The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-01-29

~ II
standing. since the. 18th day
day Of january, 1904. orr bonded inter
est-bearing debt has been increased
800, 900, 900 for the purpose of obtaining
gold to replenish our coin reserve. Two
issues were made. amounting TO $4,000,
600 each, In January and the
other III November As d result of the
first issue there was realized something
more than $58, 600, 900 In gold, Between
that issue and the succeeding one in
November, comprising q reriod Of about
ZEN months, nearly si0s, 600, 900 in
gold were drawn from the treasury.
This made the second issue necessary
and upon that more than 100000
i'm gold was again realized. Be-
tween the date of this second issue
and the present time, covering y period
of5only about two months. 0 than
$69, OOO, 90 In gold have been drawn from
qhe treasury.
Expended without Benefit.
These large sums of gold were OK.
pended " thout any cancellation Of gov
eminent obligations or in any permanent
way benetitting DUR people or improving
our pecuniary situation. The financial
events of the past year suggest facts and
conditions which should certainly ar
rest attention. More than ST., 0 900
in gold have been drawn ont of the
treasury during the year for the purpose
of shipping abroad or boarding at home.
While nearly $103, 00O, 900 of the same
were drawn out during the first 4iO
months of the year, q sum aggregating
more than two-thirds of that amount,
being about s69, Oo0, 900. were drawn ont
during the following two months, thus
indicating q marked a~cceleration of the
Depicting process with the lapse OF
time. The obligations upon which this
gold has been drawn from h etreasury
are still outstanding, and are available
for use in
Repeating tho Exhaustive Operation
with shorter intervals, ~perplexities accu-
mulate. Conditions are certainly super
vening, tending to make the bonds
which may be issued to replenish our
gold less useful for that purpose. An
adequate gold reserve is in all circum.
stances absolutely essential to the mp
holding of our public credit, and to the
maintenance of our high national char
acter. Our gold reserve has again
reached such a stage of diminntion as tc
require It's speedy reinforcement. The
aggravations that must inevitably follow
present conditions and methods will Ger
tainly lead to misfortune and loss moi
only to our national credit and prosper
ity to financial enterprise, but TO those
of our people who seek employment ass
means OF livelihood and 10 those who's
only capital IL their daily labor.
Not = 0aestion Sr Revenae.
1t win hardly do 10 say that . simpl,
increase of revenue win cure our trou
bles. The apprehension now existing
and constantly increasing rs TO oui
financial ability does not rest upon
calculation OF our revenue The tin'
has passed when the eyes Of Investor
abroad and aour people at home wef
fixed upon the of the govern
ment. Changed conditions have at
tracted their attention tothe geld Of tn
government. There need Es no fea
that we cannot pay a current ex
penses, with such money as we have
There isnow in the treasury q comfort
able surplus OF more than $83. O00.0 0C
J but it is not In gold, and therefore doe
j not meet our difficulty. | cannot ne
that differences of opinion concernini
the extent go which silver ought to b
coined or used IN onr CURRENCY shOnl
interfere with the councils of thos
whose duty Ii 10 TO rectify evils no,
apparent i'm our financial situation.
The recommendations Of the presiden
are for the issue Of gold bonds sufficien
for the maintenance Of the gold reserve
and for the redemption Of treasury note
&C a rate not exceeding 5 per cent. Fl
also recommends that oil duties be pal
in gold.