New-York tribune., 1896-01-14

tho arrangement were 50 made that Of all
amounts subscribed through National banks a
large percentage could bc permitted to remain
ON dcposit for Il time. to be drawn as the Treas
ury may need II or as conditions of the money
market may permit. there is no reason TO doubt
that large subscriptions would be obtained mt
prices very satisfactory t. the Government.
What would then happen? The Treasury
would have its subscription Of gold by banks
abundantN responsible for the amount, and
could carry on lis books rs 1t pleased. The
hanks would takc ont the bonds and pay in the
money rs they receive il from individual sub
scriberS. or rs it may be called by the Treas
ury. With practical sense in the Treasury De
parimcnt II IS probable that no call would be
needed unless in the ease Of such IN emergency
as "A foreign war or financial collapse would pro-
ducc With "A reasonable time in which To work,
the banks all over the country would be able ID
place with their customers Il large proportion
of the bonds and 10 get for them gold not now
in circulation But if swift ana sudden deposits
i'm the Treasury are required. or II arrangements
are made only with depository blnkS, the
chances Of success would br indefinitely re
durcd the plan would be open TO suspicion rs
all. the money would have TO be drawn from The
existing supplies in financial centres. an there
fore Il much greater part Of ii would be pro-
cured directly or Indirectly from the Treasury
itself.
If Secretary Carlisle brings his natural com
nonsense to bear he knows that the syndicaic
oparat,on of last February brought to the colin-
try no gold which did not afierward 20 out in
pavmcni for the bonds when returned. That
could give only momcniary and hmsy relief.
He also knows that scarcely any gold was OBJ
tanned from financial centres within the country
which was not aficrward or earlier withdr1wn
from the Treasury. \ tritlins balance Of bonds
placed abroad. triillng percentage placed WIN
gold d-hodng investors outside of financial cen
tres. was all the practical advantage gained.
Bur subscription taken hy the people. through
their own local banks would he Infinitely NOR"
hnluful II the National credit throughout the
world Last February plated lis in the humili'
ating position of begging the RothSchidS t.
finance the United States Treasury. The com
ing Fcbrulry ought to prove that the people are
abundanily able and willing to sustain the Treas
ury for themselves. and with the gold they now
hold The Secretary could accomplish this mag
nific,nt result without withdrawing The proposal
already issued. hut hy simply informing Na-
finnnl banks through NJ the country. through
tbe Controller # the Currency that il they aci
a, agents If the Government in placing the pro-
no.cd loan the greatest possible care will hc
taken not to disturb local money markets. by
excessive or ovcrhasty demands So that they
VIII be- given reasonable time in which - place
the bonds with those who have the gold 10 pay
for them. l. there any conceivable justification
for re- f,i>al unless it bc determination To- force
bargain with another syndicate. giving IL mill
ions If prohi at the cost of the people: