The Republican. [volume] (Oakland, Md.) 1877-current, 1895-12-05


operation of the tariff law until re-
Gently in force, which crippled our
exchange of commodies with foreign
nations and necessitated to some
extent the payment of our balances
in gold; the unnatural infusion of
silver into our currency, and the
INCREASING agitation for its free and
unlimited coinage, which have
created apprehension as to our dis
position or ability to continue gold
payments; the consequent boarding
of gold at home and the stoppage of
investments of foreign capital, as
well rs the return of our securities
already sold abroad; and the high
rate of foreign exchange, which in
duces the Shipment of our gold to
be drawn against, as matter of
speculation.
In consequeI ce Of these condi-
tons the gold reserve on the LIST dav
of February, 1894, was reduced to
SOS .43S,3 77, having lost more than
$31 900, 900 during the preceding
nine months, or since April. 1893,
Its replenishment being necessary,
and no other manner Of accomplish
ing it being possible, resort was had
to the issue and sale Of bonds pro-
vided for by the resumption act of
1875. Fifty millions of these bonds
1 We're sold, yielding S5S, 633, 295,n,
which was added to the reserve fund
of gold then on hand. As a result
of this operation this reserve, which
had suffered constant. AID large
Withdrawals in the meantime, stood
on the 9th day of March, 1894, at
the sum of 07.44G. SOP. Its de-
pletion was, however, mediately
thereafter so accelerated that on
the Both day of June, 1894, it had
; fallen to S64,973,025, thus losing
by Withdrawals more than $42, 000,.
900 in five months and dropping
slightly below its situation when the
sale of $4,000, 900 in bonds was
| effected for its replenishment.
The depressed condition grew
worse, and ON the Oath day OF
November, 1894, our gold reserve
being reduced to $4,000, FOL, it
became necessary to again strength
), en- it. This was done by another
sale of bonds amounting to $780,
100000 from which there was real
: lied $50, 53S,500, with which the
fund was increased to Sill, 142,O11
on the 4th day of December, 1894.
THE RECENT BOND ISSUES.
In this emergency, and in view
of its surrounding perplexities, it
became entirely apparent to those
upon whom the struggle for safety
was devolved not only that our gold
reserve mast, for the third time in
less than thirteen months, be
restored by another issue and sale
of bonds bearing high rate of
interest and badly suited to the
purpose, but that plan must be
adopted for their disposition prom
islng better results than those
realized on previous sales. An
agreement was therefore made with
a number Of financiers and bankers
| whereby it was stipulated that bonds
described in the resumption act of
1875, payable IN coin thirty years
after their date, bearing interest at
the rate Of four per cent. per an
mum, and amounting to about $685.
| 100000, should be exchanged for
gold, receivable by weight, amount
ing to little more than $65, 000,-
900.
RETIREMENT OF THE GREENBACKs.
| l am convinced the only thorough
and practicable remedy for our
troubles is found in the retirement
and cancellation of our United
States notes, commonly called
greenbacks, and the outstanding
treasury notes issued by the govern
ment in payment of silver purchases
under the act of 1890.
believe this could be quite read
lily accomplished by the exchange
of these notes for United States