Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-11-09
REPEAL ANo ITS CONSEQUENCES

1t is to be hoped that the House
of Representative will lose no
time in discussing the Senate
amendment to the bill for the re-
peal of the silver purchase law.
The amendment is unim portant.
1t is matter of phraseology mere
ly, and the House should concur in
it at once, without reference to
committee and without debate or
delay. This should be accomplished
to-day. The President will i'm
mediately approve the act, which
will then become operative with
the beginning OF the new month,
aud the drain ou the resources OF
the Treasury caused by this IN
fortunate policy will be stopped at
cnce,
As the Philadelphia Times says,
it is important to note that tie de-
pIetion of the gold reserve has been
slmtss exactly proportioned to the
issuc Of Treasury notes under the
Sherman act. On June 80, 1890,
two weeks before the Sherman act
was approved by President Harris
son, the gold in the Treasury
amounted to 1921 100000, which
S19O, 100000 was free of all oblis
cations. One year after the ap-
proval Of the act the tree gold bes
longing to the government had
fallen to $121, 100000; year later
it vas S11O,0OO,OOO the third year
500, 100000; last week it had fallen
below $S2,O00,O0O: Since the re-
peal of the act was assured, the
gold reserve has been slowly Creep
ing up again, but the actual loss OF
gold FROM the Treasury between
July, 1890, and October, 1898, is
almost exactly S15o,0O0,O00. The
issue OF Treasury Il tee in that
same period under the Sherman
law was S153, 100000. These notes
are nom.nally redeemable in coin;
practically they have simply subs
stituted bara CT silver Tor the gold
that was held as reserve against
the Obligations Of the Treasury.
A great deal has been said Of the
necessity Of authorizing the issue
of bonds to replenieh the gold re-
serge. No doubt the Secretary
should have this authority, If be
has it not already, to be exercised
if an emergency should require it:
tut since the Treasury has with-
stocd the strain Of an almost unA
precedcnted depression Of credit ii
seems likely now that with the res
toration Of confidence in the fnane
cisl policy Of the government the
question OF the gold reserve will
take care OF itself. The gold re.
serve is purely basis of credit
nothing else. Compared with the
whole volume of silver and paper
currency it is j. trife. 1t would
suffice to redeem but a small pers
centage Of the outstanding notes
But as long as there is confdence &C
in the purpose of the government
to hold these notes to the gold
standard there will be no demand
fer their redemption, and no drat
upon tho gold reserve as such.
The real difficulty now concerns
the general receipts and disburse'
ments of the government. The
same Congress that passed the dis
astrous silverspurchase act enacted
also a tariff which has failed to
produce a revenue adequate to The
liabilities incurred, while at The
same time it emptied the Treasury
by bounties, refunding acts ane
other gratuities, of the surplus &C,
cumulated during the plect dins
years. We have thus, as matte
of tact, come only now to the aetna
results of the policy of the Reet
Congress. A part of the miscEie
has been stopped by the repeal o
the Sherman act; an equally en-
during evil has yet to be correcte'
by the revision of the revenue laws
and to this task Congress shoul
address itself without delay.
Meantime there is ground fo
the belief that the gradual reviva
of business will bring at least sue
an increase IN the government re
ceipts as will prevent any fnrthe
r drain upon the present small re
, serve and thus avoid the necessit
:, Of paying out for current expense
L 4 Z. IL. i