The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1891-12-18

movonsnk RtmeesEiism Il the desired
end and the true lrfsnds Of silver win -
careful nos 20 cverrun the goal and bring
in silver moncEnstslism, with its necessary
attendants. the loss of our gold 20 Europe
and the relief Of the pressure there for .
larger currency.
Thave endeavored by the use Of ofsciAl
and unofacial agencies to keep close OBJ
servation OF the state of public sentiment
In Europe upon this question, aud have
not found It TO be such as TO Justify me
in proposing an international conference.
There is however. I am sure, q growing
sentiment in Europe in favor of q large
use of silver, and ] know of no more ef-
fectual way of promoting this sentiment
than by accommodating gold here A
scarcity of gold in the European reserves
will be the most persuasive argument for
the use OF silver. The exports of gold TO
Europe which began Ia February last
and continued until the close Of
July, aggregated over seventy million
OF dollars. The net loss Of gold during the
fiscal year was nearly $3.50 0,OO0- Tuat
no serious monetary disturbance resulted
was most gratifying. and gave to Europe
fresh evidence OF the strength and stabiii-
~ Of our financial institutions With the
movement OF crops the outflow OF gold was
speedily stopped, and q return set IN. Up
70 December l we had recovered of our
gold loss at the port of Ne.y York SCI, S54
600, and IL Is ContdenIial,y believed that
during the winter aud spring this aggre-
gate will be steadily and largely increased.
The presence of a large cash surplus in
the treasury has for many years been the
subject of much unfavorable criticism and
has furnished an argument TO those who
have desired TO place the tariff upon
n purely revenue basis II was agreed by
ali that the withdrawal from circulation
of SO large an amount of money was an
embarrassment TO the business of the cOun-
try and made necessary the Intervention
Of the department at frequent intervals TO
relieve threatened monetary panics. The
surplus on March l, 1889, was $1S3, ST.
1903. The policy OF applying this sur
plus TO the redemption OF the interest
gearing securities OF the United States
was Thought to be preferable TO
that of depositing IL without interest
IN selected national banks. There have
toned Of interest bearing sccur-
titles $259, O79, $50, resulting in
reduction of the annual interest
charge or sl1,6,3,6r5. The money which
aad been deposited in banks without inter
est has been gradually withdrawn and
used IN the redemption of bonds.
The result Of this policy OF the silver
legislation, and OF the refunding OF the 4 -
per cent bonds has been "A large increase
OF the money in circulation. At the date
last named the circulation was 81, 4O4, 20 =.
$50, or Sd % per capita; " hilc on the first
day of December, 1891. it had increased to
:. ,517, , 2, 40, or S-43S per capita The
offer Of the secretary of the treasury TO
he holders OF tue A. per cent bonds to
eXtend the time OF redemption, at the OPP
ton of the government. at an interest of 2
per cent was accepted by the holders OF
about oue-hslf the amount and the unex-
ended bonds are being redeemed on pre-
sentation.
THE president then briefly discusses
army and navy affairs, and makes recon-
mendatiOus in regard TO the entrance Of
Chinese through the British possessions
n Amarica 7