The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-01-29

surely those who suffer will not receive
the promotion Of party interests as an ex-
cuso for permitting our present troubles
to advance to disastrous conclusion. 1t
Is also of the utmost Importance that we
approach the study of the problems pre-
sented as free as possible from thetyranny
of prcconceivcd opinions, to the end that in
common danger we may be able to seek
with unclouded vision u safe and reason
able protection.
The real trouble which confronts us con-
slsts In lack Of confidence widespread
and constantly increasing in the contin-
uing ability or disposition of the govern
mcnt to pay its obligations in gold. This
lack Of confidence grows to some extent
out of the palpable and apparent embar-
rassment attending the effort of the gov
ernmcnt under existing laws to procure
gold, and to greater extent out Of the
impossibllity of either keeping it in the
treasury or canceling obligations by Its ex-
penditure after 1t Is obtained.
The only way left open to the govern
ment for procuring gold Is by the issue
and sale of its bonds. The only bonds that
can be so issued were authorized nearly
twenty flvo years ago, and are not we'll
calculated to meet our present needs.
Among other disadvantages they are
made payable in coin instead Of specifically
in gold, which, in existing conditions, de-
tracts largely in an increasing ratio from
their deslrability as Investments. 1t Is by
no means certain that bonds of this de-
scription can much longer be disposed Of
at price creditable to the financial char
acter of our government. The most dan
gerous and irritating feature of the situa-
ton, however, remains to be mentioned
IA d. In, tI,a Inv xrt,t lob fha
treasury is despoiled of the gold thus OBJ
tanned without cancelling a single govern
ment obligation and solely for the benefit
of those who find profit in shipping it
abroad or whose fears induce them to hoard
1t at home.
Our Outstanding Obligations.
We have outstanding about $500, 900, COO
of currency notes of the government for
which gold may BIO demanded and, curl.
ously enough, the law requires that when
presented and, in fact, Archaeological in
gold-they shall be reissued. Thus the
Same notes may do duty many times in
drawing gold from the treasury, nor can
the process be arrested so long rs private
parties, for profit or otherwise, see an adj
vantage in repeating the operation. More
than $500, 100000 in these notes have al
ready been redeemed in gold, and, not
withstanding such redemption, they are
all still outstanding. Since Jan. IL, 1884,
our bonded interest bearing debt has been
increased $lO0,o0o,000 for the purpose Of
obtaining gold to replenish our coin re-
serve. Two issues were made amounting
to 100000, 900 cach-one in January and
the other in November. As result of the
first issue there were realized something
more than S5s 600, 900 in gold Between
that issue and the succeeding one in No
vember, comprising u period Of about ten
months, SOB, 600 600 in gold were drawn
from the treasury. This made the second
issue necessary, and upon that moro than
sos 900 900 in gold were again realized. Be-
tween the dato of this second issue and the
present time, covering period of only
about two months, more than SOS, 000, 900
in gold have been drawn from the treas
ury, These large sums of gold were ex-
pended without any cancellation Of gov
eminent obligations or in any permanent
way benefting our people or improving
our pecuniary situation.
The financial events Of the past year
suggests facts and conditions which should
certainly arrest attention.
More than slT2 600, 600 in gold have been
drawn out of the treasury during the year
for the purpose of shipment abroad or
boarding at home.
While nearly s1o3, 900, 900 of this amount
were drawn out during the first ten months
of the year, sum aggregating more than
two thirds of that amount, being about
$50, 000, 900, was drawn out during tho fol-
lowing two months, thus indicating a
marked acceleration OF the depicting pro-
cess with the lapse of time.
The obligations upon which this gold
has been drawn from the treasury are still
outstanding, and are available for use in
repeating the exhausting operation with
shorter intervals as our perplexities &C
cumulate.
Conditions are certainly superyening
tending to make the bonds which may BIO
issued to rcplenish our gold less useful for
that purpose.
An adequate gold reserve is in all cir
cumstancos absolutely essential to the up
holding of our public credit and to tho
maintenance of our high national char
acter.
Our gold reserve has again reached such
stage of diminution us to require its
speedy reinforcement.
Danger to the National Credit.
The aggrayations that must inevitably
follow present conditions and methods
will certainly lead to misfortune and loss,
not only to our national credit and pros
perity and to financial enterprise, but to
those Of our people who sock employment
as means of livelihood and to those
whose only capital is their daily labor.
1t will hardly do to say that a simple in
crease of revenue will cure our troubles.
Tho apprehension now existing and con-
stantly increasing as to our financial
ability does not rest upon n calculation OF
our revenue. The time has passed when
the eyes of investors abroad and our peo-
pie Mt homo were fixed upon tho revenues
of the governments.
Changed conditions have attracted their
attention to the gold of the government.
There need be no fear that we cannot pay
our current expenses with such money as
We have. There is now in the treasury u
comfortable surplus Of more than $63 000,-
600; but it is not in gold and, therefore,
does not meet our difficulty.
cannot see that differences Of opinion
concerning the extent to which silver
ought to be coined or used in our currency
should interfere with the counsels of those
whose duty it is to rectify evils now ap.
parent In our financial situation. They
have to consider the question of national
credit and the consequences that will fol-
low from its collapse Whatever ideas
may be insisted upon as to silver or bimet-
alism q proper solution of the question
now pressing upon us only requires
recognition of gold as well as silver and a
concession of its Importance, rightfully or
wrongfully acquired, as basis of ma
tional credit, necessity in the honorable
discharge of our obligations payable in
gold and n badge of solvency do not I'M
derstand that the real friends OF silver de-
sire condition that might follow inaction
or neglect to appreciate the meaning of
the present cxigency IL it should result in
the entire Punishment of gold from our
financial and currency arrangements
Besides the treasury notes, which GER
tainly should be paid in gold, amounting
to nearlt $4,000, there will fall due