The Camden chronicle. (Camden, Tenn.) 1890-current, 1895-02-08

OF only about two months, more thah
million dollars In gold have
been drawn from the treasury. These
large sums OF gold were expended with
out any cancellation Of government obi
cations, or In any permanent way bene-
fitting our people or improving our Pc
cuniary situation.
FINANCIAL EVENTS OF THE YEAR.
The financial events Of the past year
suggest facts ana conditions which
should certainly arrest attention:
Mere than 172,O00,O00 OF dollars
in gold have been drawn out OF
the treasury during the year
for the purpose OF shipments
abroad, or boarding at home, while
nearly one hundred and three millions
Iof this amount were drawn out during
the first Ten months of the year, sum
laggregating more than two-thlrds Of
that amount, being about sixty-nine
millions, was drawn out during the fol-
lowing two months, thus indicating a
marked acceleration Of the depicting pro-
cess with the lapse of time. The obllga-
tons upon which this gold has been
drawn from the treasury are still out
standing and are available for use is re-
peatlng the eXhausting operation with
shorter intervals as our perpleXities ac-
cumulate. Conditions are certainly super
vening tending TO make the bonds which
may he issued to replenish our gold less
useful for that purpose,
ADEQUATE GOLD RESERVE NECESSARY.
An adequate gold reserve is, In all
circumstances, absolutely essential to
the unfolding of our public credit, and
to the maintenance of our high national
character. Our gold reserve has reached
such a state of diminution as to require
it's speedy reinforcement.
The 1ggravations that must inevita-
bly, follow the present conditions and
methods will certainly lead to misfortune
and loss not only to our national credit
and prosperity and financial enterprise
but to those OF our people who seek en-
ployment as a means OF livelihood, and
to those whose capital is their daily
labor.
1t viii hardly do to say that simple
increase OF revenue will cure our troubles
with the apprehension now existing and
constantly increasing as to our financial
ability does not rest upon calculation
OF new revenue.
The tim has passed when the eyes of
Investors abroad and our people at home
were fixed upon the revenues of the gov
eminent. Changed conditions have at
tracted their attention to the gold Of
the government. There need be no fear
that we cannot pay our current expenses
with such money as we have. There is
now in the treasury a comfortable sur
plus of more than $63,OO0,0OO but it
is not in gold and therefore does not
meet our difficulty.
SILVER NOT THE ISSUE.
Icannot see that differences of opinion
concerning the extent to which silver
ought to be coined or used in our cur
rency, should interfere with the counHels
OF those whose duty it is to rectify evils
now apparent in our financial situation.
They have to consider the question Of
national credit and the consequences that
will follow from it's collapse.
Whatever ideas may be insisted upon
as to silver or bimetalism, the proper so
luton of the question now pressing upon
us only requires recognition OF gold az
well as silver and a concession of it's i'm
portance, rlghtfully or wrongfully acquir-
ed, as basis of national credit, a neces-
sity OF an honorable discharge OF our OBJ
legations payable in gold and badge OF
solvency.
WHAT FRIENDS OF SILVER DEMAND,
I do not understand that the real
friends of silver desire a condition that
might follow inaetion, or neglect to ap-
preciate the meaning OF the present ex-
igency if 1t should result In the en-.
tire Punishment of gold from
our financial and currency
arrangements. Besides treasury notes
which certainly should be paid in gold
amounting to nearly 500, 100000 Of
dollars, there will fall due in 1904 one
hundred millions Of bonds, issued during
the last year for which we have received
gold, and in 1907 nearly 600, 100000 Of
4 per cent bonds issued in 1877. Shall the
payment of these obligations in
gold be repudiated? If they are to be paid
in such a manner as the preservation OIL
our national honor and national sol
vency demands, we should not destroy
or even imperil our ability to supply our
selves with gold for this purpose.
| NOT UNFRIENDLY TO SILVER.
While I am not unfriendly to silver
and while desire to see il
recognized to such an extent as is consis
tent with the financial safety and tn,
preservation OF national honor ant
credit, am not wiling to see gold entire
! ly abolished from our currency and
| finances. To avert such consequence ]
believe thorough and radical remedial
legislation should be promp ly passed
therefore asked congress to give the
| subject immediate attention.
WHAT SHOULD BE DONE.
In my opinion thesecretary of the treas
ury should be authorized to issue bonds
/ -