The Advocate and news., 1898-03-09


We are blessed (if It be not lrrevereht
so to say) with gold reserve" Hut
II Is 80 different from the sort Of gold
reserves which other nations have that
1t Is wholly unlike them. Theirs, in
time of need, are source Of strength,
while ours is source Of weakness.
Let 1t once be known that war ls
certain, and the spectators Of New
York will pour greenbacks and treas
ury notes into the subtreasury fast
enough to drain the gold vaults in thirty
six hours. Then, besides borrowing
money to carry on the war we will be
compelled following precedents) TO bor-
row money to replenlsh the gold re-
serve, in order that, when the breth-
rem In New York are ready to dispose Of
some more greenbacks we can accOmmO-
date them.
Mr.. Russell Sage, In paroxysm Of
loyalty the other day, gave out that he
was ready to back the government to
any reasonable amount In case OF war.
He wants 1t understood that the play
need not be stopped for want of patron
age. That Is the way the Wall street
people talked In 1861. The street" came
grandly to the rescue, said Mr. Clews,
in his record Of that stirring time. "Be
sure" he says, also, I'VE were well paid
for It,"
1t Is the probability Of trouble from
that sort of patriotism that inspired this
article. Let war come and the first step
would be to borrow mOney-not from
the people who would do the lighting,
but from them that would hire substi-
tutes in case of draft. The soldiers
In the field could get along with gov-
ernment paper, as they did thirty odd
years ago; but the soldiers who live
In palaces and fight at high rates OF
interest, they could not get along with
any but the hest money in the world,
and so we would sell them our gold
bonds, mOrtgaging the property Of the
people for years to come as security for
the debt.
1t Is this borrowing that would cause
us trouble at home. There would be no
need for borrowing dollar, and IL the
Populists In Congress did not prevent
any legislation authorizing such borrow
ing, 1t would be because they do not
know what party they belong to.
There was valid excuse for borrow
ing when the great war broke upon us
In 1851. The treasury was empty, and
we had not then within ourselves ready
resources sufficient for immediate safety.
We needed more war equipments than
we were prepared to make. We bought
clothing, arms and almost all kinds OF
war material abroad. About the only
article we had in abundance ready for
the field was men. But now, In addition
to men, we have great establishments
ready to manufacture anything and ev-
erything needful In an army, from a
CurrycOmb to a field battery. Our fac
tories could turn out tents and clothing
for hundred thousand men every ten
days. Arms we could supply quite as
fast. In six months we could have half
a million men In the field, we'll fed,
well clothed, we'll equipped every way
and well paid, all done within ourselves,
and without borrowing dollar or SELL
Ing bond.
DO you ask how? Look up the record.
At the sound of tramping armies in
1861 gold and silver, towards as they
were and always are in time Of danger,
skunk away into hiding and nobody but
the stock broker and speculatOr knew
where to find them. Congress made
some money for the soldiers, and in the
same act provided for converting the
notes into bonds, and then, In order TO
create market for the bonds, they had
to depreciate the notes by prohibiting
further conversion. From that time on
the soldiers, the manufacturers, the mer-
chants, everybody that fought In the
field or worked at home, took and gave.
received and paid only Uncle Sans
money.
Now, when we are able to supply our
selves with all the needed war material
we do not need dollar OF the worlds
money" to conduct our part Of the hight.