St. Paul daily globe., 1896-04-01
A SIGNIFICANT CHANGE.

n CHAN(IE.
We have been busted for several
weeks in comparing the presidential
chances of the various candidates on
both sides, and have dropped out Of
sight. almost, that which, for months
previous, had excited universal inter-
est and alarm. One might think, to
read the news Of the day, except for
an occasional reference to the plat
forms of the coming erection, that
there was no financial issue, and that
our currency system was likely to
stand as it is without effort toward
change. Only a little while ago
the condition of the treasury gold re-
serve was published daily and watched
with feverish interest, as the barom-
eter foretelling calm weather or storm
Prices of commodities and quotations
of stocks went up or down according
to its fluctuations. and millions of dol
lars worth Of the yellow metal was
sent back and forth by ocean grew
mounds across the Atlantic to answer
mythical demands, in obedience to the
variations Of the rate of exchange
The fact that New York firm of
brokers had engaged as much as $780,
600 of gold for export was chronicIed
among the leading events Of the day.
A bond issue was negotiated, and It's
possible effects upon the future of the
treasury was the theme of eyery
tongue.
Since those bond bids were opened
sudden lull has fallen upon this
whole discussion. With the raising of
the treasury's gold reserve to over
$l25, 100000, and the consequent disap-
pearance of possibility of suspend
ing gold payments, the attention of
the public has been turned altogether
IN other directions. Nor is that all
The consequences are material as well
as sentimental AT a time of wear
when we have been accustomed to ex-
pect large exports of gold, the treas
ury has lost none, and the whole gold
movement seems to have been held in
suspension. Except only last year.
when the bond syndicate which f1oated
the previous loan had agreed to keep
the rate of exchange above the shin
ping point, we have sent abroad large
amounts Of gold each year during the
month of March. The gold shipment
Tor that month in 1894 was 81, 900. 900:
In 1893. $S0OO,OO0; in 1892, IS, zoo, 900: In
1881, $5,000,000. So 1t is seen that the
natural movement of +bo o4, -
TINS tlme' under ordinary conditions, is
away from this country. But for
March of 1896, although the loan was
placed under conditions that gave no
guarantee whatever to the treasury
and the rate Of exchange has been left
to the play of commercial forces, there
have been practically no gold exports
whatever.
We do not expect this condition of
things to continue indefinitely; but the
fact that it exists, and that IT has talk
en- the place Of the universal distrust
and the drain upon the treasury re-
serves that preceded it, Is the strong
est possible vindication of the policy
OF this administration. Where now are
the howlers about increasing the pub
lie debt in time Of peace?" Where
are the men who insisted few weeks
ago that the country was going to
the demnition bowwows, because it
did not admit the free coinage of silver?
We have today, as substitute for
those conditions, fortified treasury.
and temporary stoppage not only of
the flow of gold toward Europe. that
had continued for so many months
but even of such movement as would
be natural and normal at this season
in any year. Twice has this admins
tration, by its promptitude and cour-
age, saved the country from financial
wreck.
The executive cannot forever stand
between the people and the cowardice
or imbecility of their representatives.
If the evil Of our financial conditions
be not cured in time, by proper and
necessary legislation, it will some day
grow beyond remedy. Some day. too.
a man unlike Mr.. Cleveland, one of the
mere politicians whom the Republican
party would like to make president,
will face such an emergency and go
down before it, carrying the country
with him. AS for these four years.