Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1895-02-16
GOLD WITHDRAWALS.
How to Check the Tremendous Draft ga
the National Treasury.

How to Check he Tremendous nraft ga
the National Treasury.
The endless chain" is pumping gold
out Of the treasury at a rate which
gives concern 10 the administration
and delight to the silver crowd. The
withdrawal on Friday, January IS,
amounted to Si,950.0DO which was more
han ever before in one day,
The Withdrawals for that week were
Sie.5S0.O00; for the present month, 10
the end of last week. SS,eo3,57+, and
for December, Sl,e6a,O9l. Since De-
cember /, or in ~fifty-seven days, the
treasury has had 10 pay ont Sa9,iG6,66S
a gold coin in redemption Of green
backs and sherman notes ormore than
was realized from the last bond Saleof
S5O.000.OSl
on December 10. shortly after the
last issue Of bonds was paid for, the
amount Of the gold reserve, or net gold,
was Sos, SCI, 4S9. Ii IS now reduced 30
S56.7S2.S5>. This is not - low as il vas
on August 20, when II was So, 499,7s7,
but it is about S3.OoO,co0 less than ii
was when the last lot OF bonds was pat
upon the market
1t is not surprising, therefore, that a
new issue is looked for and hatvarious
rumors in connection with il have been
put aloat. From the state 81 the treas
ury when the issues Of February and
November were made the inference Is
that, in the opinion Of the administra'
tion, it is not safe TO allow a reserve to
he reduced as low as SSO,o9o,000. From
this, and from what the president said
in his annual message last month, ii is
reasonable to expect that another lot
of bonds will he offered for sale very
soon.
The paragraph Of the message re-
ferred TO is very emphatic, and it is
worth quoting in this crisis Of treasury
affairs. II is as follows:
i cannot tor the moment believe that any OF
our citizens are deliberately willing that their
government should default ia It's pecuuiary
| obligations or that its financial operations
should be reduced 70 s silver basis At auy
Z rate. : should not feel that NY duty VAS done
II I omitted any effort ! could make TO aver. 9
I calamity. As lcng. therefore, as no provision
Is made to- the aual redemption or the putting
aside az the currency obligation bow used to
I re rea,ct.y and constantly draw from the gov
eminent Is gold, and Is lous as 70 better au-
thority .or bond issues : allowed than a,
present exists, such authority Will be utilized
Whenever and as often as It becomes necessary
70 maintain a sufficient gold reserve, and IN
abundant u to save the credit Of our coun-
try and make good tie financial declarations
/ Of or government"
but it is getting TO he a serious ques-
titn how many Of these bond issues
Will he necessary to accomplish the
purpose stated in the above passage. 1t
became necessary to borrow some SIS
o10,0p9 last February, and as much
more in less than ten months, and now,
in less than two months. the last lot Of
gold borrowed is more than exhausted,
and the end /, not in sight.
There is just one way, and only one,
to maintain gold payments and yet put
q stop 70 the working Of the endless
. chain That way is to authorize the
secretary Of the treasury to retire the
legal tenders as fast as lie redeems
them. and give him the means Of doing
so. The president is reported to have
said so lately; and he is right beyond
all question. Ii the legal tenders must
he returned TO circulation as fast and
Us often as they are redeemed there is
no telling how many times it will be
necessary to borrow gold only to see it
drawn out again.
No act Of congress authorizing some
other kind OF bond will make any diff
ference. 1t is not a question Of the
kind Of bond, but Of protecting the
treasury against the danger OF having
the legal tenders presented again and
again for redemption, and that can
only be answered by making the re.
dcmption fual.
But we are told that the republicans
in congress will not permit that to be
done so long as they have the power
to kill anything they please in the sen
ate, Then there is nothing to do but
issue more bonds or suspend gold pay
ment.
There is talk to the effect that the
president is willing to make consider
able concessions TO the silver men If thev
will assist in passing a bill for the re-
tirement OF legal tenders. But to make
concessions to the silverites would only
be going from bad to worse. 1t is too
much silver that ais us now, 1t Is In
that, and that only, that the danger
lies OF a sudden drop to the silver basis
the very thing which the president
rightly regards as a calamity. Any
concession to the silverites would re-
suit in a still more rapid withdrawal Of
gold from the treasury and an early
suspension OF gold payments,-Chica9o
Herald.