The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1898-05-21
BALTIMORE. Nav ~. 1898

BALTIMORE, May IL. lS9S.
EDIroRs ADVOCATE:
Yesterday | saw where Secretary OF the
Treasury Gage had $50, 1000, 900 Of gold and
wanted to pay it out. in order to get an op-
porlunty to get more gold(?) ! regard this
rs Il financial paradox.
In a London telegram of this dale, notice
under title: Europe Becoming Uneasy, Il
ST. James Gazette statement that "a year OF
anarchy at home, and aggression abroad.
has made Il stir in London financial circles
That Russia wants Il lean of 1000, 900, ana
is borrowing it in Germany, while the Bank
of England is directing its energies to the ac-
emulation of a gold reserve, fashion with
out recent precedent, while Japan is prepar-
ing for a fresh loan OF SD, 600, 900.
Is it possible that there can be astonish
ment: that Russia wishes to borrow money IN
Germany. to show the need Of German and.
when, report has it, that Russia is the ally OF
France?
Is il a fact. that England wishes to accu-
muIate Il gold reserve, fashion without re-
cent precedent while our government, the
United States wishes to get rid OF theirs!
Are not things rather mixed at present, any
how?
Is England selling bonds to increase her
gold reserve? Is she putting out her silver
coin, or is she ust simply issuing more notes
of the Bank of England?
Hasn't Russia got between twenty and
thirty millions of our Eag les i'll her vaults,
now? What do we want to get rid OF our
$3.50 DOC. 600. at present in our Treasury,
when we can coin our silver to use for war
purposes? If that is as good as the gold, at u
ratio of even 80 to |, hadn t we better utilize
it in war times when the prices of all neces-
saries Of life are doubling, us it were. or as
they will, and thus keep safe III our vaults
those most valuable and cowardIy gold
pieces?
In nv opinion it would be cheaper and
more convenient to issue greenbackS They
were mighty servicable for all purposes for
the war among ourselves. If they were good
for such long war, why would they not an
Swer now, in short one, socalled, and at ITS
conclusion redeem them, if necessary. with
our bonds, but at present hang on to the
gold that, it seems. all Europe is after? eS-
pecialy, when we do not need it. Were |
the Secretary of the Treasury, | should GER
tainly hold on to what | considered our most
valuable possession, or in times of war, not
lend it to foreign nations, or domestic money
sharks. to buy our bonds that had tagged
upon them an interest that the people who
are fighting our battles were besides taxed
to pay. 1t appears to me that ii is rather
have to do all the fighting and also pay the
taxes and bond interest, in addition, while
the other, the rich class enjoy the chestnutS
and spois of war.
1t may be that, when our war with Spain
has closed, that the territory we have cap
tured. with a war indemnity Ill gold, will be
sufficient to meet all our expenses and hence
no necessity to issue bonds. Should the re-
suit be otherwise, it will be necessary, only
that we shall know exactly what sum or
amount is necessary to be issued. Nobody
but fool with good surplus in bank, would
give his notes, l. e. bonds bearing interest,
when his |. 0. Us would do as we'll and
have free and untrammelled circulation.
The idea that the existence of this war is
going to eradicate the financial question, is
simple rot, for the reason that all foreign
and neutral countries. while keeping their
hands out of the fight, are going to try to get
them into our pockets, as shown above, and
get the little gold we have i'll exchange for
their ''hands-ofi-' twar) policy. This is our
greatest danger. and consequently the neces-
sity of keeping both our war and money eyes
open.
1t may be before this war closes that the
viest spies and traitors to the success of our
arms may be found not in our army and
navy proper. through foreigners, but at home.
safe from every danger in the money-bags of
our country.
All that the United States has to do during
this war, is to insure our soldiers and sailors
that all gold and silver in our Treasury at
present, and to come, is there to be held, in
trust to pay their salaries and indemnify
their families in case of death, and to meet
other contingencies at present is to issue
greenbacks, that have always heretofore been
redeemed in gold Or bonds that have always
sold for gold.
The days of intimidating the American
people upon either war or financial issues has
passed. g. c. W.