Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-12-03

! FORM ehrihknRe IN this iuud may
! mentioned the great falling OIL OF @
ports under the operation VI tue tari
law until recently IN force, wbic
crippled our exchange " c0mmoditi,
with foreign nations, and uectssltats
10 some extent the payment Of d
balances Ia gold; the unnatural inf
si0R Of silver into our currency. an
the iuofesslny agitation Tor it, free an
uplimiied G image, which has create
apprehension % u our DISPOSITION o
ahility TO continue gold payment; IN
consequent boarding Of gold AZ home
und thr ttoppazo VI investmenis {
tortigg capital, a. well A. the return O
our securities already sold abroad: AM
The high rate OF foreign exchange
which Induced the shipment N Oh
GOLD to be drawn agalnsl ~ a matter o
speculation.
THE noND BALE.
Ia consequences OF these condition
the gold reserve on the frat day o
February, 1894, was reduced 10 sos,
lds,aTi having lost more than s8l A..
100000 during the preceding min,
months, or since April, 1898. IL. 10
punishment being necessary, and n,
other manner OF accomplishing n
being possible, resort was had TO III,
issue and sale Of bonus, provided f,i
by the resumption act OF 1876.
FIFTY millions OF these bonda wefe
sid, yielding sos 033 205.7l, which
was added u the reserve fund OF gold
then on hand. AZ a result OF thi,
operation, this reserve, which had
suffered constant ana large Withdraw.
~ ia the meantimr, stood on the
ON day OF March, 1891, NJ the
sum VI slO7, $40. So. II depletion was,
however Immediately thereafter 40
accelerated that on the 81tn day Of
June, 1895, II had fallen 10 sG4.s78,Og5,
mus losing by Withdrawals more tuan
sl2,OOO,O01 In five months, aud drop.
Plug slighuy below its situation when
the safe Of tho s50,OOO,0O0 In bonds
was elected for H. fepienishment,
THIS depressed condition gre " worse,
ava on tue 9iih day OF Novembsr.
lsg4. our gold reserve being reduced TO
sobB89,1Ol, II became necss,ary 10
sgatn strengthen II. This was done by
another sale Of bonds Amounting 10
sb0,OOO00O. from which there was
feaiizti SIS 53S, 500, with which the
iunl was Increased 10 gill,t4a,IO2 on
ths Z h day OF December, 1894
Again disappointment awaited the
anxious hope Of relief. There was not
even ALUM In tho sxasperatipg with.
draWAls OF gold. On the contrary thew
grew Ihfger anu more persistent than
ever. Between tho ilh day Of Docem.
Dor, lsVl, and early IN February, 1895,
a period OF scarcely more than twO
mohtns alter tho second reinforcement
OF our gvld reserve by tho salb Of
ponds u had lost by such Withdrawals
more than lBg.O0J,0O0 aud had fallen
70 S4l ,alJ,lsl. Neafly $40, 900, 900 had
bton withdtawn WITHIN the month
preceding this situation.
10 anticipation Of impending trouble,
had on the 2sth DAY VI January, 1895,
addressed communication 10 tho
Congress fully setting forth our dln.
1uitles aud dangerous position. aud
earnestly recommending that authority
be given the secretary VI the treasury
10 Issue bonds bearing a low rate Of
Interest, payable by their terms ln
gold, for tue purpose OF maintaining a
sufficient gol1 reserve, anu also for The
redemption and cancellation Of out.
standing United States notes and the
Treasury notes Issued for the purchase
u silver under the law OF 1859. This |
did not, however,
meet with legislative approval. Ia
February, 1895, therefore, the situation |
was exceedingly critical. With a 10. |
'efve pefll0uaiy low, aud n rafnsal Of
congregational aid, everything Indicated
hat tue eud Of gold payments by the
government was Imminent Tue 10.
Iults OF prior bond Issues had been
Exceedingly unsatisfactory aud the
arge Withdrawals Of gold immediately
their public sale In opon
market gave rise 10 n Ttasonnble sus.
'ioion that large part OF the Roli
aid into the treasury upon such salea
vas promptly drawn out again by the
VI United States notes or
Teaaufy notes anu found ita way 10 the
IAnds oi those who had only tsmpofaf.
~ parted with II In the purchase Of
onds.
THIRD AND LATEST DEAL
In this emergency and la view OF lie
urrounding pefplvxitiua, II became
niirsly apparent 70 those upon whom
ne struggle for safety was devolyed,
Iot ouiy that our gold reserve must'
u Tho thitd time Ia less than thirteen
lonths, be restored by another issue
nd sails Of bonds bearing a high rata
I interest and badly suited TO the puf-
oso, but that plan must be- Adopted
ir their disposition promising better
psults than those fsallzsd on previous
l.ts. An agreement was therefore
isdu with n number OF hnAnoiurs and
aukufs whereby IL was stipulatsd
lai bonds described In the resumption
o. OF 1870, payable In cola thirty
ears AFTER their date, bearing interest
lhe rate OF four per cent per Annum
nd amounting TO about $4,000, 900
lould Do exchanged for gJlu TocBiva.
10 by weight amounting TO n little
ore lhah sos, 100000. THIS gold was
DO delivered IN sucn installments as
ouli complete It, delivery within
'Out six months from tho date Of the 9
utfAct, and AT least ono half OF the !
mount was 10 DO furnished from
road. IL was also Rgroed by those
pplying this gold that during the =
nIlnuance OF the contract thew y
ould by every means In their y
'wer protect the government u
.ninst gold Withdrawals. The a
n1TAct also provided that II Con. 3
esa Woulu au1hlflAf their Issue, bonds !,
'yable by their terms In gold and "
afing Interest al tho rate Of three pof II
M per Annum might within ten DAYS "
substituted NJ par for the four Der o.
nj bonds described In the ngresmont. o.
Va tho day this contract was made
terms were communicated to CON.
oss by special executive message
which II was stated that more than Nj
teen millions OF dollam would be- =,
,ed to the government II :,