Courier Democrat. (Langdon, N.D.) 1891-1920, 1895-12-12

yeeaf aimed ~ to secure their safe and conserv-
surrensy BY new i:ues 81 bar Icircaist,on as at
lieved from Maintaining 4 glyd REEVE under
conditions that constituted IL yS
=, nc = n =. sas.s of 81 veney;
and Ss.sa Ha IS s. It S Sone
the The t county and esase be object attract.
their sensitive imaginations. - ''''S
90 not overlook the fact TIL sfs.e cancellation
s c9 r ne. the SILVER
in actual ownership of sufficient silver including
seign.orage to coin nearly SITS, 900 900 IN stand
er thts might not, from time to time, be con.
verted into dollars or fractional coin and slowly
secretary Of the treasury the necessities Of the
country should require. Whatever is attempted
should he entered upon fully ,appreclatiny the
reached .,s a dangerous depth and that our ascent
VIII not be ACCOMPLISHED without laborols toll
that we are financially i'll and that our restora-
tion to health may require heroic treatment and
In the present sthge Of our difficulty It is not
easy to unders and how the amount of our revenue
ton is not the quantity Of money received in
! revenue payments but the kind Of money we
%ansan and our ability to continue in sound
eminent holdings Of gold related to the sound
ness ness Of our money and as affecting our national
serve had never been impaired, or IL no bonds
had a, ever ever been issued to repenish it; 4 there
ability to continue gold payments; II any part
OF our , revenue were not paid in gold and II we
o sae sGe as az o OF
revenues would be an influential factor ip the
problem But . unfortunately 9 all tho crsum-
tion are entirely lacking. In our present predca-
ment no gold is received by the government in
il the revenues were increased The receipts Of
the treasury, when not in silver certificates, con-
issued for silver purchases. These forms Of
money are only useful to the government in pay
ing its current ordinary expenses, and its guam
tity.. in government possession, does not in the
| least contribute toward giving that kind of
safe financial standing condition which is built
on gold alone. IT it is said that these notes. If
held by the government. can be used to obtain
I gold for our reserve, the answer is easy. The
people draw gold from the treasury on demand
| the proposition that the treasury can on demand
draw gold from the people upon them world be
regarded with wonder and amusement. And even
| IL this could be done there is nothing to pre-
vent those thus parting with their gold from re-
change for it.:
The secretary of the treasury might use such
the market. OF course. he could not do this with
out paying premium. Private holders Of gold,
unlike the government. having no parity to main
tain, would not be restrained from making the
to the treasy e but the e moment u the Secretary
Of the treasury bought gold on any terms above
par he would establish a general and universal
between gold and silver which the governments
is pledged to maintain. and opening the way to
new and serious complications.
In the meantime the premium would not re-
main stationary and the absurd spectacle might
eminent. and with United States notes or treas
nry notes In his hand, Immediately clamoring for
Its return and resale ut a higher premium.
1t may be claimed that large revenue and re-
dnndant receipts might favorably affect the
situation under discussion by ahfo.ding an op-
portunity of retaining these notes in the treasury
when received and thus preventing their presenta-
tion; for gold; Such retention to be useful ought
precisely what is prohibited so far as the
United States notes are concerned. by the law Of
1878 forbldding their further retirement That
notes when received into the treasury and be-
longing to the United States shall be ''paid out
1t will moreover be readily seen that the gov.
eminent could not refuse to pay out United
out silver alone and still maintain the parity
between zen that metal and the currency represent
ury of currency of any kind exacted from the
people through taxation is justly regarded as an
! test against an unjustifable retention of money
| from the business of the county, and denun-
; citation of scheme of taxation which proves
itself TO be unjust when it takes from the earn
tngs and income of the citizen money so much
Ie se 81 Kept N the
treasury. Such condition has heretofore in
times of surplus revenue led the government to
4 large increase et its deposits in national
} of treasury accumulation has furnished most
persuasive argument in favor of legislation radi-
The Thrift and Currency,
Perhaps it is supposed that sufficient revenue
receipts would in u sentimental way improve the
situation, by inspiring confidence in our, solysncy
i And vet, through all our struggles to maintain
a TO there aay
, with such mnref us we had: and the question
whether not our current receipts met our c IT.
rent expenses has not entred i:'to the estimate
our funds, exclusive Of gcla. was entirely i'm
His debt could only be paid in gold and his only
concern was our ability to keep on hand that kind
On July 1. 1892. more than year a:d half
before the first bonds were issued to replenissh
Eea of such n
than sl3 10000: but the gold eserve amounted
to more than s1l4 900 COO which WIS lie outlet let
stock Of gold hee,n rapidly TO- fall that fright
snpervented and our securities hsA' abroad wsrs
pressed for payment. In the meantime: xtelsvs
shipments OF gold and other unfavorahle tl.i'ca-
lions caused restlessness a,.d fright .nons our
Thereupon. the general state of our funds: ex-
elusive Of gold. became also immaterial to them.
and they. too drew gold from the -, treasury for
boarding against all contingencies This is plain
" shown lily the large increase In the proportion
Of gold Withdrawn which was retained by our
| own people MS time and threatening Incidents
progressed. During the fscal year ending June
so, 1894. nearly SIS, 900. 900 in gold was with.
drwn from the treasury. and about SI1.OOoOoO
was sent abroad. while during the fiscal year end
Ing June so. 1895. over Silt OON. 900 was drawn
out of which only about 500 900 600 was shipped.
leaving the large balance of such Withdrawals to
be accounted for nv domestic boarding.
A Change Necessary.
Inasmuch "a the withdrawal Of our gold has re-
suited largely from fright. there Is nothing ap-
parent that will prevent its continuance or re.
| rurrence with its nat,,rcl consequences. EXCEPT
. | s,cn Il change in financial methods as Will
| reass,rc tho frightened and make the desire for
| cold less intense. 1t Is not clear how an IN
crease In revenue, unless 1t lie in gold. can snt.
| isfy those whose only anxiety is to gain gold
from the governments store 1t cannot. there
tor,A bc sarc to rely upnn increased revenue as
cure ro~ orr present troubles. 1t is possible that
| the suggestion Of increased revenue as q remedy
for the t1itfcultes VIC are considering may have
origirr ted in IN intimation distinct allegltion
that tn" hnntls which have heen issued nstensiby
to reu,enish gold reserve We're really issued
|, to supply insufficient rrrcnnc Nothing can ne
f,rthcr from the truth. BENDS were Issued to 90.
| t,;,, n,,o far the enunce OF MAJ fOnNl