The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-04

tariff law until recently IN force, Whlcn
crippled our exchange Of commodities
with foreign nations and necessItateu
to some extent the payment OF our pal
ances in gold; the unnatural INFUSION
of silver into our currency and the IN
crease in agita ton for its free and I'M
limited coinage which have created ap-
prehension as TO our disposition or ADJ
lily to continue gold payments; the con-
sequent boarding OF goId at nome anu
the stoppage of investments OF foreign
capital as well as the return or our Sc
curities already sold abroad and the
high rate of foreign exchange which in
duced the shipment Of our gold to De
drawn against US as matter or specu-
Iatiou. In consequence Of these condl-
tons the gold reserve on the first Gay
of February 1894 was reduced TO $780,
zss.377 having lost more than 81 co., 600
during the preceding nine months or
since April 1893 its replenishment being
necessary and no other manner Of ac-
complishing il being possible resort
was had to the issue and sale OF bonds
provided for by the resumption act or
1885 Fifty millions Of these bonds were
sold. yielding SIS, go, 295.72 which was
added to the reserve fund of gold then
on hand. AS result of this operation
this reserve, which had suffered con-
slant and large Withdrawals in the
meantime stood on the 9Th day OF
March 1894 at the sum of S101. 446,S O2-
It's depletion was however, Immediately
thereafter so accelerated that on the
both day of June, 1894, it had fallen TO
SEA. S73. OPS, thus losing by Withdrawals
more than 81, 0O0, 900 in five months and
dropping slightly below its former situa
ton when the sale of so, 600, 900 in bonds.
was effected for it's replenishment. This
depressed condition grew worse and on
the 24th day of November, 1894, our
gold reserve being reduced to $685.
001.
ISSUING MORE BONDS.
1t became necessary to again strength
en- it. This was done by another sale Of
bonds amounting to s5O,OOO,0Oo from
which there was realized S58, $50, 500
with which the fund was increased to
S1I1, OLE, 221, on the 4th day of December,
1894 Again disappointment awaited the
anxious hope for relief. There was not
even a luH in the exasperating with
drawals of gold. On the contrary, they
grew larger and more persistent than
ever. Between the 4th day Of Decem-
Der. 1894 and early in February 1895, a
period Of scarcely more than two
months after the second reinforcement
of our gold reserve by the sale Of bonds
it had lost by such Withdrawals more
than $50 200, 900 and had fallen TO ST.
3401S1, and nearly S43. 900, 900 had been
Withdrawn within the month immediate
" preceding this situation. In antici-
patton of impending trobule, had on
the 2Sth Gay of January, 1895, addressed
a communication to the congress fully
setting forth our difficulties and dan
geTous position, and earnestly recon-
mended that authority be given the sec
rotary of the treasury to issue bonds
bearing a low rate of interest, payable
by their terms in gold, for the purpose
of maintaining a sufficient gold reserve
and also for the redemption and cam
collation. of outstanding United States
notes and the treasury notes issued for
the purchase of silver under the law of
1890. This recommendation did not,
however, meet with the legislative ap-
prevail.