The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-20
.upEBFLUoUs FEDERAL TAXATION.

Ia
NOR cent and that OF sterling exchange down
~ AJAX, had already considerably relaxed
vhen, on Thursday morning. the announce
n.nt was published OF the Treasury's offer to
buy s25. 600 900 OF Government bonds mt the
market rate. This promise OF further relief
reyiyed the spirits OF borrowers on stock coll
is,srals and prices on the Stock Exchange
,o.e at once con siderably. The improvement
lasted till the end OF tho week, and all danger
Of A panic, II there ever was any. seems to have
been cifeotually averted.
why the Secretary OF the Treasury. after 40
repeatedly and persistenty declaring as he did
that he saw no reason for Interference with the
natural course OF the money market either by
Increasing the Government deposits In ma
tIonal banks. or by purchasing Government
bonds. should have 40 suddenly changed his
mind. has not been well explained. APP
pnrently. he was convinced OF what was OBJ
yIous TO every dispasaionate observer. that the
eI.mor for Treasury relief came. not from men
engaged In legitimate business. but from stock
speculntors staggering under load OF debt
incurred when borrowing was easy and cheap.
and who were suffering from being com pelled
.i.her TO seli out their purchases at a loss
or 10 nay dearly for the privilege OF
continuing to hold them. This class OF
neopls will profit directly by the secre-
tarys action. but II will also indirectly
benefit borrowers In Europe by delaying for a
time the exports OF gold from that quarter
which previous conditions had made imminent.
With the large and increasing balances due to
Americans from aoroau anu h'R" rates on IN
tsrcst prevailing mere, Ho'u imports INTO TINS
country coulu nave NOT mueh longer peen pre-
vented. had not the treasury oy oneIine "na.
virtually amoun'sto sEe'ouo'ooo OF inc me,ai
TO this market checked the demahu 'or u.
That the result VIII NOT oenent tne borrowers
OF the INTERIOR nor inc farmers VINO nave nau
their crops 70 sen. u IL haruy necessary 10
argue. Their wants nave long ago oeen sup
piled. and. as the secretary himself mas said.
they viii soon oesin 10 return 70 the banks the
money they nave received. ana thus the loans
OF the banks could nave oeen increased wth-
out treasury help. lhht 30 Vauaoie Demon
stration OF the working OF natural nhhhcla law
has been e't incomP'ete u 10 DC reeteued.
Possibly the secretary iet h'mse,i 10 DC In
the position OF n doctor VINO sees MS patient
getting well without medicine ana who' In
order to vindicate MS claim 10 the credit OF the
recovery. hastens 10 administer an entlreIy un-
necessary and harmless prescription. hr. dnge
Ia an ardent advocate OF the necessity OF more
liberal oans-note Issues as a remedy Tor the
periodical autumn money strinseney. and lest
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