The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-12-07

to make resumption as safe IS In
EugIand or France. and should ex-
esed it One-tbird TO get back to the
merely spasmodic resumption we
had before the war.
so~ OUR coIN SUPPLY.
Now, what is our present supply
of coin and bullion? I have had a
number of estimates made for me
by persons who have the means Of
Information attainRbie, the average
OF which places the amount of gold
coin and bullion at one hundred and
City millions of gold and fifty mil
lions of silver, exclusive of subsi-
Diary coin. That lie, we have one
hundred and sixty millions of gold
and silver coin and bullion in the
treasury, the banks and among the
people. @
But we had two hundred and
eighty-fiYe milliOns Of gold and sill
yer coin and buIiion In 1850, and ia
the seventeen years since we have
produced from our mines a little
over one thousand millions of gold
and two bundled and fifty-five mill
liOns of silver; shout half OF which,
or six hundred and tWenty-seVen
millions, has gone into. coinage.
What has become Of this vast sum
Of coin
OUR FOREIGN DEBT AND EXPENSES
THKIR RELATION TO RESUMPTION.
! Il has flowed abroad TO pay our
debts. Much more than half of our
national debt is owed In Europe.
The interest on our national bonds
held abroad is exceeded by the coin
interest on state, city, railway and
other American securities held
there /; so that the aggregate coin
interest annually due from the peo-
pie Of the United States to Europe
is estimated at from one hundred
and nifty millions of dollsrs. Add
to this from forty to fifty millions
per year paid for foreign shipping,
and a sum equally great for expenses
of foreign travel, and we have an
aggregate annual drain of from one
hundred and aignty to two hundred
and fifty millions of dollars in pay
ment of debts and expenditures
abroad.
How have we paid this enormous
annual foreign demand!
First, by the shipping of coin and
bullion. From 1860 to 1876, both
and fourteen millions Of gold and
silver more than we imported, be-
ing an average of over fifty-six mil
lions q year. The balance of the
foreign demand upon us we have
paid in part by an occasional bal
ance of trsde in our favor. but al
ways in whole or in part by selling
more bonds abroad, thus each year
increasing the annual drain of the
precious metals and making it more
impossible for US to get or keep any
large sum of coin in our country.
OUR FOREIGN TRADE-rTS RELATION TC
RESUMPTION.
But my colleague Mr.. Garfield
says in effect that this bad condition
is all changed now, and resumption
made easy by our favorable balance
of trade helping as to coin. The re-
port of the bureau of statistics OF
August 81, 1877, shows that we
shipped abroad for the year ending
June 80, 1875, seventy-two millions
of coin and bullion more than we
received; in 1876 forty-one millions
oAN1 AZ 4OS OAAIOCh AlALlAOuSs ~ Ilo
Notwithstanding the unexsmpled
balance of trade in our favor and
our great effort to accumulate gold
for resumption, we have in the pas
three years exported one hundred
and twenty-nine millions more o.
coin and bullion than we have re
ceived from abroad. How, then, hal
the balance of trade helped re
s1mption2
Mr.. Speaker, this vast and increas
ing drain of the precious metal
makes maintenance of specie pay
ments absolutely impossible on ont
third of our present volume of cur
rency; and until the financial polio,
which has taken Gus debt from oul
own people to send il abroad shal
be wholly reversed, until that deb
is funded in bonds held at home
until the usury which forbids yes
sells built here, where money cost
10 per cent. from competing witt
those built on the Clyde, wher
money costs but 3 per cent, shall
have been abated by q financial pol
ICY which shall give money ant
mOneyed securities q less exorbi
i O0AS C6t1 "O OoIA uO luOEO %
this outgoing drain OF the preciou
metals than we can stop the water
warmed by an American sun in tn
Gulf from lowing to lave and en-
rich the British Isles.
PREPARATION FOR RESUMPTION.
The administration has had in ii
hands for three years past the Who'll
credit resources of our nation 70
the purchase of coin Wherewith t
prepare for resumption. 1t has bee
authorized to cell bonds bearing
Az and 6 per cent. interest. Three
fOurths Of the time allotted for prep
aration has already elapsed. Tn
secretaries of the treasury have ex
erted themselves to the utmost T.
accumulate gold. The banks, whicl
have been for three years past o.
notice to be ready for resumption
have no doubt been fairly diligen
in getting and boarding gold. Tn
problem before them has been t
get gold enough to keep seven hun
dred and thirty-three millions G
paper afioat or to take up the pape
cessful have they been?
Wo AHA lIOlu = TcpOTt Vi Tue O0C
rotary of the treasury made to thi
House last Thursday that the Unite
States had succeeded in ob,aining t
October 81, 1877, but $57, 436,O7I c
gold, FROM which is to be deducted
however, accruiDg interest, amount
J ing st that date TO $24,840,012, leav
ing but $50, 595,97S OF gold applies
J BILE to resumption. Whether any {
that small small sum is what Jill
Fisk would have called "phantoI
gold"-that is subscriptions by th
national banks for bonds payable
: gold, but not yet paid-does not dil
tinctly appear. In addition to tn
thirty-two and a-half millions in til
treasury the national banks hol
SIS, 94S,407 of silver and gold con
J bined. How much of tEis is silve
and how much gold does not az
pear from the bank statement. n
: doubt the chief part is s1bsidiar
J silver coin, which is no use for r,
J sumption.
Mr.. Springer: If the gentlema
! will allow me, 1 would say that, Al
cording to the last statement of II
} comptroller of the currency-th;
, for November-there are but fiv