Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-01-13
TWELVE PAGES
SATURDAY. JANUARY 10. 1900.
LoI THE POOR BoNDHoLDERsl

The N. Y. Tribune of January Sth,
has nearly FIVE columns OF editorial
matter devoted almost exclusively to
the moneyed classes and their interests,
as witness the subjects considered:
1.-THE Rcfunding Section" (of the pend
ing currency blD; Taxation of Mort
cages; 'iBoer Finances" Money and
Business" and Pacific Coast Ship
building" In which the chief complaint
IS the cost of manual labor, with sug-
Gestions how to evade, or minimize
that. for the relief of oppressed capt.
tai!
In the first article 1t commiserates
the poor bondholders, whose bonds are
near maturity, that they are offered an
extension Of thirty years. entire ex-
emption from all possible taxation, and
exaction, in gold bonds at 2 per cent.
per annum, in exchange for their pres
ent expiring bonds at u valuation of
their" present worth lin the marllet)
to yield an income of two and one
quarter per centum per annum." This
~ uSi iIiol'oSitiol eNSiteS tHe profound
sympathy of our New York contem-
porary, and 1t says, tearfuly:
Government bonds bearing only per
cent. interest may not at all times
command their par value in the mar
ket and 1t would be trying to the coun-
try to find its bonds falling below par
because OF some threatened foreign
difficulty.
Especially would such n fall be un-
fortunate If n great proportion of the
paper currency in use SHOULD BE
-SEGIlRED ONLY BY THE DEPOSIT
e OF 2 PER CENT, BONDS AT THE
RATE OF 100000 BONDS AT PAR
FOR EVERY 100000 IN PAPER IS
SUDD. The depreciation of bonds
(which any foreign difficulty would be
likely to cause would leave the paper
issued against them without security
for It's full value. Alarm about that
currency, rapid redemption OF 1t In or
der to get gold instead ana EX'TREAIF
DISTURBANCE IN THE MONEY
MARKETS are among the consc-
Quences which must be considered If
bonds bearing so low rate OF inter
est should be admitted rs sufficient Sc
curlty Tor circulation issued up to their
par value.
BUT THERE is AT LEAST A pos
SrBILITY THAT AN ADMINISTRA-
TON AND a SECRETARY OF DIFF
TERENT DISPOSITION MAY AT
SOME FUTURE TIME BE INTRIJST
Jed WITH POWER. 1t would be in
the highest degree satisfactory to n
good many statesmen OF the Demo-
ocratic or Populist sort to see III,
National banking system broken down
with dishonor. and so completely MS 10
compel an enormously increased issue
OF Government notes, POSSIBLY RE
DEEMABLE IN SILVER. It is the
plain fact that this country has IN
reckon with such spirit yet.AND FOR
WEARS TO COME. 1t cannot afford
to overlook the fact that the power 10
break the currency system at It's weak
est point might In some future emcr
gency rest with Secretary strongly
hostile to the National system and 10
the gold standard also. Would IT moi
therefore be wiser for the Senate tn
make It's gold standard bill as strong
as 1t can, without adding to It proyi
sions which certainly cannot strengthen
the system, but may expose 1t to seri
ous peril?
This Is all very touching, especially
TO Secretary Gage and his National
Bank pets, that are looking to him to
be Secretary in perpctuum, and are
expecting to be relieved of all REQUIRE
ments of security and allowed all the
privileges Of red-dog and shinplastcr
Banking institutions! How treacherous.
TOO, utter the gold standard shall have
been raised In glory. for the Tribune
10 express doubts of its remedial and
preventive qualities to save us from all
,saxtrems disturbances in the money