Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-09
CHARLOTTESVILLE.
HIGH FINANCE AND SOME OF IT'S
RESULTS.
Correspondence virginian-P ilot.)


Correspondence Virginan- Pilot)
Charlottesville. Va. Dec. s.-The
financial folly manifested by the trea-
sury department of tile United States
in recent years is illustrated by fact
just mentioned in your editorial col
umns that United Suites per cent
bonds are now quoted at S1.3S.00, that
is to say, that those bonds bought now
would cost the buyer 9Ia years interest
in advance. and that no income Would
be netted 10 the holder until after that
period.
These bonds were issued under the
Democratic administration of Presi-
dent Cleveland and sold by the trea-
sury ostensibly to maintain n gold re-
serve, depleted for the purpose of Sc
curing the enormous profits of a bond
issue, and used to make good the de-
ficiency OF the public revenues. This
was the issue of bonds which ghe Pres
ident besought Congress for the
authority TO make payable i'll gold.
Existing law made them payable in
coin.
Though President Cleveland was
elected by Democrats, his chief support
in his financial policy, directed mainly
toward discrediting ali forms of his
country's money other than gold, was
chiefly on the Republican side in Con-
SresS.
In vain was 1t presented TO Congress
that 3 per cent. bonds payable in gold
would bring as much as per cent.
payable in coin and effect saving OF
some $4,000, 600.
Permission was refused. for Republic
cans did not dare to raise that issue
| then.
The repeal of the Sherman silver
4 fnrrhn ciusr a bn
evils resulting from this policy of pre-
! sentinS IAN object lesson" are familiar
| to the people-the hard times of 1888
| the bankers panic. ill has been in the
two later campaigns. 1896 and 1900, as
coming upon the country under Il Dem
| ocratic administration. Heaven save
| the mark! AS Il matter of fact Mr..
| Cleveland was alone able to carry out
his abominable scheme to affect that
| repeal by his Republican supporters in
| Congress. All the powers OF the exec
utive were employed to win the sup
port OF many too plant Democrats;
| yet, but for the aid coming from Lon
| don, where the council of India in the
nick OF time. ordered the closure of the
| indian minis to the free coinage of
| silver. This action was decisive and
/ enough votes were secured to repeal.
| Since then Didn't we have hard times
| under the last Democratic administra-
| tion?" confronted Democrats all over
| the Union. Our treasury had bought
| in bonds not due al as high a premium
as $l.a6. to get the peoples money out
| of the treasury into the channels of
| commerce to avert public distress,
| then, in short period, again issued
bonds. buying in at high premium
| and then selling Mt par or q slight
| advance new bonds.
| Is 1t any wonder that Mexican cities
should declare that our finances were
evidently managed by charlatans who
school boys"
Now, we see the Spanish war bonds
issued at per cent. quoted at 1903.
| Two things are suggested by the
| quotations of 1873 for long time As and
| 100 for 10 years optional 3 per cents.
First. the very high credit of our gov
| eminent. and second can this be re-
! garded as an indication of general
prosperity-thisp preference for securi-
| ties at such low rates to investments
In real property, in city and country,
| offered and sold at unprecedented low
| rates.
That capital should seek evidences of
debt instead of property while the
bonded debe of the world, national,
! municipal and corporate represent so
| large a share of its total wealth Is not
n healthy sign. Is 1t not evident tina t
1t betokens both the Inadequate Sc
| curity and returns of capital invested
in lands and city and urban property ?
If so, then the millions of owners of
| such do not dare share to any extent
in the prosperity.
j. w. PORTER.
Charlottesville. Va.
| nIr r,D.as-- 1NnzsNn~