The state chronicle., 1893-05-26
INFORMATION THAT DOES NOT
INFORM.

form the public why the Treasury
does not get gold. It says:
It is worth while from time to
time to make a note of the effect OF
the Sherman law of 1890 upon the
Treasury receipts, and the various
kinds of money of which they are
composed. In July, 1890, the last
month before the Treasury notes of
1890 came into circulation, 95 4 per
cent. of the receipts for customs in
New York we're gold coin or certif-
Gates. the remaining fraction being
silver certificates and United States
notes or greenbacks. Two years later
there was less than Ii per cent. OF |
gold, Is per cent. of silver, % per
cent. of greenbacks, and AZ per
cent. of Treasury notes issued un-
der the Sherman act. In April OF
this gear the gold had fallen nearly
to per cent, silver % per cent,
greenbacks we're Al per cent. and
Treasury notes we're 35 per cent.
In other words, gold has practi-
cally disappeared, and nearly three
fourths of the receipts are in green
backs, which are redeemable in gold,
and Treasury notes, which are prac-
tically so redeemable, while the re-
mainder is made up of silver certif-
icates. The return of the silver GER
tifcates simply adds to the stan
dard dollars owned by the Govern
ment. They would not come in if
there were any use for them in the
general circulation Of the country.
The Treasury notes OF 1890 are in
nearly the same case. They also
come into the Treasury only when
there is an excess of them issued.
What the Government is doing,
therefore, is this: It is buying sill
YER at the rate of some $50. 100000
werth year and issuing notes for
it payable in gold, and these notes
are steadily flowing back into the
Treasury, while no gold is being
got with which to redeem them.
When this process began there was
| $19O,00O.000 net gold in the Treas.
ury. When it had gone on for one
year there was only $121, ,O00,0OC
net gold in the Treasury. By an.
other year this was reduced to $110,.
100000. To day there is less thar
$1O0.00O,00O. The end is only s
question of time"
It is to be observed that the
Times says that the silver certif.
Gates and the Treasury coin notes
under act Of 1890, come into ths
Treasury only when there is an ex
cess of them issued. Does not tht
same reasoning apply to the green
ba KS :? FortYone per cent is paiG
in greenbacks, and 33 per cent il
coin notes. It would seem then &C
oording to the reasoning of ths
Fines that there are too man,
! greenbacks outstanding. But tn,
reasoning is faulty. The dutieI
!, have TO be paid Gold is scarce
Much Of our stock has been carried
to Europe because there has been 1
demand for it there greater than tn
4 demand here. Hence payment il
t gold has naturally fallen off. Pay
. ment is thus naturally made in sucl
other currency as may be lawful,
:. tendered-greenbacks silver certifi
Gates, coin notes. And to hold tha
payment in these notes is becaus
there is an excess of them issued
Q false reasoning. The statement mis-
informs the people.
In like manner the Times com
J mits glaring error in attributin
It the loss of gold in 1890 to the Ell
t. feet of an over issue Of Treasur
r. notes.
= When this process began,
= asserts, there was $19O,OOO,OOO ne
> gold in ths Treasury; which in on
y year ran down to $l21,000,OO0 an
:, by another year this was reduce
- to $110,000,0OO. Is not this info,
:, nation that does not inform?
, a it not the fact that the 100000 90
=. - of net gold over the $1OO,OOO,OO
= reserve fluid, was surplus in th
~ Treasury; and is it not the fact tn,
~ the appropriations and legislatio
~ ~ made by Congress destroyed th,
- = surplus. Did not the Billion dolls
af Congress wipe out the surplus
70 Why is it convenient for tt
80 Times now to forget that the billie
,f dollar Congress spent that surpl,
~ and to attribute it's disappearan.
10 to an overissue of coin notes?
~ distinctly mlsinforms the peon!
" And does the Times suppose tn
there is SO little intelligence amor
- its readers that cloud can thus
made to obscure the matters i
IA volved? Ii SO, we apprehend tn
SO the Times misjudges the people.
IT, Duties are paid in such lawf
r. currency as is convenient; and it
ing no longer convenient to pay
= gold, other currency is used. T.
lg surplus in the Treasury has be-
se spent, and while the free gold b
ch disappeared, SO have all the 9th
lie resources of the Treasury.
n.
es A FINE monument has been ere
is ted st Crawfo1dville, to Hon. A.
~ Stephens. Il Ia canned hv q l