The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-02-09
ONLY A RESPITE.
English Papers say the Gold Reserve
VIII Fall Again.

Ionaon Feb. s-The Economist today
cornuasnfs AZ length upon the new United
states loan. and says: There has been a
great deal too much fuss about the TACT
that 1T was subscribed for six times over
This il spoken Of as evidence OF the fnan-
csai strength Of the country and the conf
dence OF the people Ia the maintenance Of
gold payments, but IL is neither one nor
the other. The fact Is that the main In
ducement to subscribe has been the hope
and expectancy OF being able 10 sell al a
profit the bonds for which applications
have been obtained.
The effect the loan r. likely TO produce
on the fresasiry IL also exaggerated IT Is
very probable that enough gold VIII be ae-
elInutafcd 20 pay the first couple or in
stail1nents, but f. Is more than likely that
the treasury itself viii be called upon TO
furnish a portion Of the gold for further
riAynaenss Even e the full amount OF the
loan II engaged In gold b. the treasury.
ysha. likelihood 81 there of its being OBJ
tainedg What President Cleveland de-
scrIbes as the endless chain which
.mpties the treasury reserve almost as
fast as Il is flied. continues and viii con-
ilnue until the legislature Is persuaded 10
pass a measure To reform the currency on
a sound basls There Is no present pros
peet OF H. and the mere issue OF loan has
altered nothing and improved nothing. II
can at beat be only a temporary respite.
and Il is utterly iaoious 10 regard IL
inaugurating ! new era OF confidence aud
activity"
The Speaker ais,i warns investors. saying
that the success OF the loan does not In the
least !npltye the position OF the United
States: but IL admits that Ii shows that
the party OF sound finance is unquestion-
ably strong.
London. Feb Sit IA not disguised that
the success Of the popular loan In the
United States is great surprise and Is
held TO justify a more hopeful View OF
the financial situation. IL Is generally In
terpreted as showing that the Americans
believe that the loan viii not be repaid
IN silver.
A representative OF the Associated Press
called yesterday at the Rofhschllds' bank
ing house and asked the representative OF
the firm what be thought OF the new
United States loan. He said: THE
prcmptitude with which the loan was taken
was something OF a surprise TO London
bankers. President Cleveland Is to be
congratulated upon its success. There
may. however. be some trouble in readily
finding gold 10 take the bonds. In that
case IL would have been more easily ac-
eomplished by syndicate. I do not know
what portion of the loan is subscribed for
IN Europe. but ! think ii Is only small
amount"
AZ the J. s. Morgan banking house A
representative OF that firm said: Il can
not say accurately until the government
award Is published how many bonds We're
sold in Europe think about S5.0o0 Geo"
At Brown. Shipley & o.'sarepresentative
OF the firm said: II have had some orders
from customers. but nothing In proper
ton TO the former loan
The secretary of tho Bl-Metallls league
remarked: Il am not inclined 10 see sim
ply gold issue In the wonderful manner
A. =.
seems 10 have come from general sources.
and | do not believe the subscribers are
among the silver men. / regard IL entirely
as a gold loan"