The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1889-01-18

As the year 1889 opened says the
Philadelphia Record there was, accord
ing to the official report the enormous
sum o. SIP, 600 600 Tin round HguTes)
in the pHblie Treasury. Ofthis amount
S325 GOO 600 was in gold coin and
bullion S259 coo GOO iu silver coin snd
, builion SPA 100000 in subsidiary silver
coinage; s6. .000. 600 in trade dollsrs :;
SIS 600 200 in paper money. :ard S52,-
100000 on deposit in the national
banks.
THIS enormous accumulation of
money in the National Treasury shows
how vast has been the change in the as-
cal policy OF the Government OF this
county. Before 1861, when this change
began, the Government had little or
nothing to do with the countIy's none
tsry circulation. The balance Of two
or three millions lying in the Treasu
~ could not exercise any influence upon
the money market. But that the Treas
ury operations do now constantly Inhu-
ence the money market and The BUSH
ness transactions of the people is a
matter OF common observation ard ex-
perience.
In one respect this change in the
monetary sy stem is Of great advantage.
Ia place Of the deprecated and dubious
paper circulation of innumerabIe banks
public and private, operating under
various State policies, the people have
now q safe aud substantial currency
based upon the bonds OF the Govern.
ment aud the deposits OF coin in the
public Treasury. II is no longer
necessary for business men 20 keep on
hand the latest Issues of bank note de-
tsciors in order 10 ascertain the stand
ing OF the paper currency daily rendered
them in Payment. Yet, unqurs,ionab!e
as has ben this gain. the large control
which the Government has ass umed
over The currency OF the country is at
tended with serious evils.
or the enormous sum in the Treasury
about sS4 600 600 belongs strictly TO the
Government AS the surplus. - aud CPS
600 600 To the holders OF the various
forms of certificates issued against de.
pOsits of gold and silver money incIud
ing legal teEder notes. In tins sS4 OOO.-
or surplus little more than s24 600 -
600 consists Of su ubsidIsry coinage, which !
Is only applicable in extremely limited |
sums to the discharge OF public obliga-
tions. The Treasury surplus is S4S. |
900 600 less than it was in the begin /
ming OF the fiscal year, this reduction |
having been made chiefly by the pur- !
chase of Government bonds at high |
rates of premium.
As the year 1889 opened the public
debts OF the UniIed States. after deduct
ing the cash in the Treasury. amount
I'd in round numb-rs TO 81. .l34, ,OO0, coo.
" which S941 zoo. 900 bears interest.
The interest tearing debt consis s of
s6S1, 900 600 4 per cents and S1SI 900.
700 II per cents. TO which are TO bs
added the Pacific Railroad bonds and
he Naval Pension Fund.
As much the larger paIt OF the inter
,st bearing debt will not be due till
1907, The bonds can be redeemed only
It high and stealthY increasing rate Of
premium, with the Government 10 the
market as practically the only purchas-
n. During the last wear the Treasury
surplus rose 70 s12O 600 600, end it will
lot be less than 500 600. COO in the cur.
rent year, notwithstanding Jhe increase
n public expenditures. Unless the
revenues shall De reduced the purchas-
ng or bonds at high premiums must be
continued for the benefit of very small
amber OF persons. This policy cannot
D. long continued without sorely trying
he temper OF the people.