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

standing. since the l7th day
day Of january, 1891. our bonded inter-
est-btaring debt has been increased
800, 900, 900 for the purpose of obtaining
gold to replenish our coin reserve. Two
issues were made. amounting to 450, 900, i
600 each, one In January and the
other i'm November AS ID result of the
first issue there wis realized something
more than S58, ,0OO, 600 In gold, Between
that issue and the succeeding one In
November. comprising period Of about
,en months, nearly siOs. 900. 900 in
gold were drawn from the treasury.
This made the second, Issue necessary
and upon that more, than 458, ,0O0, 900
in gold was again realized. Be-
tween the date Of this second issue
and the present time, covering . period
pf only about two months, more than
$69, ,OOO. 90 in gold have been drawn from
the treasury.
Expended Without Benefit.
These large sums OF gold were ex.
pended without any cancellation of gov
ernment obligations or in any permanent
way benefitting our 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 $l72. 600, 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 &lO3, 600, 900 of the same
We're drawn out during the first 10
months of the year, sum aggregating
more than two-thirds of that amount,
being about S69, ,OOO, 900, We're drawn ont
during the following two months, thus
indicating q marked acceleration of the
depicting process with the lapse Of
time. The obligations upon which this
gold has been drawn from thetreasury
are still outstanding, and are available
for use i'm
Repeating the Exhaustive Operation
with shorter intervals. perplexities accu.
mulate. Conditions are certainly super.
vening, tending to make the. bonds
which may be issned to replenish our
gold less useful for that purpose. An
adequate gold reserve is In all circum-
stances absolutely essential to the up.
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 diminution as tc
require its speedy reinforcement. The
aggravations that must inevitably follow
present conditions and methods will cer.
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 TO those WHOSE
only capital ID their daily labor
Not 0aessian og Revenues.
" win hardly do 10 say that b simple
increase Of revenne will cure our trou
bles. The apprehension now existing
and constantly increasing as TO oul
financial ability does not rest upon .
calculation Of our revenue. The time
has passed when the eyes of investors
abroad and Aour people dc hOiae were
fxed upon the revenues of the govern
ment. Changed conditions have at
tracted their attention tothe gold Of the
/ government. There need he no fear
that we cannot pay onr current ex
penses, with such money as we have
There Ii now in the treasury comfort
able surplus of more than $50, ,O00, 600
but il 10 not i'm gold, and therefore doe:
not meet our difficulty. ! cannot sex
that differences of opinion concerning
the extent 60 which silver ought to b
coined or used in our currency should
interfere with the councils, OF those
whose duty IL is to rectify evils now
apparent I'M our financial situation.
The recommendations Of the presiden,
are for the issue Of gold bonds sufficient
for the maintenance Of the gold reserve
and FOR the redemption OF treasury notet
at rate not exceeding per cent. Ht
also recommends that all duties be pait
in gold.