New-York tribune., 1896-01-08
IIRLII or KONDN.

The opinions of bankers and others regarding
the offer of bonds differ - widely ~ show. II
they show nothing else, that the President has
again entered upon course the consequences
Of which cannot be predicted by him or anybody
else He has been called conservative and
cautious man. but it is The third time within Il
month that he has shown himself in a different
character The most experienced men in finances
confess that they are entirely unable 10 judge
how the attempt 10 gather SlOO.OOO.OOo gold into
the Treasury Will affect the money markets and
business. That il produces serious disturbance
Is obvious enough already. but not aS yet whether
the less immediate effect will be helpful or harm
ful The President has. a all events. caused Il
premium on gold the thing that some people
supposed he had consccratcd himself to prevent
one banker solcmnly says that. since the i'rcS-
dent must lave considered the subjcc; maturcly
it Is now the part Of patriotism for everybody
TO uphold the Government. I'll" fact j that
the President had set his mind on Il different
plan changed his mind between two days, and
50 suddenly that most Of the Treasury officials
knew nothing about the offer Of bonds until
after il was issued. and Is now supposed by his
most vocfcrous admirers 10 have no wcighticr
motive for the course he has adopted than II de
sire TO prove to Congress and the country that it
is useless to offer bonds to the people
Everybody knows il would not be, if n definite
price equal 10 3 per cent were named. or il the
people felt tina, there was any actual need Of
borrowing and that the Government was going
TO raise revenue enough to pay its debts. The
millionaire minc-owncr Of Colorado spoke for
multitudcs when he said he had not dollar To
l.I, LIANT .,,,t
Of trouble Of his own making, but would sub
scribe million If the country needed It in ease
Of war or any other emergency. The one fact
which helps the Presidents supposed scheme
most effectually is that Treasury deficit, month
after month, the very existence Of which Is off
cially denied. does not provide the best basis
for unlimited borrowing. II is Il good time for
Senators 10 take action without the least pos
sible delay on the revenue bill, and somebody
will be considered gravely in fault II that action
Is postponed until after a long debate about
money and coinage. Whether the President will
consent 10 have the revenue Increased. after he
has placed the country In position to think seri-
ously Of possible foreign complications, is some
thing that ought to he known by the Senate and
bv Congress before it decides about appropria-
ton bills or other matters that may demand
speedy attention.
The gold In the Treasury Is officially said 10 be
SS337S392 in coin. against S4D936i39 gold
certificates outstanding ard held by the people,
while $40 $50 ,SGG bullion Is In the Treasury. The
gold coin outside the Treasury according to the
official guesses. amounts 10 S4Sl,72S.5i1. Of
which Sal 4U9,36O WAS held by the National
banks October /. and probably as much Is now
held, but this Is part of the reserve against which
the loans and issues Of the banks are made.
Whether large part OF it can be withdrawn
without violent contraction Of loans and dis
turbance Of business has yet " be ascertainpd