New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-01-30

ten months, nearly $103, OOO, OOO in
gold were drawn from the treasury.
This made the second issue necessary
and upon that more than 1858, OOO, 600
IN gold was again realized Be
tween the date of this second issue
and the present time, covering a period
Of only about two months, more than
800, 900, 90 in gold have been drawn from
she treasury.
Expended Without Benefit.
These large sums Of gold were ex-
pended without any cancellation Of gov
eminent obligations or in any permanent
way beneftting our people or improving
our pecuniary situation. The financial
SCENTS of the past year suggest facts and
conditions which should certainly ar
rest attention. More than $172, O0O, 900
IN gold have been drawn out Of the
treasury during the year for the purpose
OF shipping abroad Or boarding at home.
While nearly $103, 100000 Of the same
were drawn out during the first 10
months of the year, sum aggregating
more than two-thirds of that amount,
being about $69, 900, 900, were drawn out
during the following two months, thus
indicating marked acceleration of the
depicting process with the lapse of
time. The obligations upon which this
gold has been drawn from the treasury
are still outstanding, and are available
for use in
Repeating the 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 up
holding Of our public credit, and to the
maintenance of our high national char
acter. Our gold reserve has again
reached such stage Of diminution as to
require it's speedy reinforcement. The
aggravations that must inevitably follow
present conditions and methods will GER
tainly lead to misfortune and loss not
only to our national credit and prosper
ity to financial enterprise, but to those
Of our people who seek employment as
means Of livelihood and to those whose
only capital is their daily labor.
Not Question of Revenue.
It will hardly do to say that simple
increase Of revenue will cure our trou-
bles. The apprehension now existing
and constantly increasing as to our
financial ability does not rest upon
calculation Of our revenue. The time
has passed when the eyes Of investors
abroad and our people at home were
fixed upon the revenues Of the govern
ment. Changed conditions have at
tracted their attention to the gold of the
government. There need be no fear
that we cannot pay our current ex-
penses, with such money as we have.
There is now in the treasury comfort
able surplus of more than $63, 900, 900,
but it is not in gold, and therefore does
not meet our difficulty. I cannot see
that differences Of opinion concerning
the extent 60 which silver ought to be
coined Or used in our currency should
interfere with the councils of those
whose duty it is to rectify evils now
apparent in our financial situation.
The recommendations of the president
are for the issue of gold bonds sufficient
for the maintenance Of the gold reserve,
and for the redemption of treasury notes
at a rate not exceeding 3 per cent. He
also recommends that all duties be paid
in gold.