The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-05-19


Some parties have misinteFpreted |
my statement of last week in regard
to the amount of gold in the United
States available for the resumption of
specie payment. Here is just what
was said:
Secretary BristOw reports to Congress
that Of the ostens ible 81, 900 900 specie in
the monthly debt statements. $4,000 900
only is in gold coin; the last report OF the
national banks show they have in round
numbers, S8,90O,OO0. We will say SCI.
0O0.0o0 in ali that the government aud the
bGflkS Race TO resume specie payment
t1ith. and this is q FACT. Add $4,000
900 that may possibly be boarded and
of gold in the United states above
| ground.
This means, of course. only $25, 000,-
600 gold "tO resume specie payment
with" The practicability of actual
specie payment was the only subject of
the article. But to give the specie
pay ment theorists all the basis they can
have to rest their arguments upon, 1
added:
Grant also that more gold can be obtain
ed In some now unprovided way, and
that we can have S1OO, 0OQ, COO on hand by
| Jan. 1, 1879, and Keep it on hand in this
country for the purpose Of actual specie
payment, and that the people would not
hoard IL, and that would be as useful and
valuable for business purposes as its
most DEVOTED worshippers Imagine, still
what would be the effect Of such Q con-
traction as my friend grayely proposes:
1t Is perfectly evident, therefore
that nay estimates referred only to the
present or possible supply of gold
available "for the purpose of actua
specie payment" Gold, whether il
coin or jeweiry, that is not available
for the redemption of our see, 900, OO(
paper currency, has no special bearing
, on that enterprise, and was not inelu
ded in the above estimates. stick Il
. my figures that there is not now NOR,
than S25, 00O, 900 in gold in this cOun
, try to resume specie payment with
and that IL ne could increase that Il
. $lOO, 900, 600 by January 1, 1879, /
would be entirely inadequate to efFec
q resumption unless preceded by an alb
solutely ruinuous contraction AM
prostration of all our business interests
n AS 10 the tota! amount of gold coli
. and bullion in the United States
a "above ground" for all purposes, tn
= best authorities differ as widely a
other questions, and It is various
- - 80 financial f'experts'' al
the way from &c, :cast.'.19 20 Ss5v;ccsy
600, showing how little is actually
known on the subject, and how risk
= q basis the high estimates are to founC
our financial safety upon. Estimate
that believe are reliable, put the &C
tual amount at $4,000, 900 In 1870
. and the amount in 1876 at consi derabi,
less than 500, 600, 900, but there is no
room In this issue of The NEWS t.
+ discuss this matter. Bullionist organ
have q very evident interest in givinI
high estimates. Their exquisitely alb
a surd plan of legal specie payment Il
that the people can't get gold If the,
, generally demand it, but that the,
won't demand it SO long as they thinI
they can get it, and hence everything
I possible must be done to keep up thei
confidence in its being on hand. Tn
1 system is confidence game" entire
q ly, and naturally leads to exaggerate'
estimates and beliefs as to the suppl,
!, of gold, and the less of gold ther
!, really Is tine more necessary anu JUST
Z fable 1t is for the bullionists to exas
gerate the actual amount. Their state
ments are reliable only TO the exten
8 that they show in whose pockets O
:. vaults their s'Invisible' gold can b
g found. G..