Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1891-12-17

tire product OF our silver mines. This is more
than they themselves thought of asking two
years ago. believe it is the earnest desire OF q
great majority OF the people, it is mine, that
IL full coin use shall be made of silver just ~
soon as the cooperation OF other nations can
be secured and II ratio fixed that will give circu-
lation equally to gold and silver. The business
OF the world requires the use Of both metals
but do not see any prospect OF gain, but much
OF h, loss by giving up the present system, in
IL large use OF silver, for one in
which silver alone will circulate Such
an event would be at once fatal to the further
progress OF the silver movement. Bmetallism
Is the desired end, and the true friends OF silver
viii be careful not to Overrun tie goal and
bring in silver monometalllsm with its neces-
Sary attendants, the loss OF our gold to Europe
ana the relief OF the pressure there for q larger
currency have endeavored by the use or Off
cial agencies to keep a close observation OF the
state OF pubic sentiment in Europe upon this
question and have not found it to be such as to
justify me i'll proposing all International confer
ence. There Is. however, am sure, growing
sentiment i'll Europe i'll favor OF larger of
silver, and know of no more effectu;u way OF
promoting this sentiment than
BY ACCUMULATiNG GOLD HERE.
a scarcity OF gold i'll the European reserves
will be the most persuasive argument ior the
use OF silver The exports OF gold to Europe,
which began in February last and continued I'M
I'll the close OF July, aggregated over $50 UO,
600. The net loss OF gold during the fiscal year
was nearly SGS 100000. That no serious mon
etary disturbance resulted was most gratifying,
and stability OF our financial institutions. With
the movement OF crops the outflow OF gold was
speedily stopped and a return set In. Up to
Dec. We had recovered OF our gold loss at the
port OF New York S27. S54. 600, aud it is couf-
IDENTITY b lieYed that during the winter and spring
this aggregate will be steadily and largely i'll
creased.
The presence of q large cash surplus in the
treasury has Tor many Years been the subject OF
much uufaVOrubte criticism, aud has furnished
al argument to those who have desired to place
the tariff upon Il purely revenue basis. 1t
agreed by all that the withdrawal from circu-
latiou OF so large tln mount OF money was an
embarrassment to the business OF the country
and made necessary the Intervention of the de-
ipartmeut at frequent intervals to relieve threat
eued monetary pduicS. The surplus Oh March
/, 1889, WAS 5 50, 1927, 1929. The policy OF
applying this surplus to the redemption OF the
Understanding securities OF the United States
was thought to be preferable TO that OF deposit
ing it Without interest il selected national
banks. There have been redeemed since the
date last mentioned OF interest bearing secur-
tiles $3.50, OI93oO, resulting i'll reduction of
the annual interest charge OF ST ,6S1, G75, The
money which had been deposited i'll banks
without interest has been gradually withdrawn
and used IN the redemption OF bonds.
The result OF this policy. OF the silver leSisla-
ton, and OF the refunding OF the ~ per cent
bonds has been Il large increase OF the money i'll
CIRCULATION. At the date last named the circu-
lation was S1,4O4, 2O5. S96, or S23. O3 per cap
lta; White on the first day OF December, 1879 |. 1t
had Increased to l,577, 262,O 7O, or S21.3S per
capita. The Offer OF the secretary OF the treas
ury to the holders OF the ~ per cellt bonds to
extend the time OF redemption, at the option Of
the government, at All interest Of per cent,
was accepted by the holders OF about one hall
the amount, and the uueXtended bonds
being redeemed on present alton.