Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-04-21
FINANCIAL LETTER,
The Vanishing Treasury Reserve.
The Problem OF Pension Payments---
Old "John Bull" en- route 90 Chicago
---New York is Quite a Town.
"a BROAD STREET.
NEW NnRK. Anril 10. 1909.

"a BaoAD STREET.
NEW YORK, April 10. 1893.
There has been quite a saggng Of values during
the present week owing to the prospect Of gold
shipments bringing the treasury reserve below
the sacred SiOO OOO 900 limit The secretary Of the
treasury has issued an order, in accordance with
the law on the subject, that no more certificates
will be issued by the national government This
means that the gold in the treasury has been re-
duced 10 nearly 100000 600. The latter will most
likely be intrenched upon soon for the first time
since its establishment n 1879 at which time it
was founded a reserve against the S346 100000
Of greenbacks in circulation
In connection with our governmental expenses
is it not about time to call halt on any increase
of pension paymentsi Irrespective Of politics the
writer thinks the taxpayers Of this country
beginning to study this problem and it will bear
a great deal Of scrutiny Probably taxpayer
begrudges money paid to old soldiers who are
disabled or In need. and we should be thankful
that this country Is rich enough in resources to
deal with the soldier in this liberal way. We have
long boasted how We had no great standing army
to consume the substance of the people but our
pensions alone amount to more than the cost of
the whole military enrolment OF Germany and
FTance-they prepared for war. we living in
peace.
The trip Of the locomotive John Bull from
New York to Chicago. where this engine is to be
exhibited at the Worlds Fair is full Of interest.
Not considering the various kinds Of locomotives
known as compound. in which the steam is passed
from high to low pressure cylinder, the engines
built 10y George Stephenson in 1870 have the same
works as the locomotives built at the present
time To he sure our engines are stronger.
heavier, and attain a greater speed, and have
added patent brakes and also in ectOr in place of
pump 70 feed water TO the boiler But it is re-
markable that there is little difference to note
between our first engines and the engines of to-
day when consider the marvellous develop
ment of machinery IN the past 80 years. The
John Bull is capable Of making p miles an
hour in spite Of its long rest in the national muse
um at Washington | make bold to prophecy
that in the next 50 years our modern steam en-
| gnes will be relics with old John Bull" and that
| electricity viii be the power Of ocomOtion.
To show you that New York is quite town
will give its Indebtedness. The total bonded debt
Of the city is in round numbers, Sl50,0OO 600, but
| the city has sinking fund and the supreme
| court has decided the city may deduct from the
total debt the amount of money and securities in
the sinking fund, which leaves the net indebted
| ness approximately Sl0O,0O0OO0, The constitu
tiona limit of Indebtedness is 10 per cent of the
| assessed valuation. which makes il about S16O,
10000 From the above you will observe New
York i. SG00O0.000 from its constitutional limit
| Brooklyn is not so well of. as they within
S2S0 600 Of the limit and all public improvements
have been suspended. Tamrnany is a pretty good
! digester Of funds, but Boss Mclaughlin of Brook
| lyn can still give Mr. Croker points They toi
| not, neither do they spin. But by some hocus
| pocus they seem to get the tin.
W P. EAGER,
Banker and Broker