The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1895-12-06

duced the shipment of our gold to be
erawn against, as a matter of speculation
In consequence Of those conditions, the
gold reserve on the first day of February,
1894, was reduced to $65 438, BIT, having
lost more than $31 ,0OO, 900 during the pre-
ceding nine months. Its replenishment
being necessary, and no other manner of
accomplishing it being possible, resort
was had to the issue and sale of bonds,
provided for by the redemption act of
1875.
Fifty millions of these bonds were sold,
yielding $5S, 633. 295.71, which was added
to the reserve fund of gold then on hand.
As result of this operation this reserve
which had suffered constant and large
Withdrawals in the meantime stood on
the 9th day Of March, 1894, at the sum of
S.O7,4 ASSOC Its depletion was, however,
Immediately thereafter so accelerated that
on the SOth day of June, 1894, it had fallen
to 1854, S73, OBS. This depressed con-
dition grew worse and on the 24th
day of November, 1894, our gold reserve
being reduced to $57, $3.50, FOL, it became
Necessary to Again Strengthen 1t.
This was done by another issue of bonds
amounting to $50, 900, OOJ from which there
was realized $58, 53S, 500 with which the
fund was increased to Sill, 142, O21, on the
4th day of December, 1894
Again disappointment awaited the anX-
ious hope for relief. Between the 4th day
of December, 1894, and earlv in February,
1895, period Of scarcely more than two
months after the second reinforcement of
gold reserve by the sale Of bonds, it had
lost by such Withdrawals more than
500, 900, 600 and had fallen to 81 $40, 49,
Congressional aid was asked in this emer-
gency but no relief granted, and the third
issue of bonds were made. Recent with
drawals have reduced the reserve from
$1O7, 557 ,230 on the 9th day of July, 1897,
to SIS, 233, 300. How long it will remain
large enough to render it's increase un-
necessary, is only a matter of conjecture,
though large Withdrawals for shipment in
the immediate future are predicted in
well-informed circles.
Immense Withdrawal of Gold.
Though the amount of gold drawn from
the treasury appears to be very large, as
gathered from the facts and figures herein
presented, it actually was much larger,
considerable sums having been acquired
by the treasury within the several periods
stated without the issue of bonds.
On the 2Sth of January, 1895, it was re-
ported by the secretary of the treasury
that more than S172, 100000 of gold had
been withdrawn for boarding or ship
ment during the year preceding. He now
reports that from Jan. l, 1879, to July IA,
1890, a period of more than IL years, only
little over S2S,OO0,OOO was withdrawn,
and that between July IA, 1890,
the date of the passage of
the law for an increased purchase of sill
yer, and the 1st day of December, 1895, or
within less than five and a half years,
there was withdrawn nearly 1915, 100000.
making a total of more than $405, 0JO, 900
drawn from the treasury in gold since
January 1, 1879. the date fixed in 1875 for
the retirement of the United States notes.
Nearly 1927 900 900 of the gold thus
withdrawn has been paid out on these
United States notes; and yet every one of
the $346,000.000 is still uncancelled and
ready to do service in future gold deple-
lions.