Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-12-05

daie' bearing Interest at the rate OF ma
cent. per annum. and amounting to abou
SoZooo. 900. should be exchanged for gold
receivable by weight amounting TO lltti,
more than s65,OOo.oOO.
This gold was to be delivered In sucl
instruments as would complete its deliv
cry within about six months from the DAT,
OF the contract, and at least one-half o
the amount was TO be furnished from
abroad. II was also agreed by those SUP
plying this gold that during the continu
ance OF the contract they would by ever,
means in their power protect the govern
ment against gold Withdrawals.
The contract also provided that II Con
gress would authorize their issue. bond,
payable by their term In gold and bear,
ing interest at the rate Of per cent
per annum might within ten days be sub
stituted at par for the 4 per cent, bond,
described by the agreement.
On the day this contract was made Ia
terms were communicated to Congress- b,
a special executive message, In which ii
was stated that more than sixteen mil.
lions Of dollars would be saved 10 the
government II gold bonds bearing 3 pei
cent. interest were authorized to be sub.
stituted for those mentioned in the con.
tract. The Congress having declined IL
grant the necessary authority to secure
this saving, the contract. unmodihed, was
carried out, resulting in a gold reserve
amounting to S107,57l ,230, on the Sth day
Of July, 1885 The performance of this
contract not only restored the reserve, but
checked for time the Withdrawals Of
gold and brought on a period OF restored
confidence and such peace and quiet IN
business circles as were Of the greatest
possible value to every interest that al
fects OF our people. / have never had the
slightest misglving concerning the wis
dom or proprlety OF this arrangement,
and am quite willing willing to answer
for my full share of responsibility for It's
promotion. | believe IL averted dsas-
ter the imininence OF which was, fortu-
nately. not at the time generally under
stood by our people. Though the contract
mentioned stayed for time the tide Of
gold withdrawal its good results could
not be permanent, Recent Withdrawals
have reduced the reserve from S107, 571, $50
on the Sth day OF July, 1895, to $40, $780,
966. How long It viii remain large enough
to render its increase unnecessary is only
matter Of conjecture, though quite large
Withdrawals for shipment in the imms-
date future are predleted I'm well.ipfnrn,ed
quarters. Ahoiit sI6 00O 00O bss boen
withdraw during the month of Novem.
Der.
The foregoing statement of eve,,s ana
conditions dcveIoDs the fact tba, after in.
creasng our interest. hearing handed IN.
debtedness more than slGg 600 oOn IN save
our gold reserve We are ns,rIv uboro NJ.
started having now n surb resarvs S7o I
1913 a6e as against sei aas az in Eehr,,-
ary. 1894 when the 0rst bonds wore il.
sued.
Though the amount Of pold drawn firm,
the TREASURY anpears IA Ia verv large
as gathered frnn mo f,cts and 0grrsa
herein presep,ed n actually r,y mrcb
larger considersblo sim. hn,,rr hoa,, ~
ouired nv tho Treasury within tho soy.
eral nerIods stated ,vifbout tba issra y,
hands IN tho 5sIh 81 JANUARY zoos i,
was rpnorted nv tho secretarv ~ tba
Treasury mat more than s17o ma ooo i,
gold had hoo, yithdravr To-. ,,oa.,,,,, -.
shinment DURING tba ,,aar ,,,ao,dt, ~.
now renorto ,ha9 ,ror, Ia,,,a.,, 80
Juiv IA ise0 nariod 81 ,,ora ~ !"
elevan vsars o,iy ,,t,,. a,,o,. sos ooo ooo
wac u,itbdrs,,, and ~. ha,.,oo. al, =,
1891 Inc data ~ ,ha nassass 90 ~ a.,
for an ircraa.od r,,,rotasa ,, L..
tha AZ. a., 80 ~ 80 500 anu
less than five and a half years, there was
Withdrawn nearly SS7o,OOOO 900, making a
lotal oil more than S4OS.OOOOOO drawn from
the Treasury in gold since January l.,
1903 the date nNed IN 1870 FOR the retire
ment OF the United states notes.
Nearly 1921 OOO'OVO OF the gold thus with
drawn has been paid out on these United
states notes and yet every one OF the
s"4b'oOO,OoO is stlll uncalled and ready TO
40 service IN future gold depletions More
IMAM $ib,OOO,OOO IN gold has, since their
creation in $780, been paid out from the
treasury upon the notes given on the pur-
chasc OF silver by the government; and
YET the whole, amounting to Sl55,OOO,O 900,
excepting a little more than $l6,OOO,000,
which have heen retired by exchanges for
silver at the request of commerce, re-
mains outstanding and prepared to Join
thelr older and more experienced allies in
future raids upon the Treasurys gold re-
serve. In other words, the government
mas paid In gold more than nine -tenths OF
IT'S United States notes, and still owes
them all II has paid in gold about one
mar OF It's notes given for silver purchases
without extinguishing by such payment
one dollar OF these notes
pENEny srrcnrsrVn
auuou ~ an tnls' We arc re-
s'., 'ua, 70 carry Oh tAis astounding
n, ,auIu' senelne Cue government has in
W. i.a a uInueu ln'entedhess OF S9o,5OO'OO0
va es e., .aS eola reserve and Of
sho-'''"foV IN eHorts 70 maintain 1t; that
'.,., ANIMAL interest charge on such bonded
ihueuttuhesh ~ more lnan Sll 900 900, that