San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-01-24
The passage Of the increased

The passage of the increased
revenue bill now in the senate will
carry the government out Of the
present deficiency rut. Then II
congress will pass Senator Sher-
mans measure, compelling the
treasury to retain all notes re-
deemed in gold until they can be
put back into circulation through
an exchange for gold, it will put
the government finances on a
sound basis assuming, Of course,
that some addition will be made
to the bank circulation to COM
pensate for the Withholding of the
legal tender from use. In such an
event, the gold reserve can drop
down below $50,0C0,0 900 periodically
without any shaking Of confidence.
L consider Senator Sherman's
proposition one Of the best that
has yet been presented In connec-
ton with reformi?. z the currency,
and it ought to )eedily become
law; but it is nee sary, Of course,
Iudb Ull6 luClcdEt'' tONOhuC lllCoS-
ures should also ! ass, so that the
advantages which both measures
give can be derived at the same
time by the government. II con-
gress will pass these two acts, 1t
will beyond doubt do away with
the necessity in the future for
periodical sales Of bonds to provide
for the gold reserve.
II our dispute with England is
settled without bloodshed or dis
honor on either side, which ap-
pears to me inevitable, then the
fact that we have had such scrap
and peacefully gotten over it will
result in more cordial and endur-
ing friendly relations in the future
than existed before the rupture
occurred. When 1t is absolutely
known to be settled, the English
people will tumble over each other
to buy our government bonds.
England with her colonies would
be more exposed than the United
States, In the event OF hostilities
between the two nations. AS an
evidence Of the extent OF England's
colonies, 1t has been her boast that
the sun never sets on her posses
sions. There Is no Disgusting the
fact that both countries are made
the stronger through the existence
of mutual ties OF friendship and
goodwill. Such relations, how
ever, cannot be enduring without
the Willingness of both parties to
submit their disputes to arbitra-
ton whenever requested by either
side. The greatest advantage in
the maintenance of amicable rela-
tions between England and Amer
lea is undoubtedly on the side OF
England, and so long as we have
such a connection with her, there
Is no need for our seeking alliances
with other nations against her.
The response to public opinion
by Secretary Carlisle, in making
the bond Issue competitive with
the public, is certainly creditable
to him, and the fact that he has
changed the mode Of payment
from the one originally advertised,
so that the facilities are increased
to admit OF subscribing for the
bonds, is an evidence that the Sec
rotary is disposed to do all in his
power to make the public subscrip-
ton a great success. To have con-
tinued with the original mode OF
payment could not have failed to
shut out an immense number OF
subscriptions which will now be
made by people Of moderate
means. The contraction OF $40, 000,-
600 in loans by the banks within
two weeks and an increase in their
surplus of $l2,50O,0OO within that
time, which brings 1t up to about
$50, 000, 900, Is a change made to
provide for the bond issue. The
stringency already produced and
the consequent liquidation is In a
large measure discounting the
effect of the operation on February
5, when the awards will be an
nounced and the first installment
on the bonds paid. i am quite OF
the opinion that the aggregate OF
bids will be largely In excess OF
the $l00,000,000 and will average
in price over lilo for the bonds
AS an evidence that subscribers
will get cheap security even at
LIP, which will make the bonds