Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-01-25
TIE GOLD RESERVE.

1t will appear from this statement that the
gold reserve has been reduced to S1i los. 49,
and it is evident from the condition OF The
treasury that the department will have
means to defray the ordinary expenses of the
government unless a large part of the pay
ments are hereafter made out of that fund. II
this is done the reserve will be reduced by the
lst OF February to about 500, sol .s64. sum
wholly inadequate for the purpose for which it
was created. On account of this critical con-
dition of the treasury have considered it my
duty in addition to the earnest recommends
tions contained in my annual report. to appear
twice before your committee, and after full ex-
PLANTATION of the situation urge prompt legisla-
tive action on this subject.
With the permission OF the committee have
prepared and presented for its consideration q
bill which. il promptly passed. would. in my
opinion. meet all the requirements OF the sltua-
tdon by providing the necessary means for de-
frnying the public expenses and replenishing
the coin reserve to Guch an extent as to assure
the maintenance o: the parity OF all forms OF
limited States currency. While this proposed
measure of relief has not get been disposed of
or considered by the committee, the great diff
ferences of opinion which are known to exist
in both branches of congress concerning the
propriety of granting additional or amended
authority to issue bonds in any form, or for any
purpose render it doubtful whether new ieSis-
lation upon the subject can be secured in time
TO provide the means which are imperat1vely
demanded in oder to preserve the credit and
honor of the government
WILL ISSUE BONDS
Authority to issue and sell bonds for the pur-
nose of maintaining specie payments was ex
pressly conferred upon the secretary OF the
treasury by the act of January H. 1879, but 1t
has not been exercised since 1879, and on &C.
count OF the high rate of interest provided for.
and the length OF time such bonds would nave
30 run, L have not been satisfied that sucn an
emergency has heretofore existed as wouiu
clearly justify their issue.
But the necessity for relief at this time Is Sc
urgent. and the prospect of material improve
ment in the financial condition OF the govern
rneut is so pcoblematical that unless authority
to issue aad sell shorter bonds other obligations
LEARNS; lower rate of interest than that speci
fled il the OK sting law is 2rartel ~ congress
-. very carly cay. shall feel constrained by
IL sense o; public duty to exercise the power
already conferred to the extent at least OF pro-
ducing an adequate coin reserve.
III this action should be taken, congress
ought. nevertheless. to provide promptly for
the deficiency in the revenues during the cur
rent fiscal year and will. from time to time
advise your committee of the condition Of the
treasury in order that this subject may receive
due consideration. have the honor to be
yours very respectfully.
J. G. CARLISLE, Secretary.
ExKMPT FROM TAXATION.
Section 3u7t of the Revised Statutes pro
vtdcs that all stocks. bonds. treasury note.
and ctssr obligations Of the United States