The silver blade. (Rathdrum, Idaho) 1895-1903, 1899-09-23
MONEY SHORT IN NEW YORK.

In the midst of all the hue and
cry made by the administration
press of the wonderful prosperity
ofthe country; the vast amount OF
business done as shown by the
clearing house returns; the bound
less capacity of the gold standard
to provide the world with the
money necessary for its business,
the following press dispatch comes
with shock, like dash of ice
cold water in the face:
NEW YORK, Sept. 49, Bankers
yesterday devised "A scheme to prevent
further panic IN the speculative mar
kets of Wall street. After the close
of the business on the stock exchange
aud after the issue Of the weekly
bank Statements, which showed the
banks had no money to lend without
encroachlng upon legal requirement
reserves, there was Il conference be-
tween bankers in several of the big
downtown institutions. The issue Of
clearing house certificates was dis
cussed. hut it was decided that such
a movement would be unwise. II is
understood in Wall street that Secre-
tary Gage recommends an increase in
the national bank circulation, and
for that reason has refused to do more
to relieve the situation than to order
the payment in advance Of the inter-
est due on the government bonds on
October !.
An additional issue of $50. 900, 600
to $40, 900, 900 might be legally made
by the New York Institutions, and it
is known that several millions of dol
lars Of new money will be issued this
week Bankers expect by this means
TO tide over the time OF active demand
for money in the interior, where it is
being used to move the crops to mar
Diet.
In the midst of boundless pros
perity, with a mighty stream OF
gold pouring in from Alaska, the
Transvaal and the mines of the
West, how is it that Secretary
Gage is called upon to "relieve the
situation" by paying in advance
'the interest due on government
bonds"? What has become of
the great vaults of gold lying idle
in New York. "the clearing house
of the world" of which our gold
standard friends have boosted I?
Gone. Simply gone into the in
terror to be used in the moving of
crops, and New York bankers
must therefore issue thirty or forty
millions of bank paper to s'tide
over the time of active demand"
What elacticityl How convenient!
How kind of the New York banker
to issue thirty or forty millions of
his paper for his own use and lend
to the farmer his gold at so much
per lend, with which to move the
crops! Such a benevolent old
party, to be sure
What paltry subterfuge is this
cry of sound money. How mean
&c tho th;prY - cn,,ax, H.. ~,
a mask to hide the robber of the
people. Because the great gov
eminent of the people stands be-
hind the bank paper it fulfills the
of money, does the work
OF gold, and the banking class
feaps the benefit. If the govern
ment stood behind the paper of
the farmer; Of the merchant, ave.
81 the wood chopper, even, would
aot their paper do the same, and
would not they possess an inn
nense privilege? If the govern
nent stood behind silver, the fair
product OF our own glorious
and, as it stands behind the for
7lgner's gold; if it stood behind
he silver dollar as it stands be-
md the paper of the banker, it,
90, would fulfill the functions Of
money, do the work of gold, and
here would be no paying in ad
.ance of the bond interest to ena-
'lc the banker TO lend his gold at
profit.
Why should the privilege of
ssuing paper which performs the
untlons OF money be given to any
lass? 1t should not. And the
'eople will see that it is not SO