The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-08-18
GOLD RESUMPTION ALONE.

But it has not. All the gold coin in
the Treasury, and represented by GER
titicates does not exceed 10000 900.
All the gold coin in the country does
not exceed 100000, 900. Could the
Government obtain it all, it would
still be $500, 1000, 900 short. Allowing
that the production of gold for the
next few years would average $55, 000,-
600 annually. it would take nearly six
years to obtain the sum required. Six
years from now would terminate in
1883, or four years after the time ap-
pointed by Congress for resumption.
Bnt we could not keep all this gold
Tor coin. Manufacturers would take
SIC, 900 annually, and at a very
moderate estimate $l0,0O0,OO0 worth
annually would be exported. This
would leave only $35, 100000 annually
for the purpose of coinage. So that
under the most favorable circum-
stances it would take nearly nine years
to accumulate enough gold to resume
thoroughly, and complete resumption
in gold could not be had till 1SS6-sev-
en- years after the time appointed by
Congress. No gold could be expected
from England, as that country has no
more than sufficient for her own pur-
poses, and as a matter of fact she new
er exports gold to any amount, heI
loans being principally represen ted by
merchandise shipped to the State bor-
| rowing from her, or by the squaring Of
debts owed TO her by the coqntry Dor
rowing. 1t is clear then that we can
not, within any reasonable period, re-
sumo altogether with greenhacks.
GOLD AND SILVER TOGETHER.
Our yield of GOLD AND Sill
YER TOGETHER for the mex
ten years may be estimated
at 81 600, 100000 for the whole
period. OF this, One-third would suf.
lice for manufacture and export. Ii
tive years the yield wOnId reach $780,
OO0,000 which would give $500, 000, 0O(
tor resumption anu $500, 900, 900 FOL
manufacture and eXpOrt-S4O, 900, 00C
a year. OF this, $lS,00O,OOO would b,
needed for resumption, leaving only
So, O0O, 900 for export. So that unless
We export produce instead of the spe-
Gle that we have been doing we could
not resume even in five year,, anC
with our whole production OF gold anC
silver, coined and uncoined, have TO
the three years ending December 3lst
1915, averaged over $4,000, OOI
Iexports of specie annually
Imports outside of Pa5ific coas
ports-imports in which are products
of the Pacific coast of North America
and included In the 500, 900 esti.
mated production-woulda average say
S27 ,000,0 900, leaving q balance of S32,
900, 900 against US. Add to this Is,
OOO, 900 for manufacturing needs ant
we have accounted for One-half of tn
whole product of the Pacific coast
leaving only $50,000,OO0 of gold ant
silver annually with which to resume
The surplus product of all our bonan
Zas for the next six years would, with
out taking account of the small guam
tity of silver coin on hand, be necessa
~ to enable US thoroughly to resume
So that the best we could do would b
to get rid of greenbacks altogether il
lSS2-three years later than the tim
proposed by the Resumption Act
And then we would not have resumes
entirely In gold, but would at bes
have paid out $3.50, 000, 900 in that met
al and $50, 0O0, 900 in silver for our Oh
Legations. Were the silver coins with
in two or three per cent. Of their pa
value they would pass current at thei
nominal value in gold.
: Despite the arguments of politician
it Is, therefore, impossible to resum
entirely in gold at any pe:iodSIt a
near the time appointed by Congress
Were the greenbaeks left in circulatiO
or redeemable as the holders wished 1
ofcourse less gold would be necessary
but then there would be about 800