Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-12-12

sOG90. stated.
nor re g me prsssnt vita very few and unin-
esesps g. S.s a,ssal5
eau tor this constant and uniform shfinK-
the teria law until recently ia force. Which "a
iorlen nations and necessitated to some extent
me payment Of our balances in sold:
ene nnnaturh infusion Of silver into
ZION Tor Its free and unlimited coinage.
which have crected apprehension as to our dis
gold and
sne stoppage OF Investments Of foreign capital
sold abroad. and the high rate OF foreign ex-
change. which induced the shipment Of our
gosa 20 De drawn against. as . matter OF specu-
DEPLETION OF THE REVENUE
IN consequence OF these conditions the gold
70 as Sas harins oss morse
81 goo. 600 during me preceding nine months.
necessary, and no other manner Of accomplish
lug u oeing possible: resort was had TO the
issue ana sale Of bonds provided for by the re-
THE SALE OF BONDS.
isi 1 Of these bonds were sold yield
ing sos6SS 2Ss.T. which was added to the re-
serve Iund OF gold then on hand. As result Of
this operation this reserve, which had suffered
constant and large Withdrawals In the mean
the sum Of sIW. 4ss.so.. Its depletion was how
ever. Immediately thereafter so accelerated
70 ss,.s7soss. thus losing by Withdrawals more
tnan S4s.Oo0OU0 in five months, and dropping
slightly below It's situation when the sale Of
S0.ooo.o00 IN bonds was effected for its replen-
ishment This depressed condition grew
worse. and on the oath day of November. 1894
.l0II. ~
SECOND BOND SALE
I'M. was done by another sale of bonds
amounting TO $50 600 from which there was
realized S5s ,s3s, 90 with which the fund was in
creased TO Sill, 14202l on the 4th day of Deem
Der, 1894. Again disappointment awaited the
anxious hope for relief, There was not even a
1uil in the exasperatlng Withdrawals OF gold.
@On he contrary. they grew larger and more
persistent than ever. Between the ith day of
D a, 1894: and early in February 1885. a
the second reinforcement of our gold
I Iest sv by ,o the sale Of bonds it had
$50 900 90. and had fallen to si1 $40, lsl.
Nearly 81. OOo had been withdrawn within
tion. In anticipation Of Impending trouble. 1
had on the 18th day of January. 1895. addressed
forth our difficulties and dangerous position.
and earnestly recommending that authority be
even even the secretary OF the treasury to issue
by their terms in gold, for the purpose OF MAIN
tanning SUFFICIENT gold reserve. and also for
the redemption and cancellation OF outStand-
ing United States notes and the treasury notes
issued for the purchase of silver under the law
~of 1890 This Recommendation did not. how
ever, meet with legislative approval.
In February. 1895, therefore, the situation
rilously low and a refusal of congressional aid
everything indicated that the end of gold pay
ments by the government was imminent. The
results OF prior bond issues had been exceed
tngly unsatisfactory and the large Withdrawals
of gold Immediately succeeding their public
suspicion that large part of the gold paid into
the treasury upon such sales was promptly
States notes OF treasury notes and found its
way to the hands of those who had only tenn
bonds
THE THIRD BOND SALE
In this emergency, and in view Of its sur
rounding perplexities. It became entirely APP
safety was devolved, not only that our gold re-
serve must for the third time in less than thir-
teen months be restored by another issue and
sale OF bonds bearing high rate of interest
and badly suited to the purpose, but that a
promising better results than those realized on
previous sales An agreement was therefore
whereby 1t was stipulated that bonds de-
.scribed in the resumption act Of 1875,
In eos at s of ener as
annum, and amounting to about S62, 000, 600,
should be exchanged for gold. recoverable by
weight amounting to little more than s65,-
100000
THE SYNDICATE AGREEMENT.
This gold was to be delivered In such INSTALL
ments as would complete its delivery within
six months from the date of the contract and
OF least one-half of the amount was to be fur
those supplying this gold that during the con-
tinuance Of the contract they would by every
means IN their power protect the government
The contract also provided if congress would
terms in gold and bearing interest at the rate
of per cent per annum, might within ten
days be substituted at par for the 4,per-cent
this contract was made its terms were COM
municated to congress by special executive
message. In which 1t was stated that more than
sixteen millions Of dollars would be saved to
the government If gold bonds. bearing per
cent. were authorized to be substituted for
those mentioned in the contract.
The congress having declined to grant the
necessary authority to secure this saving. the
contract, unmodified, was carritd out resulting
In gold reserve amounting to sl07.o5i ,23O on
this contract not only restored the reserve. but
checked for a time the Withdrawals of gold
and brought on period of restored confidence
and such peace and quiet in business circles
were of the greatest possible value to every
interest that affects our people have never
wisdom propriety of this arrangement, and
am quite willing to answer for my full share Of
responsibility for Its promotion.
Thouph the contract mentioned stayed for a
time the tide of gold withdrawal it's good
drawals have reduced the reserves from sIO7.-
81 .230 on the 9th day of July, 1897 to S79. 333
sP65. How long it will remain large enough to
render its increase unnecessary is only matter
of conjecture, though quite large Withdrawals
for shipment in the immediate future are pre-
dlcted in well-fnformed quarters. About sl6.-
100000 has been Withdrawn during the month
of November.
ARE NEARLY WHERE WE STARTED.
The foregoing statements OF events and con-
t1itions developes the fact that after increasing
our Understanding bonded Indebtedness more
than 1852 1900 to save our gold reserve. we
are nearly where We started, having now in
such reserve S97 1888 as against .30 in
February. 1894. when the first bonds were is
sued. Though the amount OF gold drawn from
the treasury appears to be very large. gath
cred from the facts and figures herein present.
having been acquired by the treasury within
the several periods stated without the issue Of
bonds.
THE WITHDRAWALS OF GOLD
On the 2sth of January. 1898. it was reported
by the secretary of the treasury that more
than sl72. 00000 of gold had been Withdrawn
for boarding or shipment during the year pre-
ceding. He now reports that from January 1.
eleven years. only little over $s8.0O0.0O0 was
withdrawn. and that between July Il. 1890. the
date of the passage of the law for an increased
Der. 1895, or within less than five and half
years, there was withdrawn nearly 1919. OOO.0 900.
making the total OF more than 100000
I, 1879. the date fixed in 1879 for the retirement
of the United States notes.
THOSE GoLD-RAIDING NOTES
Nearly By. 100000 OF the gold thus with
drawn has been paid out on these United
States notes. and yet every one OF the SIC. 0o0,-
eco Is still uncancelled and ready to do service
In future gold depletfons- More than So
% 0OO in gold has. since their creation in 1890.
given ON the purchase of silver by the govern
ment: and yet the whole. amounting to 4lao-
4oo0uoo, except little more than Sl6.OO0OOo.
which have been retired by exchanges for sill
outstanding and prepared to join their
older and more experienced allies in
-s,ture raids upon the treasury'ss gold reserve.
: In 9th ar words. the government has paid in
,oore than nfne-tenthS of the United