Orange County observer. [volume] (Hillsborough, N.C.) 1880-1918, 1894-10-27

o004S SaoSo
into the belief tina; iE some way the
country has been injured by the re-
peal Of the Sherman Law, which re-
CURED a purchase of 4,ooo,O9o
ounces Of silver every mouth, at an
expense of s54 ,000,o 900 a year, and
the issuing of treasury notes payable
10 coin TO that BY means
of these notes gold was withdrawn
from the Treasury, aud tor the fiscal
year ending Jude 80, 1893, sl0s,-
O0O, 900 of gold had been exported
from the United States, and only
s2o, 100000 imported. When this
excess of $4,000 900 was shown in
July, 1893, Mr. Cleveland called
Congress to meet in extra session
aud urged the repeal OF a law, which
imposed such a tax upon The COUNTRY
for the benefit of the OF
silver mines, and the passage of
which had been .he price paid TO
the Senator's and Representatives
from the Silver States for their votes
for the Mckinley tariff. On the
LIST OF November, 1893, the Sherman
Law was repealed, and tor the fiscal
year ending July LIST, 1894, the ex-
ports Of gold bad fallen TO $4,000
900. and the imports had been s12,.
/. 500, 900, showing only a balance OF
$500. 900 of exports of gold, not
withstandlng the Sherman Law had
been ia force one-tlird of the fiscal
year.
Leaving out the Post Office de
partment which IS self supporting
the receipts of the Government fol
the fiscal year ending June 3O,.1o94
were 1927. 900 900, while the expen
di,ures were 1857 600, 900, leaving,,s
deficiency Of s70,000,000 as the re
suit of the last year of the Mckinley
tariff. But tor the repeal OF tb'
, Sherman Law, the deficiency woult
have been at least $4,000 900 more
as that amou 1t would have b4 IN
: CURED to keep up the purcS TO
silver after November LIST, ? ar
q For the first quarter, ending lp
TENDER Both, 1894, Of the next sea
year. the receipts have been s9:,
SASHA, and the expenditures 500.
t 62S,237, aud under the new TART
act, which bad been only one mont
in operation, the receipts will soo1
/ exceed the expenditures and ther
G will be no deficiency on the LIST q
e July, 1895, the end of the presen
fiscal year.
Since 1873 the sum of SAGA, 900
600 has been spent by the govern
: ment in the purchase OF silver bul
; lion to- be coined into silver dollars
and $4,000 900 have actually bee
coined, and the one hundred 40,
forty million oonces of silve
now in the Treasury, will amount t
$4,000, 600 more IN silver dollar
when coined. This will give 5000,
000, 900 of silver dollars when tn
coinage is completed. When we re
collect that the actual value of tn
silver ia these dollars is only 5
) cents, it will be seen that pruden
legislation and wise administrator
Of our finances arc necessary to kee
them parity with gold. Abou
$4,000 900 of silver dollars are &C
E tually in circulation, and 1865, 600
Y 900 are in the Treasury. Ii tn
government should pay only i,
silver and pay all It's expenses (out
t side Of the Post ofice) which ar
about one million dollars a day, i
would require one year to pay GU
' the silver dollars now actually coin
ed and remaining in the Treasury
But most people prefer not tax
g the silver dollars bu, prefer the silve
certificates and treasury notes issue.
in purchase Of the silver from whicl
they were coined. On October Is
3 all the silver assets in the Treasur,
amounted o s5iS,910,137, agains
which there are outstanding 2491,
2S5,I1 in silver certificates and sill
5 yer treasury notes, leaving a silve
reserve Of 81 .GS4,366, and whicl
: will be increased nearly s55, 900, 90,
more when the lao ,0o0 600 ounce
oF silyar nnu. IN tho Troasnrv a p