The sun., 1899-11-27
v,,,. roR RUNNING IN DEBT

.yo. and thus to relieve tho distress Oh
H'..,,srs on stocks. by purchasing S2o.ooo'-
o,., %, uovernnent bonds. has, like his oher to
"., ,,r the same purpose the interest on
pVr,h ,h,i, dcht up to next July. been. so lar.
'n. 'nIol with only partial success the
m'a, n, bonds rendered him had reached
an OIL, ahout sl2 900 600 at the close OF business
ou' . ,oeL and unless he extends the time Tor
..iv,nq thcn beyond the limit oil next
is te..dav VIII Oh he originally fixed. IL will
'.,hohly fall considerably short OF the whoie
,os nOOOOO Meanwhile the upward move
.., In pricea. which his offer at first set
l',nc has come TO a halt, and the rates OF IN
sN..s, m call m m,ney have risen very nearly 10
..,,r former level. with n corresponding dis-
...,,romrnt OF speculative buying.
Tbe serfetarys desire to promote the inter-
..,, ~ borrowers and tho measures for their
..wot which IL has led him to take have. be-
.,,d disputc. the sympathy and the approval
~. number Of people. Not only are the
S.h,ors To whose assistance he has come
n,oaaed with his action but their creditors
w. .ro rel eyed hyit Of much anxiety for the
s.ts,y OF their debts. 1t is noteworthy that the
n., ,"., .rpha,ic commentator OF his policy has
n lS.,a from the officers Of institutions whose
tU ,..n. are mo4t largely made to speculative
ho'isrs of stocks. and those only have ex-
ho"e', :, ,,..,,-ov,l NJ I, who were get
pfe'eeu Wv ,,..os, y, bo,,er securitv Tho
Nns w. .,.... Ia .a,sr,I Ia ,lao plessed
Nmu e,..,,,rv b,. rnede himself with It
anu ""
rery popular -
Vp'n'O ,,,s q, ro,,rd to tho proiect for
'n''".,,,,,oi 'n' SOU" raIia, 10 tho nonev merket
s''ne s''ne', ,.s,o. y, hank currencv. which
p , ,s ukeIx 10 rscommend In bis
u" - ..,or. IN Conpresa Not only
". 80, Isrdors who look for thar gains
., ,,,,,,v,,o of sneculs,iye customera.
W W, .,..,n a ,,ensure which will at once in
WI. .h, n,ssihls volume of thoir loans. and
49, 49,, ,n,r, from tho danger Of n collapse in
p,,,y ,hsv ,aEa for them. At present.
WV WV -, .n,,,nn demand for currencv TO
Wv " ,ho ,ron. to market IL largely supplied
u ,ha I,v,L money Reserves q, the hanks
,rhI. ,,,,sos ,s wa see n contraction OF bank
i,.n. ,na CONSIGNMENT forced sale of stocks
,"n.,h, a, hioh price. and carried On margins
C,rL, ho,L ro,ss instead nf lawful money. be
.an, ,,,o tho interior. tbIs pinch would be
,,oi I'D and specu ators for a rise would not
.rss,n. ,hov 10 now
Th. adynca,ns n, mi. me,hod OF protectinp
A,,,,,w.r. rl,ok the i'm tortsnt fact that IL
,,I,hs .ra,,iv,. n, = for n v.ar or,wo Tbev
".a,, ,,d,,d ,ho, the b,nk not.s sen, on, In
.,,,,,,o,, ,r,,,II rs,urn m IN. L,.ts in The
", a,,h, a, n,,.r and srrin, as t,s, n. tho
r,ro Nod ~ buv were sold 10 con.
t'o's I,at,ror r,nori.rc. show. bov-
49,, ,na, ,h, r,,n,gsrs q, h,uks dn NO, sub.
,,o.,,h cr,,,iIment n, THAR lnans with
NV VI, so.,s,,n.a whar ,hsv c,n M Iony.r land
,S.,, no,a, % ,ro, bnvar. ,hev exsrt ali thar
,",.,n,,x "a er1 o,hor horrowsr. o,,bam Tha
80. 49,, ,b. ,I,n ,rono.ad will coat ,hsm
,v,,, % no,b,rs AMI the in,erest tbev rsceiva
~. ,i,o, r., r,I,I h. roa-,v ali r,a.r nroe,
C",s.,,an,Iv ,ha currency ssnt on, hv tham
- sn,n,,n u,,rl no, r.,urr vbeo ,ba ,,oy,ne
n,,n.. ,snT. "a 40, rro,od hr, s,.v on, and The
o.,,.r,rmn m,rIw,li raori,a an ad,itionaI
s.sr, ., +, ,o r,.vsnt IN. sams contr.c,,on
,,,, ma now a,nsr,snc.
I,isrrnon,l,, ,o aav .o bu,,be ,r,,b !. ,h,,
N. ,,c,i,ias ,or borrowing monav in ,hIs
,onp,rv ara .lrssdv too ,mnle AMI ough,
,.,ha, 10 bo n,n,,,o,ad ,b., onl.rooa tn.
or,,s ,o- ss,,i,r r,ch hv ~, y,n, on cr.i,, ma,
o,lv sto,k. I'm, ,vric,l,nral nroduc,s nar-
cb.rIi,s AZ va,ious Lirds and r..i .s,.,a nar-
v,jss The cnrnmp,I,v N nm a,,on, tho, On
d,pssrs our vboIa en.nci.I fabric .rd .s
history shows prodpc.. ner,odJ,,I n,,,c. ,oI-
Owed BY prostr ations a, indu.,rv tho rscovsrv
ir0r which Ia the work nf vaara A pap - N
has saved up 90 buvs stocka or me,chandiz.
ar and 10 the ynlue Of 81 600 giving for tbs
rem,inins 5000 A nots or a mortgage the
man with 81. 900 OF bis own inyests $40 Oo0
on similar terms: one with $40 900 buv. for
100000: and so IL eoes on. until We bnys
borrowers OF millions on the pleJae ot
rrona,tv nor,lnaIlv worth ia, ,ina. a. m,,v
rr,,o,. .,ar III, ,,-o,... h.. 80. -. 80,
,,o,.. Jo.i, a.. 80, -. - -,
,h..h. a. L.I. =, - uS
,..'. w y, 80, o'S
,"'nS o' assur'nR 'ner ptoh's oy seIiihg out
S'.i W "''e"lpt th's suceco'' put as soon as
incl. example Is followed py more. the number
ose!Ier' exceeds that OF buyers. prices fall. the
lenders OF money become alarmed and insist
w 'a'tneht' panic ehsues. ana then comes
he WORK "i clearing away the wreck and pre-
pa'hg 'or repetition OF the process That
'u'h c"ta'F0phes are not desirable. every one
must adnit' ana yet they cannot be avoided. 40
!onR as borrowing remains as easy as 1t Is now.
anu II Is maze easier. as proposed. they VIII
0e ""y more uisa'trous. II not more frequent
'h aiu'loh 70 the debts incurred by our peo-
PIE ICr speculative purposes. anu which are not
usun'N permanent IN their duration. thou
Ha"uS 0! hlH!ohS are borrowed Tor long periods
" '"e f'ueral Government; by states. coun-
"rs' c''"' am towns; by railroad companies
n 7 n IN