Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1895-12-06
PRICE FIVE CENTS

free and unlimited coinage. which have
created apprehension as to our disposition
or ability to continue gold pay ments; the
consequent boarding of gold at home and
the sIoppage of investments of foreign
capital, as we'll as the return of our Sc
curities already sold abroad and the
high rate Of foreign exchange, which in
duced the shipment of our gold to be
drawn against, as matter of speculation.
In consequence of those conditions, the
gold reserve on the first day of February,
1894, was reduced to $G5, ,43S, 81, having
lost more than S3l ,00O,U0J 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 S,633, 22957 II. which was added
to the reserve fund of gold then on hand.
As a result of this opera. ion this reserve
which had suffered constant and large
Withdrawals in the meantime stood OIL
the 9th day of March, 1891, at the sum of
O7,4i6,SO. It's depletion was, however,
Immediately thereafter SO accelerated that
on the 9th day of June, 1894, it mad fallen
to $S4,S73,O2'. This depressed con-
dition grew worse and on the Oath
day OF y ovember, 1871, our gold reserve
being reduced to s'7,66o, ,,0l. it became
Necessary to Again Strengthen 1t.
This was done by another issue of bonds
amounting to $50, 600, 90, from which there
w;is realized S5S, ,53S,aOO with which the
fund was increased to Sill, ,142, ,O2l, on the
4th day of December 1894
Again disappointma awaited the anx-
ious hope for relief. Between the 4th day
of December, 1854, and early in February,
1899, a period of arcely more than Two
months after the second reinforcement Of
gold reserve by the sale of bonds, it had
lost by such Withdrawals more than
$50 9Oo0,0 and had fallen to s+l $40. lel.
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
$lO7, ,5'7, ,23O on the 9th day of July, lS9,,
to s79,333,3,6. How long it will remain
large enough to render its increase un-
necessary, is only 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 l730JO,0O0 of gold had
been Withdrawn for boarding or ship
ment during the year preceding. He now
reports that from IAN l, 1879, to July IA,
1891, a period of more than II years, only
little over s!S,0J0,OJ0 was Withdrawn,
and that between July ID, 1890,
the date of the passage of
the law for an increased purchase of sill
yer, and the st day of December. S05, or
within less than five and IL half ye rs,
there was withdrawn nearly s375, 900. 90.
making total of more than s4050 u,O0O
drawn from the treasury in gold since
| January l. 1919 the da e fixed in 1878 for
the retirement of the United States notes.
Nearly 1927 20 900 of the gold thus
withdrawn has been paid out ON these
United States notes; and yet every one OF
the 50 6,OU0.O0O is still uncancelled aud
ready to do service III future gold deple-
tiops .