The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-01-29

of the government, for which gold
may be demanded, and curiously
enough the law requires that when
presented and in fact redeemed and
paid i'll gold they shall be reissued.
These same notes may do duty
many times IN drawing gold from
the Treasury; nor can the process
be arrested as long ns private par
ties for profit or otherwise see an
advantage in repeating the opera
ton. More than $500. 600, 600 III
these notes have already been re.
deemed i'll gold, and notwithstand.
ing such redemption, they are still
outstanding. Since the 18th day of
Jannary, 1891, our bonded interest
bearing debt has been increased
$lO0, coo, 600 for the purpose of Oh
tanning gold to replenish our ooin'
reserve.
Two Issues were made amounting
to 500, OU0, 600 each--one III Janunry
aud the other i'll November. AS a
result of the first issue there was re-
allHed something more than SOS, 600.
OOO IN gold. Between that issue ana
the succeeding one In November,
comprising q period OF about ten
months, nearly SlO3, 600, 600 in gold
was drawn from the Treasury. This
made the second issue necessary,
and upon that more than Sos. 600, 900
III gold was again realized. Be
tween the date of this second issue
and the present time, covering n
period of only about two months,
more tlau 500, 600, ,0J0 in gold have
been drawn from the Treasury.
Those large sums OF gold were eX-
pended without any cancellation of
government obligations, or III auv
permanent way benelttiug our pc
cuniary situation,
The financial events of last vcnr
suggest fncts aud conditions which
should certainly arrest attention.
More than Sl72, 200, 900 in gold have
been drawn ont OF tue Treasury dur
ing the year for the purpose of ship
ment abroad, or for handling ut
home, while nearly SOB, 900. 900 Of
TINS amount was drawn out during
the lrst ten months of the year. a
sum agGregating more than two
thirds OF that amount, being about
S69, OOU,0 900, WAS drawn out during
the following two months. thus in.
dicatlng n marked acceleration of
the depicting process with the lapse
OF time.
The obligations upon which this
gold hes been drawn from the
treasury are etill outstanding aud
are available for use in repeating the
eXnausting operation with shorter
intervals rs our perpleXItles accu-
mulate.
Conditions are certainly super.
venlng tending to make the bonds
which may be issued to replenish
our gold less useful for that pur-
pose. An adequate gold reserve is
III all circumstances absolutely
essential to the upholding OF our
public credit and to maintain our
high national character. Our gold
reserve has again reached such q
stage OF GimluutlOu as to require its
speedy reinforcement.
The nggrGvatlons that must in.
evitnblv follow the present condi.
tions and methods will certainly lead
to misfortune and loss not oulv TO
our national credit and prosperity
and 10 financial enterprise, but TO
those of our people who seek empIoy-
ment rs means Of livelihood, and
to those whose only capital is their
daily labor.
1t will hardly DO to sny that n
slmpie increase of our revenue viii
cure our troubles. The npprchen.
sion now existing and constantly in
creRsing rs to our financial ability
does not rest upon calculations of
our revenue. The time hns passed
when the eyes of investors abroad
and oi our people at home were fixed
upon the revenues of the Govern.
meEt. The changed condition have
attracted their attention TO the gold
OF tho Government.
There need be no fear that we
cannot pay our current expenses
'with such money as we
haVe' There IL now in the Treas
nty comfortable surplus OF more
than $1,000, 900, but 1t is not in
gold' and therefore does not meet
our difficulty. l cannot see what
dliierences of opinion concerulnr
me extent TO which silvcr ought 20
DO coined or used in our cur.
rehcy should interfere with the
couhseis oi those whose duty it is to
rectiiy evils now apparent in our
nlihncial situation. Iney have TO
consider the question of onr
national credit and the con
sequences that will follow from iIs
coli"pse' Whatever idea may bo
insisted upon as to silver or m
mciailsm, the proper solution of the
QUESTION now nrnsslucr nnun