New-York tribune., 1896-02-06

THE PEOPLE UPHOLD THEIR GOVERN NENT.
The magnificent success of the bond issue is at
once a scathing condemnation Of the past an I'M
pressve proof Of the Nations credit, and con-
vincing assurance for the future. The people
make this answer, which will ring round the
world. TO all assaults upon the Nations credit,
whether by the President or by those silver men
who have been conspiring to bankrupt the Gov
crnmcnt. Right on the heels Of the vote in the
Senate for free coinage, which some silver men
imagined would impress the world with the no
ton that they had some power in American
affairs and were at least to be feared. come the
bids. over 1900 in number, for $5bS .269. so. or
more than five times the loan proposed and at
prices higher than any bidder would have
dreamed of Offering if it We're thought possible
that the Nation could be forced into paying either
interest or principal OF the 'coin' bonds in sill
vcr A more conclusive demonstration of the
impotence Of the silver performance could not
well be ina gincd.
The peoples answer to President Cleveland Is
most humating TO him. For the last year he
has been pretending thar his private transaction
with Il syndicate was absolutely necessary. That
the Government could be saved from bankruptcy
only by giving an enormous profit to sundry in
tcrnati0nal bankers. and that he was entitled
to vast credit for lifting the country out Of the
slough into which Congress had plunged II by
declining to issue gold bonds The answer OF the
people is found in the bids for several times the
| entire amount offered. and AT prices far above
| those granted TO the syndicate in the secret bar
gain Even more humiliatlng to the President
| is the bid of the Morgan syndicate yesterday
| for the entire amount of bonds al n price more
| than SGOOOOOO higher than that which the Prcsi-
| dent consented to receive a year ago In com
petition with the public the international bank
ers were obliged 10 offer something like their real
value for the same bonds which the President
then sold them
The demonstration Of the enormous strength
Of the Nations credit Is all the more impressive.
and will have all the more influence throughout
| the world because Of the recent excitement re-
| carding foreign questions which are not yet set
| tied If any foreign Power has been tempted
to believe. by the conduct Of the President in con
sen,ing to demands Of international bankers,
that the Republic could not command resources
| from its own people. or that the scare about sill
yer which the President has been fostering for
more than a year had broken public confidence,
the answer Of the people yesterday will show
them that in any good cause the Nation is ready
10 place at the disposal Of the Government money
enough for any emergency.
The result is also splendid vindication Of the
wisdom of those who have insisted upon pOpl-
larzing the loan, and offering it to the people
on such terms and under such conditions thai the
hoar,ls OF millions. as we'll as the Of all
| financial institutions. would be opened. Yielding
TO criticism at last, the President and Secretary
not only offered the loan to public bids but mOdi-
| fed the terms so far as to insure IA greatly in
creased number Of bidders They might have
gone further with wisdom in the same direction.
But it ought now to be the policy Of the Govern
ment to encourage this patriotic spirit Of the pco-
pie by awarding TO such bidders az large a part
Of the loan as it can with due regard to the
prices offered. The impression yesterday was
that the bid Of the Morgan syndicate, in which Is
| included that Of the Deutsche Bank Of Berlin.
would be found the best for at least half the
bonds But whether II secures more or less the
transaction has lifted the credit Of The Nation
beyond all expectation. and placed il on n slIrcr
! foundation than ever. II has shown that the
! United States even when the ROths childs and
others Of England are silent. 1t has shown
above all. that without looking 10 any foreign
country for help, the people Of these United
States are both willing and abundan,ly able to
| uphold their Government