Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-12-03

uhluelnable retention OF NANCY
from The business oi the country ana
pronunciation Of a scheme OF tsxation
which proves itself TO be unjust. when
u taxes from the earnings aud Income
OF Toe citizen money ~ much In excess
Of the needs Of tho government sup.
port that large sums eau DO gathered
ahu kept Ia the Treasury. such "A con
uilloh hae heretofore IN times OF suf-
pius revenue led the government 10
restore the currency to the people by
Tue purchase OF I've UNINSURED bonus
AZ large premium, aud bya lafva
lnctehse OF lts deposits in national
osnkti and we easily femumber thnt
The abuse OF tho treatury aooumul,'
uou hns furnished most petsua.
sive Argument In favor OF iegis a.
ton radically reducing our tart1
Perhaps II ls supposed inst aufiiclent
revenue receipts would In a sentl.
mental way improve tue situation by
inspiring confidence ia our s1lyenev
anu aliaying the fear OF pecuniary ~.
haustloni anu yet through oil our
siusglts 10 maintain our gold reserve
lhoTe never has been any npprehetsiou
ne 70 our ready ability 10 Ray 1ur w.v
Wlth such money ~ We had. and IN.
queSti0n whether or no. uut ruffeot
receipts met our current expeus.s hss
not entered into the estimate OF our
aglvenoy. or coutse the general ttats
OF our funds exclusive OF gold was en-.
urely immatoTlal 10 the ffeIgn
creditor and investor. HIS interest
could only DO paid In gold aud his ONLY
concern was our ability 10 kefp an
hhnd that kind VI money,
On July /, 1898, moro than year and
a hhi before the fret bonds we're issuod |
70 replonish tho gold reserve, there was |
net balance la tuo treasury, exclusive |
OF such reserve, Of less than sigOII.OIO. |
nut Tue gold reserve amounted 10 more /
THAN 100000 which was the ouietin,
l.aturo OF tho situation. II was when |
the Stock OF gold began rapidly to fan i
that fright suporvonod, and our securl.
tlos held abroad were returned for sale.
Ahu uobtA owed abroad wofo pressed for
IAymoht. IN mo meantime, extensive
shipmenis OF gold and other unfayornblo
indications caused festlessuoss and fright
among our people ~ home. Thorcupou
tho general state Of our funds, exclusive
OF gold, became almost immatUriai 10
thom, and they, too, drow gold from the
treasury for boarding Bgainsi all con.
llngencios. This IN plainly shown by the
large Increase In the proportion nf gold
WI hdrnwn which was retained BY our
own people ~ time aud threatening Incl.
dents progressed. During tho fiscal year
ending June 30, 1884, nuariy $780, 900, 0ii I'm
gold was Withdrawn from tho treasury.
and about siSuO1.UOO was sent abroad.
while during tho fiscal year ending June
70, 1870, over silIOlj,OOO was drawn 4
lut o. which only sjj,0OO01O was !
ihippod, leaving tho largo bal {
moe Of such Withdrawn TO bo I
accounted for by domestic boarding. '
.nasmuch as tho Withdrawal OF our gold q
ias resulted largely from fright, there IN v
iothing apparent that will prevent its a
onunuauco or recurrence with H. natuf- @
y consequences, except such a change In o
.ur financial methods as will fonssuro g
he frightened and make the desire Tor
odd less Intense.
INCREASED nEvESuE so REMEDY.
II Is not clear how an increase I'm II
avenue, unless 10 be- la gold, eau satisfy
iuso whose only anxiety 10 10 gain gold o.
'om tho governments store. IL cannot, ! y
lerofore, DO safe TO roly upon increased ID
1venuo ~ a cure for our ure,eut | =
'ouble-. IL ~ possible that tho sugges- =
on oiincroasod revenue NJ a remedy Tor u
10 difficulties we arc considering may Vi
ave originated m an nimation OF a dis. n,
net allegation that tho bonds which
ave hoen issued o.tonsihlv to ropleni.h u'
lr gold reserve, were really issued 10 %
lpply insufficient revenue. Nothing ca
ln DO further from tho truth. Tho a.
1nds were Issued to obtain gold for tho "
Iainionance Of our national credit As IN
~ been shown, tho gold thus obtained MI
~ boon drawn again from tho treasury r.,
pom United statoz notes and troasury
llos. This operation would have boon ~
.ompty prevented n possible; but these Va
ltcs having thus been passed to tho Va
aasury, thoy became the money OF the W.
oil I n
'yornincnt funds, aud thoro was moth. ia
y 70 do but 10 use them la paying do
'Nornment expenses when neodo1. re-
no time whom bonds have boon issued IA
n there been any consideration Of the bi
Iesiion OF paying the expenses OF gov- pa
nmont Withlthoirpr0c0uds Thoro wa. Ia
necessity TO consider that question. ~
the time Of each bond issue NO mad a IL
10 surplus In tho treasury Tor ordinary m'
orahons exclusive OF the gold Ia our tri
soiYo. In FEBRUARY, 1895, when tho be
NJ issue Of bonds was made, such sur IN
US amounted TO oyor $4,000. 600, la for
lyember, whom tho second issue was h'
,de, u amounted TO moro than Sl2,- m
i,OlOi IN February, 1879, when bonds ire
Z tho third limo we're issued. such sur. Ial
ls amounted to more than 500. 900; pei
now amounts to s,OI2, 1899. Besides DO
THIS tho secretary Of tho treasury hn. 90
authority Whatever to issue bonds 10 Del
iToaso tho ordinary revenues or pay 70
trent expenses. AM
cannot but think there has boen somo pai
huston Of idohs regarding the effects mo
the Issue Of bonds and the fo,uns Of GU
withdrawal OF gold. IL was tho oul
ter process aud not the former, that, by al
lstiIutlng In tho treasury United foi
Ies notes and treasury notes for gold, rat
toasod At their amount tho money act
loh was IN the FIRST Instance subject To moi
Iinafy government expenditures. Al Gus
ugh tho law compelling an Increased uei
rchAso OF silver by tho government OK
, passed on tho 18th day Of July, 1890. wa
hdrawals OF gold from the treasury hhe
IN tho notes given In payment on such cIl
chasos did not begin until October, WI
l. Immediately following thai date nv
Withdrawals upon both these notes 70
United States notes Increased very uec
ioly aud hayo continued to such an IA ,
cut that since the passage OF that law Iaii
70 has boen more than thlrte0n time. OF
much gold lakOn out ~ Ito treasury pas
N United States and treasury note. lul
Ied for silver purchases AZ was thus eAl
hdrawn during the eleven and half M, ne
etio
gov
n aud