Show THE NEW BOND ISSUE Evidently the national administration administra-tion as broken with the bond syndicate syndi-cate as reported in the despatches for a public bond sale of 100000000 is announced an-nounced by the secretary of the treasury treas-ury and bids asked It came somewhat some-what in the nature of a surprise to both the Senate and House and to all the subordinate officers of the treasury department Since a bond issue under the present policy of administering our financial affairs was inevitable we are pleased that the sale is to be a public one For though It may be that the great bulk of the issue will fall into the hands of the bond syndicate the people will have had an opportunity to come to the relief of the government govern-ment if their patriotism prompted by their Interests incline them that way I One other thing is likely to be demonstrated demon-strated by offering the bonds at public pub-lic sale It Is generally supposed that there Is a great amount of gold in the country In the banks and in the hands of the people about 300000000 among the latter If there be any very large amount of gold hoarded by the people the absolete safety of investment in-vestment in United States bonds the length of time the bonds are to run and the rate interest will most probably pro-bably bring that gold out of its hiding hid-ing place and there will be a large amount of the new bond issue taken by the people Nor will the fact that the bonds will be coin bonds and not gold bonds deter the people from purchasing them for no one who has faith in the government of the United States can doubt that the financial policy of the government by the time these thirty year bonds fall due will be settled ad that the bonds when redeemed will be paid in the best money of the world For if as Is our hope the government shall adopt bimetallism bi-metallism that Is the free and unlimited un-limited coinage of both silver and gold long before those bonds fall due silver sil-ver will be on a parity with gold ut the legal ratio and whether the bonds be redeemed in silver or gold will be a matter of indifference to the holders Our view of the matter is that so much gold as Is generally claimed to be In the hands of the people is not there and the public sale of the proposed pro-posed bond issue will help to demonstrate demon-strate that It is not there Nor is there in the world the gold that is needed to do the worlds business Our financial troubles arise from the fact that the gold base on which the world Is trying to transact its business Is too small to sustain the mighty volume of currency which the necessities of trade and commerce enforce us to employ em-ploy to do the worlds business What we want ir a broader base of money that shall be our own not borrowed gold that only represents so many millions of issued bonds and since there Is not gold enough for that base even if we had our share of the worlds gold the sensible thing to do would be to restore to its place in our monetary system that money metal that was degraded from its high function func-tion by Republican party legislation more than twentytwo years ago T |