Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1891-12-10

movement. Bi-metallism is the desired
end, and the true friends Of silver will be
careful not 10 Overrun the goal aud bring
in silver monometalism, with its necessary
attendants the loss of our gold to Europe
and the relief of the pressure there for q
larger currency.
| have eudoavored by the use Of official
and unofficial agencies to keep close OBJ
servatiou of the state of public sentiment
in Europe upon this question, and have
not found IL to be such as TO Justify me
in proposing an International con ference.
There Is however, | am sure, u growing
sentiment in Europe in favor of large
use of silver, and | know OF no more ef-
fectual way Of promoting this sentiment
than by accommodating gold horo. A
scarcity of gold In the European reserves
will DO the most persuasive argument for
the use Of silver. The exports Of gold TO
Europe which began In February last
and continued until tho close of
July, aggregated over seventy million
of dollars. Tho net loss of gold during the
fiscal year was nearly SGS0J0,OOO That
no serious monetary disturbance resulted
was most gratifying, and gave TO Europe
fresh evidence Of the strength and stabili-
ty of our financial institutions. With tho
movement of crops the outflow OF gold was
speedily stopped, and a return sot in. Up
TO December wc had recovered of our
kbAN lbaS hb NnN pbAN W NOW ANkh go sol %
900, and II is Contidontally believed that
during the winter and spring this aggrc.
gate will be steadily and largely increased
Tho presence of a large cash surplus In
the treasury has for many years been the
subject of much mfavOrable criticism aud
has furnished an argument to those who
have desired to place tho tariff upon
purely revenue basis, IL was agreed by
all that the withdrawal from circulation
of so large an amount of money was an
embarrassment to the business of the COuu-
try and made necessary the Intervention
of the department at frequent intervals to
relieve threatened monetary paniCs. The
surplus on March |, 1889, was SlSS, ST.
1929. Tho policy Of applying this sur.
plus to the redemption OF the interest
bearing securities of tho United States
was thought to DO preferable to
that of depositing it without interest
in selected national banks. There have
been redeemed since the date last men
toned of interest bearing sccur-
tiles S259,0T9, $50, resulting in a
reduction of tho annual interest
had been deposited in banks without inter
est has been gradually withdrawn and
used in the redemption of bonds.
The result of this policy of tho silver
legislation, aud of the rofunding Of the AZ
per cent bonds has been largo increase
OF the money in circulation. At the date
last named the circulation was 81, i04, 20j,
1896, or S!30 3 per capita; while on the first
day Of December, 1891, it had increased to
81, 5T7, 2C2, O70, or S243S per capita, The
offer OF the secretary Of the treasury TO
the holders of the ~ per cent bonds to
extend the time of redemption, ut the OPP
ton of the government, ut an interest OF
per cent was accepted by the holders of
about one-half tho amount and the uneX-
tended bonds are being redeemed on pre-
sentation.
The president then briefly discusses
army and navy affairs, and makes recon-
mendations in regard to the entrance OF
Chinese through tho British possessions
in America