The times. [volume] (Richmond, Va.) 1890-1903, 1898-09-03
4 FINE SPECIMEN or BAMBOoH-
LING THE DEAR PEOPLE.

In the opinion Of Tho Times me Y'I
low Journal is one Of tho most dangerous
renoces ~ public morals 70 which our
institutions subject MS Freedom Of the
Press is absolutely essential 70 the con-
tinued freedom a free people. and We had
therefore. better endure the yellow Jour-
nal, than 10 abridee the liberty Of the
press by suppressing it with the strong
hand But thinking men should omit no
opportunity 10 direct attention 10 ITS vi
cious tendencies and 10 warn the people
AGAINST It's insidious dangers a healthy
public sentiment may then be- aroused
towards a.. and that public sentiment Is
tho correction which IS 20 force it within
proper bounds
When Mr cleveland. towards the end
Of his second term was forced to make
n large sale Of United states bonds 10
keen the gold reserve from being ex-
bausted. and having the country plunged
down into the awful abyss of the Sill
yer standard. he did the sensible thing
Of asking The great houses Of the coun-
try that deal in securities to make com
peting bids for the whole issue In this
way he was certain TO get the very best
price for the bonds that the credit OF
the Government justified. But that "yel-
low journal" the New York World
Junged into the case with a great clamor
hat "the people" should be allowed an
opportunity 20 subscribe for the loan, so
that the world might sec that the people
Of the United States are always ready
10 sustain their Government In emergen-
cies. and so that "the people rather than
the shylocks should make the proht that
was 10 be had from the purchase of the
Governments securities. and it ostenta-
tiously accompanied its clatter with an
offer TO subscribe for one million Of dol
lars Of the new bonds.
Now this is not a case that invokes pa
triotlsm. and bankers. and not "the peo-
pie" are the parties 10 handle trans
action Of this sort The Government
bonds bear a very low rate Of interest
and "the people do not, therefore, want
10 invest their savings in them. They
can do far better with them lending them
TO their neighbors al 6 per cent. interest
The Government bonds are sought by the
wealthy. who have such great accumu-
lauons that they can afford TO receive
very low rates Of interest 10 get the Sc
curity Of Government bonds The Gov
eminent 8 per cent bonds sell 10 these
wealthy people at above par, while If
the people" had to be depended on for
their purchase they would probably sell
far below par.
But the World ana the other yellow
journals" raised such olatter over the
business that when Congress came to pro-
vide for the i20Ooooo0 loan for the Cuban
war. The act specified that the bonds must
be sold I'm small lots az par. and the bid
ders for 500 bonds were 10 be preferred
IN awarding the bonds. This was 10 give
"the people who had small savings the
first chance 10 secure the Governments
bonds. when man with as much knowl-
edge Of actual affairs as a twelve-year-
old school boy ought 10 have. should
know that a man with only $500 surplus
Will never think Of taking only $50 per
annum for 10.
50 II is. however. that the yellow jour
nails made the demagogues in Congress
shape the law after their notions. and
what was the result? The bankers sent
aeir agents an around through the COM
munity getting everybody they knew TO
subscribe for the bonds IN small lots. the
bankers 20 pay for them and TO have
them. aad the subscribers simply allow
ing the banker the use Of his name. In
this way 1.-The bankers got Government
bonds at par. which were actually worth
l05 the day they got them, and the banker
made the profit which the Government
lost The bankers made d profit Of
100000 out of the s2o0,CooC0o loan which
the Government lost. and which the Cow
eminent would have made IL the yellow
journals had kept out OF the case. so that
tho Government could put the bonds up
10 the highest bidder. ana exactly the
same parties got the bonds at last, as
would have gotten them II they had been
put UP 10 the highest bidder.
The thing. which was perfectly APP
parent 10 all sensible raeA irc.n .te be-