In the treas
ury, under any system of revenue or
with any amount OF bond sales, while
the greenbacks remain outstanding.
One has but to look at the actual
transactions on Monday at the New
York subtreasury to be amazed and
ashamed at the Indifference, or worse,
of political leaders. 1t was bad enough
that this government should be obliged
to saddle itself with another debt, bear
Ing per cent interest and not pay
able until twerty-nine years, when
proper action by congress would
have f1oated the loan at per cent and
made it redeemable in one-half. one
third. or. possibly, one-sixth of the time
stated. That would seem to be a suffi-
GENTLY high price to pay for the serv-
ices Of the men who are now supposed
to represent the people in the house
and senate. But that is far from be-
ing the worst Of it. There were re-
ceived at the New York subtreasury
on that day between $4,000 900 and
IS. 100000 Of gold, as first payments on
bonds subscribed for and taken. There
were withdrawn from the same treas
ury on the same day 1,60O, 900 of gold.
The beautiful process Of rolling up the
debt in order to transfer gold from A
to B and then from B back to A again.
is in full operation.
An incident which occurred at the
subtreasury shows the juggler in oper-
alton. The agent of a bullion broker
age firm had just presented greenbacks
and demanded gold in exchange for
them. The sacks containing the metal
were lying there, and he pointed them
out to his customers and directed them
to be taken away The treasury. Off
Gals interfered, and compelled him to
remove the gold to his own office or
some other place in order to complete
the transaction. They declined to have
the subtreasury appropriated as pri-
Vata Of tha oh
The same man had three times pre-
viously, on the same day gone through
the same performances of offering
United States notes for gold, handing
letting them deposit it in exchange for
bonds, only to be drawn out over again
with more United States notes. and so
on forever. 1t is clear that the total
amount OF this last great loan, taken
so readily by the country, may be paid
for under the terms Of the Subscription
without being of the slightest benefit
to the gold reserve. The subscriptions
are payable 20 per cent down and 10
per cent every fifteen days thereafter.
This calls for the immediate payment
of only $20,OO0,000 in gold Fifteen DAYS
after that date, $4,000, 1000 more will be
due. 1t will be easy, within that fort
night, for the subscribers to get to-
gether $10,0000O0 worth of greenbacks
send them to the treasury and pull out
that much of the gold already paid in
They will present this at the
expiration of fifteen days, to pay their
next installment, take it out again in
the same manner right afterwards, and
so receive the entire amount Of bonds
for and issued without max
ing necessary the addition to the treas
ury fund of one dollar more Of cold
than was there at the beginning Rv
the use Of 100000 600 in greenbacks. as
a revolving fund, they can make the
United States treasury furnish the
whole $90,0OG,000 Of gold necessary TO
pay the face and premium of the bonds
after the first cash payment has been
made.
This is the inevitable consequence
that has been foretold over and over
again if the greenbacks remain out
standing. 1t is not lack of revenue. it
it not lack Of confidence, it is not lack
of anything except common sense and
common honesty enough to put the
greenbacks out of the way, that makes
the difficulty. The great assailant Of
our national finances at this moment is
not the silver nnntinoon4