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that he has failed to emphasize the place which the work as a whole, which is of the nature of Andrew Lang is preparing an edition of this lakes occupy in the cycle of river develop- a pioneer. The author has in preparation a important manuscript for the Roxburghe Club. ment, some types being characteristic of the larger work, which will be awaited with much Two other visits to England-that of Sorbières youth and others of the maturity or old age of interest.
in 1663 and that of Voltaire in 1726-are briefly a river system. Much the same criticism may
treated. The longest paper in the volume is be made of the author's discussion of plateaus
that on Scarron, which is reprinted from the and mountains. English Essays from a French Pen. By J.
Lawrence & Bullen edition of “The Comical The book contains a few errors which ought
J. Jusserand, Ministre Plénipotentiaire. Lon
Romance.' to be corrected. Hadley's inaccurate explana.
don: Unwin; New York: Putnams. 1895. tion of the deflective force of the earth's rota- M. JUSSERAND is certainly one of the most vi
BOOKS OF THE WEEK. tion is repeated by Mr. Tarr. As has been vacious of antiquaries. A book from bis pen
La Jeunesse de Bougainville et la Guerre de Sept Ans. shown by Ferrel, this force is dependent solely is sure to be curiously instructive and not to [Les Français au Canada ] Paris : Daupeley-Gou. upon the latitude and the momentum of the be heavy, and we hope he may long continue
Lees, Prof. The Claims of Greek. Syracuse: C. W, moving body, and not at all upon the direction to keep to bis present average of a volume a
Lieber, B. F. Standard Telegraphic Code. Lieber Pubof motion, whereas Hadley's explanation de-year. Of the essays brought together in the lishing Co. $10.
Marcou, J. Life, Letters, and Works of Louis Agassiz. mands that there be no deflection in the case little volume before us, “The Forbidden Pas- 2 vols. Macmillan & Co. of bodies moving in an east-and-west direction, times of a Recluse” is by all odds the most en
Meade, L. T. A Princess of the Gutter. Putnams. $1.
Musgrave, George. Dante's Inferno: A Version in the and tbat the amount of deflection diminish tertaining. It consists of a string of extracts
Nine Line Metre of Spenser Macmillan. $1.50.
Powell, Lleut. Col. W. H. The Fifth Army Corps (Army with the departure from a north-and south from a manual for anchoresses written in the of tbe Potomac). Putnams. 87.50.
Robb, Russell. Electric Wiring. Macmillan. $2 50. direction. According to the diagram on page twelfth century by the Englishman Ailred, Roosevelt, Theodore, and Grinnell. G. B. Hunting in 49, the temperature in the southern hemi- | Abbot of Rievaulx, for the guidance of his
Many Lands Forest and Stream Publishing Co. $2.50.
Rossetti. W. M. New Poems by Christina Rossetti sphere is bigher in June than in December, an sister. The manual has interesting points of
Sears, Prof. Lorenzo. The History of Oratory. Chi. error probably due to carelessness in prepara- comparison with the well-known · Ancren cago: S. C. Griggs & Co.
Sewall, J. B. The Timon of Lucian. Boston: Ginn & tion. The text seems to have been hastily Riwle' of the following century. Some of the Co. 550. written, and in places it is marred by careless scenes depicted are higbly characteristic-par
Tille, Alexander. German Songs of To-Day. Macmil.
lan $1. expressions, such as, “a river valley trans- | ticularly that of the tattling old woman at the
Waugh, Arthur. Alfred Lord Tennyson: A Study of
His Life and Works. Macmillan. $2 formed into a lake" (p. 299), and “we have in recluse's window, telling tales and keeping her Welch, Deshler. The Bachelor and the Chafing Dish.
F. T. Veely. this, the Malaspina glacier, an instance of a informed of the town gossip. The second paper
Wentworb, G. A. Syllables of Geometry. Boston : well developed forest” (p. 313). The illustra. is a brief and lively account (from an unpub
Ginn & Co.
Williams, R. P. Chemical Experiments, General and tions are profuse and in general well chosen, lished manuscript) of the journey of Regnault Analytical. Boston: Ginn & Co, 60c.
Wood, Gen. Sir Evelyn. Cavalry in tbe Waterloo Cammany of them being new to text-books. Un. Girard to Scotland in 1435. Girard's errand patgn. Boston: Roberts Bros. $1 25. fortunately not a few of them are poorly re- was to fetch the little Lady Margaret, the be
Wood. Henry. Studies in the thought World; or,
Practical Mind Art. Boston: Lee & -hepard. $1.25. produced. trothed of the Dauphin, and he had some amus
Young W. T. The Art of Putting Questions. New ed.
Syracuse: C. W. Bardeen. 150. But praise much more than censure is due to ing experiences. We are glad to learn that Mr. Zola, Émile. The Fat and the Thin .F.T. Neely.
SIR QUIXOTE OF THE MOORS
By John BưCHAN. Buckram Series, 750. "Is full of humor and vitality, and deserves to be successful... there is an individual quality in bis work, and a certain bewitchment which belongs to the higher forms of imagination
the heroine be. comes a living memory long after the book is closed
told with great delicacy and grace of diction
the power of reserve which is evident on every page makes us hope great things of tae author."-The Bookman.
HENRY HOLT & CO., N. Y.
Professor of Rhetoric and English Composi.
GEORGE PIERCE BAKER, A.B., Assistant Pro-
BERT BATES, A.B., Instructor in English in
A circular describing the series, its objects and
The Story of South Africa.
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NEW YORK, THURSDAY, FEBRUARY 18, 1896. President Washburn of Robert College, Herald when it affirms that the Argen
Constantinople, has an interesting article tines are of "a different race, of different The Week.
in last week's Independent on the Arme- language, customs, and interests, having pian deadlock. He seems to be convinced no sympathy with American thought or
that Salisbury could not have done any commerce, having neither affection nor The reference in the Queen's speech to more than he has done without imminent any especial friendship for Americans." the Venezuelan difficulty is pacific enough. danger of bringing on a European war. Ab, but these are the opinions of jealous Parliament is informed that the Govern. That danger President Washburn thinks foreigners, violently suspected of having ment of the United States have "express should have been faced with "faith in their pockets filled with British gold. ed a wish to coöperate in bringing to a
God and the Right.” But that, on mere- Not at all. Both the News and Herald close" the Guiana boundary dispute, and ly political and statesmanlike grounds, are edited by Americans-only they hapthat “I have expressed my sympathy Salisbury could not have gone forward pen to be Americans who have lived long with the desire to come to an equitable without the Powers at his back, appears in the countries they write of, keep their arrangement.", This seems to give ample to be admitted. When he has threatened, eyes open, and speak the thing they confirmation to the rumors that negotia. or intimated, as he did last summer, think, unaffected by the fumes either of tions have been going on between Wash. armed intervention, he meant interven- a Presidential ambition or of the afterington and London since the bellicosetion, perhaps by England alone, but with dinner wine-cup too long looked upon. message of December 17, and have been the consent and moral support of the much more amicable in tone. Certainly Powers always understood. Mr. Wash. no ministry could describe the Olney. burn is fair and frank enough to concede
It appears that the advocates of the adCleveland threat to settle the whole thing that the difficulty with the United mission of Arizona and New Mexico as ourselves as the expression of "a wish to States' must have hampered Lord Salis
States have about half of the House coöperate.” It must be, then, that our bury enormouely. The depression which
committee on Territories on their side, and Washington fire-eaters, after their thea- our brief war madness of December last
are hopeful of pushing the scheme through tric display, went quietly back to the me- wrought in thoughtful Americans living Congress at this session. Public sentithods of Evarts and Frelinghuysen and abroad is well expressed by the President
ment ought to pronounce so emphatically Bayard and Blaine and Gresham, and of the American college in Constantinople, against this proposition that Congress tried the effect of good offices instead of when he says:
will drop it. Neither of the two Territobludgeons. This will be hailed as good
"The present hope of the world is in Ameri. ries is fit for statehood. The only effect news on both sides the Atlantic, and all ca; but we have more reason to fear than to
of admitting them will be to strengthen will hope, -with the Queen's speech, that
boast. I know both countries very well, and
I should not like to say that the standard of the champions of every financial folly by "further negotiations will lead a satis- morality and Christian living is any higher in four more votes in the Senate. Soundfactory settlement."
America than in England, or that the worsbip
more fairly and surely than hers, or that our The speeches of Mr. Balfour and Lord moneyed aristocracy is of purer morals or
ents will not pardon them if they help to Salisbury, as well as those of Sir William more unselfish spirit than her hereditary no
consummate such an outrage. bility. But as a pation we have made no final Harcourt and Lord Rosebery, following choice of evil. I thought we had a month ago the Queen's speech at the opening of Par- when I read the President's message, and beard
of the enthusiastic cheers which went up all liament, further indicate that the Vene
over the land at the prospect of war.
There is a sort of poetic justice in the zuela controversy is in a fair way of peacea glad to believe that I was mistaken, that the action of the Senators from the silverble settlement. The sense of the English and that the cheers for war were only an unPresident did not mean what he seemed to say,
mining States who have voted to substi. pation, like that of the American people, is happy way of expressing our patriotism.”
tute a free-coinage bill in place of the clearly against even the thought of the pos
House tariff bill. Those States were adsibility of war between Great Britain and
mitted to the Union for the express purthe United States. Mr. Balfour reiterat- The Rio News has some striking and pose of keeping the Republicans in control ed in the Commons his hope that out of truthful remarks about the total confu- of the Senate and of preserving the blessed the late evil the great good may come of sion of mind of many of our public men, tariff. Both of these dishonest aims have a permanent arbitration agreement be- with Secretary Olney at their head, in re- failed, but the republic has received no tween the two countries. Certainly this gard to what we ought to think of South detriment in consequence.
The House is the auspicious time to strike for such a American institutions, and what South tariff bill is a bill of false pretences from consummation; and the Washington au- Americans themselves really think of us. beginning to end. It was not expected to thorities cannot bring forth works more The power of words to mislead mankind become a law when it was passed in the meet for repentance than a hearty closing
more conspicuously shown House, but merely to commit the party to with any and every advance made to them than by the effect on the imagination of passing it at some future time when the along this line. Mr. Olney's extremely the term “ republic” chosen to describo party should be strong enough to shape polite and gracious note of February 3, governments which are truly, for the legislation at its own pleasure. The silthough a little late, was received with most part, nothing but military oligar- ver extremists have said, through Senaequal graciousness; and nothing seems chies. England, a republic in everything tors Teller and Jones, that in any such now to remain except an exchange of com- but name, we must hate as the home of game they hold the winning cards. The pliments and a speedy adjustment of the "alien institutions,” but South Ameri- country is much benefited by non-action whole miserable Venezuelan dispute, with can governments, which are republican at the present time on the tariff as well as our Commission probably, and to their in nothing but name, we must hail as sis- on the silver question. It would be even own great satisfaction, left high and dry ters on the strength of what we call them, more benefited if Congress would adjourn to one side. Of far greater interest to not what they actually are. Equally fac- as soon as the necessary appropriation Parliament and the British nation is the titious is the idea that the South Ameri- bills cau be passed. But if it is to remain Turkish situation. All Lord Salisbury's cans have any especial fondness for us, in session for purposes of general legislaskill in dialectics cannot save him from either as republicans or human beings. tion, it can do nothing less harmful than the appearance of having suffered a great The Rio News tells the exact truth on to substitute a free-silver bill for the tariff diplomatic defeat in this affair.
this point; and so does the Buenos Ayres bill and then kill the former,
The address of Mr. Wharton Barker to er St. Paul, on Saturday week, and will lists at home and act as the tools of the the manufacturers on the subject of silver not be got afloat again so easily, we think. Money Power in Washington.” and the tariff is not a very weighty docu- He had his scheme nicely prepared and ment. It amounts to saying that there printed, to be offered as an amendment to will be no more protective-tariff bills the House bond bill. It proposed to au
A significant speech was delivered in passed unless the free coinage of silver is thorize the Secretary of the Treasury to
the House on Saturday by Mr. Hall, a made a part of the measure.
Democratic Representative from MissouBut this issue bonds to the amount of $100,000,000, threat carries no terrors to any manufac- drawing interest at 3 per cent., the prin ri, who has hitherto been a strong freeturers who are satisfied with the present cipal payable twenty years from date in coinage man, but now declares his contariff, and we have heard of no movement "coin," with an annual sinking fund of
version to the cause of sound money. Mr. for increased duties except among the $3,000,000, the proceeds of the boods to be
Hall made the interesting statement that Ohio wool-growers, who are hardly to be kept in a separate fund and applied solely eight of the Senators who voted for free classed as manufacturers. Accompany to the fortification of the seacoast and coinage a few days ago have said privateing Mr. Barker's manifesto is
ly that they believe the adoption of this paper lakes of the United States, for the mapusigned by sixteen Republican Senators facture of guns, the purchase of sites, and policy would destroy the commercial pros(all of them, except Cameron, from States the erection of forts and batteries accord perity of the country. This is entirely west of the Missouri River), saying that ing to plans to be hereafter prepared by credible; indeed, nobody has ever been
able to believe that all, or a large proporthey favor rescuing the people of the the War Department. When this amend
tion, of the Senators who have voted for United States from the impending danger ment was offered, Senator Teiler moved of being overwhelmed by the industrial to lay it on the table. Mr. Lodge called
free coinage were such fools as to believe competition of China and Japan, "by re- for the yeas and naye. To order the yeas
in it. It is impossible, for example, to moving the difference of exchange between and naye a vote of one fifth of the Sena
suppose that such a man as Wolcott of gold-standard countries and silver-stan- tors present is required. Only three or
Colorado seriously thinks that the prosdard countries by the only method possible, four votes were cast for this motion.
perity of the United States would be prowhich is the free and unlimited coinage Sepator Teller's motion to lay on the table
moted by the adoption of this policy; but of silver at the ratio of 16 to 1 by the in- then prevailed without a division.
he knew that anybody who questioned its dependent action of the United States."
wisdom would have stood no chance of This is not exactly the same thing in
being elected a Senator from Colorado.
The debate in the House on Thursday Many other Senators who voted on the terms as Mr. Barker's pronunciamiento, showed that the silver element among the but it probably means the same thing.
same side bave had less excuse for their Republicans in the lower branch of ConIf so, it means that the House tariff bill
attitude, since their constituents have no gress is as bent on declaring itself as is will not pass the Senate at this session of
selfish interest in silver mines, and might the case with Republican Senators who
have been shown the folly of the silver Congress, and probably not at any ses- believe in free coinage. Mr. Johnson of delusion if the public men whom they sion. Yet it is possible that the manu
California openly and strongly denounced facturers may not tremble.
trusted had done their duty. One of the the Reed programme of inaction. He de
most striking signs of the decadence of clared that “a do-nothing policy, or a
the Senate is the readiness of its members We are glad to record the practical de. policy confined to action on non-essentials,
to sbirk responsibility, as evidenced by such as self-constituted leaders of the feat of the movement in the Senate to
the willingness of many who believe that divide up the appropriation bills among House say is proper, will not serve," and
free coinage would ruin the nation to vote he criticised Chairman Dingley of the a lot of committees, instead of giving the
for it because they think it popular with control of nearly all of them to a single
ways and means committee for offering their constituents, and leave the House committee. The object of this attempt to nothing as an alternative to free coinage,
of Representatives or the President to destroy a centralized and responsible overurging that at least provision be made for
block a scheme that they ought to have sight of the national expenditures was the coining of American silver.
defeated themselves. scarcely concealed. Much fine talk was
silver Republicans," he announced, "are put forward abo the need of relieving
ready to set lance in rest now or at any the committee on appropriations from a
time upon this question.” In taking this People may freely speak their mind, as part of its arduous labors, and of securing position Mr. Johnson, and the silver Re- they are speaking it, about the wretched more deliberate consideration for impor
publicans who stand with him, feel that incapacity and recreancy of Congress in tant bills; but behind all this was an evi
they have their constituents behind them. all matters of domestic legislation. Nodent plan, both to increase the power of Upon the passage by the Senate of the thing is commoner than to hear the Seother committees and other chairman
free-coinage substitute for the bond bill, nate, especially, denounced as a collection ships, and to make raids on the Treasury
the Denver Republican declared that of kpaves and imbeciles, a fearful incubus
“the Republican majority in the House op the country which it totally misundereasier of execution. The very character
ought to have sufficient intelligence and stands and misrepresents. The vast maof the men engineering the affair was enough to make it extremely suspicious; patriotism to pass the bill exactly as it jority of the intelligent citizens of the naand though they began with great confi.
went through the Senate.” Althougb it tion would be indignant if told that they dence and with an apparent large majori
is generally assumed that there is a must not question the wisdom of Congress ty of the Senate, the sober sense of the
"goldite” majority in the House, the about the currency, about taxation, about older members, together with a little Republican questioned the correctness copyright, about banking. What! that maneuvring of their own, appears to
of that conclusion, and wanted to see a body of adventurers and trucklers reprehave squelched the whole scheme. It
fair test made in order that every member sent the country? We must all "stand would surely be a pity to abandon one of
may be forced to go on record. It ex- behind” it? Treason to talk against it? our few remaining checks on reckless and pected that Speaker Reed and the Re- But, excited brother, is not this just what extravagant legislation, and to make our
publican members who favor his Presi- you were saying about the action of Consystem of voting money in and out of the
dential aspirations would attempt to smo- gress on the vastly greater question of
ther the measure in committee or elseTreasury still more chaotic than it is.
peace or war? Were you not almost ready where, but insisted that this should not to mob anybody who said that Congress
be permitted, but that the bill should be was as ignorant and cowardly in that matSenator Lodge's $100,000,000 bill for forced to a vote on its merits, “in spite of ter as you now admit it is in all others ! coast defences, about which he has been the opposition of possible Presidential It would be strange, indeed, if a Congress so long mewing and caterwauling on our candidates, and the jugglery of two-faced which has shown itself wholly incapable roofs, was stranded worse than the steam-representatives who profess to bę bimetal. of laying taxes or ordering the currency,
should suddenly develop the loftiest pa- agery." If war makes us savages, and The Anglo-French convention, signed triotism and purest wisdom in a crisis af- the absence of war something worse than January 15, relating to Siam, appears to fecting the very life of the nation. Men savages, it would seem to be all up with have given satisfaction on both sides of are not built that way. If they are trim- But it must be confessed that Capt. the Channel. Its effect is not so much to mers or incendiaries in that which is least, Taylor's thesis that war disposes men to partition Siam as to determine the respec. they will be in that which is much. No a state of eavagery, he certainly proves in tive English and French "spheres of influone suddenly becomes wise and virtuous, his own person.
ence," and to neutralize the Menam valany more than base. The men at Wash
ley-say, one third of the entire territory ington whom we now speak of with dis.
of Siam. In this region each country will gust and loathing, are the very men who,
The last New York Legislature passed enjoy the same commercial rights, and we were told six weeks ago, accurately an act which places the 12th of February, Lord Salisbury made it clear in his letter represented the deliberate judgment of the anniversary of Lincoln's birth, on the
to the Marquis of Dufferin, that he did this nation. They were precisely the same
same footing as New Year's, Washington's not doubt the ability of English mermen then that they are now, and they Birthday, Decoration Day, the Fourth of chants and traders to compete with the trifled with the vast issues 'of peace and July, Labor Day, Election Day, Thanks. French on even terms. No one seems war, with the very destiny of the country, giving, and Christmas. The States of
to bave inquired how the Siamese would in the same reckless and barbaric spirit New Jersey, Illinois, and Washington like the arrangement. It was apparently 'which they now display in dealing with have taken similar action, while Connecti
thought superfluous to question Siam's the national credit. They did not put cut has established a Lincoln holiday in perfect willingness to be cut upintospheres more character or intelligence into that the month of October. It is a mistaken of influence and neutralized regions. Anywork than they are putting into this, policy. A general observance of two how, it is now reported that the Siamese though in the frenzy of the moment they holidays within ten days of each other in
authorities are quite content. They may passed as wise patriots. Luckily, that February is impossible, while the Con
be making a virtue of necessity, or reflect. frenzy is now overpassed, and thousands vecticut idea of picking out a day that ing bow much worse it might have been. of shamefaced people are ready to admit has no relation to any event in Lincolo's that their worsbipped heroes of last De
life is absurd. The consequence must be cember were really the same ignoble and that the anniversary will secure but small
Protection, masquerading as hygienic incapable set that they now despise. recognition, while it introduces a fresh
regulations, is taking a povel turp in Gerdisturbance of business. Lincoln himself,
many. The demand is made that Russian That the proper study of mankind is war
with his shrewd common sense, would is maintained with great power in the last bave put a quietus on the suggestion if he grain be excluded on the ground that it is
a deadly vehicle of infection. A professor North American Review by Capt. H.C. mischief is that, as revolutions do not go Russian oats, barley, and rye, anywhere could have had his way about it. The
has found in one-tenth of a gramme of Taylor of the Naval War College. He is backward, holidays are not revoked, and pained at the widespread “ prejudice that the granting of them seems as easy
from 500,000 to 1,000,000 bacilli, and from against its study,” admits with shame that
400 to 12,000 mould fungi. This is enough to procure, and as difficult for legislators for Count Kapitz and the Agrarians, who “soldiers and sailors hardened in battle" have called war “uppatural," just as if to resist, as the generality of demagogical
are loudly demanding that the pational they were no clearer-eyed than "philoso
health (not, of course, their farm products) phers of a certain ability,” and points out
be protected against the new danger. that the ravages of " the anti-war spirit John Morley gave a definition of the Meanwhile, it is safe to say that all atduring the nineteenth century " have Jingo, in his speech at Arbroath the other tempts of bacteriologists to put German gone to such an alarming extent that some night, which has a philosophical neatness grain under the microscope will be severemen can “soberly suggest the possi- and accuracy about it. He rightly said ly frowned upon. Such a thing, on a bilities of the nations of the earth ceasing that your Jingo is known to the fauna of pinch, could be made out lèse-majesté. to war with each other." Against such a all countries, infesting Great Britain as horrible thought he lifts a manly voice. well as America. The "born Jingo,” said War, he maintains, is necessary to the Mr. Morley, evidently baving in mind the What a serious business the trade of whole man-to “ the artistic spirit,” to many artificial, for this campaign-only Emperor has become in the modern world “the moral pature," to "the fervor of re- Jingoes, is “a man overflowing with the may be inferred from some statistics religion.” It is a serious mistake to tbink old Adam of violence and force, who cently published in the German papers of Christ as the great non-resistant; for would not be a bad fellow if he could only regarding William II.'s distribution of his “the willing effacement of the stubborn recognize two things—first, that there is time during the past year. He spent 159 ego in the flood of fellow.humanity which a relation between cause and effect, and, days away from Berlin. Of these, 52 were the bead of Christianity demands,” is second, that there is a difference between taken up by hunting parties, 38 by visits possible through war alone. The duty of right and wrong." It is almost cruel now to to allied princes, and 28 by military a Christian nation, mindful of “the dig. recall the aptness with which our Jingoes parades and army maneuvres--what has nity of her high estate," is clearly, there have lately illustrated the definition. To been called the "defilirium tremens" of fore, to keep fighting as constantly as sbriek for war one day and bewail a the Kaiser. The remaining days of his possible, so that we may retain " the idea smashed stock market and chilled busi. absence from the capital were passed in of war as a permanent factor of life," and ness the next, could be possible only in different German cities, haranguing the prevent peace from “generating doubts as beings of a deficient sense of causal re- burgomasters, and in various royal châto the wisdom of the Providence that lations. Great Heavens, they said, we teaus, doing "suthin' in the pastoral sways the universe." All this makes the never meant that! But godlike reason is line." Even when in Berlin, William plan of salvation plain and beautiful, but given to mortals precisely that they may keeps up his pathological activity, countCapt. Taylor seems to confuse matters by foresee the consequences of their own ing that day lost whose low descending & weak admission that "war is cruel and acts. The difference between right and sun has not scen a garrison alarmed, a brutal, disposing men to a state of savage. wrong is a subtier thing, which bluff minister rebuked, Socialists threatened ry.” We do not see that he saves himself Jingo minds perhaps ought not to be ex- with the sword of the Lord's anointed, or by adding that “the corrupt ease, the pected to grasp on all occasions; but even an imperial finger thrust into some interluxurious immorality of life, towards they ought to find it incredible that we national pie. To such a life a young man which a total absence of war always leads should always be right, and the other fel. must feel that he has a "serious call” dations, bas in it something more degrad- lows always wrong, and that, anyhow, we before daring to undertake it in this deing for the human race than simple søv. 'can whip them.
THE BOND SALE.
elections of last autumn, so disastrous to and very beneficial. It must also serve The success of the new Government loan the silverites in parts of the country to brace up the financial nerve of the Adhas surpassed the expectations of every
where they were supposed to be strong, ministration if it needed any bracing, and body, in both the amount offered and the have had an improving effect on the it may lead to a still further accumulation price obtained. The oldest and most ex
public credit, so that, barring any war of gold. Indeed, it would have been betperienced heads in Wall Street were as
scare, the bonds ought to sell higher now ter if the loan had been for $200,000,000 much astonished as the neophytes. The than then. If we make a further compa- instead of half that sum. With the gold whole amount subscribed for was in ex
rison with the recent offer of the Morgan now in hand, that would have given the cess of $500,000,000. This casts in the syndicate to take $100,000,000 at 105, we Treasury a reserve of nearly $270,000,000,
must bear in mind that that offer was shade everything else previously at
which is not too large for the total amount tempted. The loan of February, 1894,
made in the shadow of a panic caused by of fiat money outstanding. When the was practically forced upon the New York Mr. Cleveland's Venezuelan message, gold reserve was collected preparatory to city banks after the public had failed to
which has since been measurably cleared specie resumption in 1878, it was about subscribe. The 5 per cent. bonds it of away. On certain days after that mes 30 per cent of the legal-tender notes to fered were taken at 117.223, a rate which sage was sent to Congress, no bid could be be redeemed. Since that time we have made the interest equal to 3 per cent.
obtained for Government bonds in Wall added to the stock of fiat money, in round The purchasers lost money on them. The Street. Nobody could have anticipated numbers, $400,000,000 of silver and $150,loan of November, 1894, was of the same then that there would be such a clearing 000,000 of Treasury notes, bringing the kind, and the results were the same. The up of the financial atmosphere within so total up to $900,000,000. If 30 per cent. syndicate loan of February, 1895, was a short a time.
was the proper proportion of reserve to sale of 4 per cents at 104.50, which made The effect of what has happened on the demand liabilities in 1879, it must be conthe interest equal to 334 per cent. The silverites must be blighting. When the sidered so now. In fact, that percentage present bids averaging about 111, the rate business interests of the country come is much smaller than is held by the great of interest will be about 338, which is forward, at thirty days' notice, and offer banks of Europe which are charged with more favorable to the Government than to bet five hundred million dollars that the duty of keeping the ultimate gold rethe syndicate loan of last February, but the gold standard will be maintained, and serve of their respective countries. not so favorable as the loan of February, to put up 20 per cent. of that sum as a It may be said that the $100,000,000 of 1894. Nor must we fail to remark that pledge of good faith, the bragging and greenbacks now in the Treasury vaults the credit of New York city is higher than blackguardism of the silver majority in should be deducted from the total amount that of the United States. On the 26th the Senate disappear like loose straw in of fiat money. It is true that as long as of February last year, $3.265,000 city a hurricane. It would be impossible to they remain there they cannot be used to bonds sold above par, the bids ranging as produce by any other means such a pro-draw gold from the Treasury, but, since high as 103.25. These were 3 per cents, found moral effect. It was only a few they are liable to be paid out in consebut they were specifically payable in gold. weeks ago that their chief men assembled quence of any excessive appropriations by This accounts for the solecism that the in Washington and prepared a political Congress, and must be so paid if, for any nation's credit is inferior to that of one programme for the Presidential year. reason, the Government's expenses exceed of its cities which contains not more than They called a national convention to meet its receipts, they cannot be ignored. They a fortieth part of its population. If at St. Louis on the same day as that of the are liable to be rushed into the circulation we look abroad for comparisons, wo find Populists. They declared it to be their at any time, and hence, in any prudent that British consols bearing 234 per cent. purpose to compel one of the great politi- calculation of the future, must be considinterest are selling at 10818, or nearly as cal parties, if not both, to adopt a platered as a part of the nation's demand liahigh as our 4 per cents. When the Gov. form in favor of free coinage at the rate bilities. The $110,000,000 or more of gold ernment bond contract was pending in of 16 to 1, by this country alone, failing in to be realized from the new bond sale, February, 1895, the syndicate offered to which they would nominate a Presiden- added to the stock in hand previously, take the lot at a price equal to 3 per cent.
tial ticket and create a new party in all the will carry us to the end of the present if the loan were made payable in gold, but States, based upon that single idea. They year, without any commotion resulting Congress refused to pass an act to that could have done nothing more gratifying from financial causes; but if the reserve effect. It cannot be doubted that if such to the friends of sound money. The should fall below the traditional $100,000,a law were now in force, the present sale strength of the silver faction all along has 000 at any time during the term of the would have been made on far better terms consisted in their ability to pose as a ba present Secretary, he will be justified by for the Government. The bid would lance of power between Republicans and public opinion in making a new loan equal probably have been as high as 125. Democrats. In this way a minority as to the present one, which would be large
Of course this sale will be drawn into small as one-tenth may exercise a pre- enough to constitute a permanent infallicomparison with that of February, 1895, ponderating influence over a wide region ble reserve, needing no further additions and to the disparagement of the latter. of country and over national affairs, and dispensing with all further anxiety. It should be borne in mind, however, whereas if they should take the field as a that the syndicate contract was made at separate force, relying on their own numa time when the Government was within bers and the merits of their particular
NATIONAL INSANITY. three days (some say three hours) of sub- scheme, they would win nothing but ridi. THERE is a story told of Bishop Butler, pension. It was made in the very teeth cule. This will be the situation of the the author of the ‘Analogy,'that, walking of a panic. The Government came as a silverites as soon as they begin a separate in his garden one night with his chaplain, borrower at a time when ordinary bor. 16-to-1 campaign.
he asked him whether “public bodies rowers could not get money on any terms. The "first gun” in this campaign has might not go mad as well as individuals," To have delayed thirty days then would been fired. It is a far more telling shot , adding that “nothing.else could account have involved both public and private than the numbers of the persons concern- for most of the transactions in history." bankruptcy. Under circumstances of that ed would imply. Its force consists in the The question is an exceedingly interesting appalling kind it was impossible to wait, demonstration that the capital of the one, and seems to grow more so with the and we think still that the offer at the country is determined that the gold stan- passage of time and the increase of inteltime was a reasonable one, considering the dard shall be maintained, is ready to put lectual activity; and yet there has been syndicate's engagement to protect the up, not $100,000,000 merely, but as much but little discussion of it by either bistoTreasury gold reserve for ten months, and money as may be needed at any future rians or alienists. For instance, if we their actual protection of it for a year. time. The effect of such a demonstration were to examine Socialism-or rather the It should be remembered, also, that the upon political parties must be very great various schemes which are laid before