The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-01-29
TuE GOLD %pgrLrrroS,

wv '""''u"'o Wo''u'H W RQlu nave Deen
urawn OUT OF the treasury during tho
year Tor tho purpose ofshipmens abroad
or boarding ut homo.
While nearly ono hundred and three
millions Of this amount were drawn out
curing Tue hrat ton months Of tho year,
. sun a%ggregating more than two.
thirds OF that amount, being about
slSly'nine millions, was drawn out dur
INK tho following two months, thus In.
diicating q marked accoleration otthe de-.
plotting process with tho lapse Of timo,
The obligations upon which this gold
has boon drawn from tho treasury arc
stlll outstanding. and arc available for
use IN repeating tho e%xhaustiug opera.
ton with shorter. Intervals as our per.
p!ex'tioa accumulate.
Conditions arc certainly aupervening
tending 70 mako the bonda when may
be Issued TO replenish OUT gold less use.
tul for that purpose,
An adequate gold ra,erye ia in all cir.
cumstances absolutely essential to the
upholding Of our public credi. and to
tho mainten auco Of our high national
character.
Our gold reserve has again reached
such n stage OF d%iminution 40 to require
Its speedy reinforcement.
The aggravations tina. must ipeyi,a.
ply follow present conditions and meth.
DDS certain to lead to misfortune and
loss not only to our national credit and
prosperity and 10 financial enterprise,
but to those OF our people who seek
employment A. q meana OF livelihood
apd to those whose only capital 10 their
daily labor,
THE REVENUE DEFICIENCY.
1t will hardly do 10 say that a simple
increase OF revenue will euro our
tropbIeL The apprehension now exist.
iqs and constantly Increasing as to our
financial ability doe, not rast upon q
calculation Of our revenue. Tho time
has passed when the eyes OF investors
abroad and our peonis a. homs wero
liked upon the revenues OF the govern
mgpt Changed conditions have at
traGied their attention 10 the gold OF tho
government. There need DO no fear
that We cannot pay our current ex-
pspses with such money rs We have.
There Is now in the treasury a comfort
able surplus Of more than S53, 900, 900,
but 1t ID not in gold. aud, therefore,
doe, not NEE. our difficulty,
THE SILVER QUESTION,
! cannot SOC that differences of opin-
lon concerning the extent to which all
yer ought to be coined or used in our
currency should interfere with the
counsels OF those whose duty i. Is 10
Eeclliy evils now apparent In our finan-
cial situation. They have to consider
the question OF national credit and the
consequences that will follow from its
collapse. Whatever ideas may be in
sisted upon as 10 silver or bimetallism,
q proper aolution Of tho question now
pressing upon us only requires o recog-
milton OF gold as well as silver and n
concession OF its importance, righ,fulIy |
or'wrongtully acquired. as 4 basis Of
national credit, a necessity in the hon.
orable discharge Of our obligations pay
able in gold aud badge OF solyaucy, I
do not understand that the resl friends
OF silver des!Ee ? condition that might
follow inactlon or neglect to appreciate |
the meaning OF the present exigency il
1t should result In the entire Danish.
ment OF gold from our financial aud cur.
rency arrangements,
Besides the treasury notes, which |
certainly should DO paid in gold, |
amounting to nearly $500. 900, 700, there
will fall duo in 1901 SlO0,0O0,OOO OF |
bonds is,usi during the los, year ior
which NE have received gold, and in
1907 nearly 5000, o00, 900 OF 4 ppr cent
bonds, issued in 1877, Shall the pay.
ment OF these obligations in gold DO ro-
pudistedf II they arc to be paid in
such a manner as the preservation OF
our national honor and National SOL
vency demands, we should 10: destroy
or eyen iuperil our ability to supply |
ourselves with gold Tor that purpose.
While | am not %unfriendly to silver. |
and whl!o desire TO sss IL recognized
TO such an extent rs is consistent with
financial safety and tho preservation OF
national honor and credit, ! am not
willing to gee gold entirely banishcd
from our currency and fnuucos, To
avert such n cOnseqnance, | believe
thorough aud radical remedial lagisla.
ton should be promptly passed. |
therefore bag tho Congress to give the
subject Immediate attention.
TO ISSUE BONDS.
In my opinion, tho secretary Of tho
treasury should BIO authorized 10 Issue
DO nds Of the government for the pur-
pose OF procuring and maintaining u |
sufficient gold reserve and tho rsdemp.
ton and cancellation OF the United
States legal tender notes and tho treas.
ury notni iasuod for tho purChasa OF eli.
Yer undor tho law OF July Ia. 1890. We
should DO relieved from the humilia,ing |
procass oil isHuinS bonds to procure
gold to DO immediately and repeatedly
drawn out on these obligations for pur-
poses not related to tho bnneit OF our
government or our people. The priv.
cipal and interest on these bonds should
be payable on their face In gold, DO.
cauau they should DO uold only for gold
or It's representative. aud because thcro
would now probably be difficulty in
favorably diapo,ing OF bonds not con.
tanning this stipulation. ! suggest that
tho bonds DO issued in denominations
Of so and $50 and their mul.iples, and
that they boar interest ut q rate not OK
ceeding 5 per cent por annum. do not
sec why tlisy should not DO payable
l!ty years from thoir date. We OF the
present generation havo large amounts
to pay II we maet IL obligations, aud
long bonds arc molt salablc. Tho sOc-
rotary OF tho treasury might we'll DO
permitted At his discretion 10 receive on
the salc Of bonds tho legal tnndor aud
troasnry no.ea to DO rstlrod. aud. Of
courso. whom thoy arc thus retired or
redeemed In gold they should be can.