The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-03
some EmInrnt FinnncIer..

Z
Judging from what we see in the public
prints. there are some eminent fnanciers
In this country. At least one OF them has
access 10 the editorial columns Of the
New York World. In wednesdays issue
Of that paper the hnancier in question
says; THE Presidents part in bringing
the treasury into its present dilemma is
not creditable either to his foresight or
TO his circumspection.
III he had determined to maintain the
gold reserve under the authority which
he already possesses he should have ap-
Dealed to the country with an issue OF
the bonds two or three months ago. and
have sold enough to keep the reserve at
all times full No bankers syndicate
could then have cornered the treasury,
and the President could have made his
appeal to congress for some measure of
permanent protection"
1t would appear from the foregoing that
the fnancier of the World. If he had been
in the Presidents position. would have
issued bonds for gold just as soon as the
gold reserve dropped below 500 100000
But why didn't he advise that that course
be pursued when the gold reserve fell be-
low that sum? II he was satisfied that
congress would do nothing to help the
treasury. and that the treasury would
have TO have more gold. he should have
advocated bond issue at once. He did
nothing Of that kind, however. He did not
foresee the present situation. His fore
sight was not quite as remarkable as
he would like the readers of the World
to believe. His financial wisdom was not
greater than that OF anybody else. though
he now pretonds that it was Neither he
nor anybody else could have foreseen
when the gold reserve dropped below
S10O.0OO,OOO that another bond issue would
be necessary at this time.
But suppose the President had done
what the financier of the World says he
should haze done; would the country
have sustained him? We do not think it
would Even the hnancier of the World
would in all probability, have condemned
him. 1t would have been said that he
should have waited to see il congress
would not do something to relieve the treas
ury of its difficulties and maintain the
integrity of the currency. II would also
have been said that a small decline ih
the amount of the gold reserve did not
Justify an additional issue of bonds In
fact. the President would have been con-
demned on every hand and by almost
everybody. And IL It had turned out
that no more gold was needed it is not a
all improbable that somebody would have
wanted the President impeached
But what evidence is there that bonds
could have been sold for gold a couple of
months ago at a higher premium than
can now be obtained for them? AS soon
as bonds were offered there would have
been an inquiry as to when bond issues
would be stopped. That would have
brought 10 light our unsatisfactory money
system and lessened confidence in our
ability to pay gold for the bonds when
they became due. With confidence weak
ened it would have been difficult to float
bonds at what they are really worth.
The Worlds fnancier Will hardly sue
coed in convincing anybody that he is a
better financier than any of those who
are managing the treasury. unless he
displays more common sense than he
has yet.