The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1895-03-13

The Gold Reserve is IN the Best POSI-
bic Shnpc-P Plenty OF Money TO
Meet all Expenditures.
Assistant Secretary Curtis made
the following statement, Friday:
"In view Of certain stnteme nts
In the newspapers that treasury
officials are embarrassed by an al
legged failure in gold deliveries un-
der the recent contract and other
assertions of a similar nature cal
culattd To mislead and disturb the
public mind wish to say that the
actual Withdrawals Of gold from
the treasury since the 1st of March,
1896, have been $355,347, of which
S2sl;OS7 have been for the redemp-
tion of United States Treasury
notes and S74 ,28O for the redemp-
tiOn of United States gold certifi.
Gates and divided among the cities
of New York, Boston Philadelphia, \
Baltimore, San Francisco, st. Louis
and Chicago. There are no more
than the ordinary Withdrawals
which have in the past usually
taken place ut this season of the
year. Moreover, during the same
period the treasury has received
considerable gold coin in exchange
forvarious Kinds ofpaper currency.
"The apparent falling off in the
gold reserve was caused by Il mis-
understanding in taking up in the
gold reserve statement Of the treas
ohry department from the daily
reports of transactions sent
from the sub.treasury at New
York which should not have been
included in the gold reserve until
the final certificates of deposit upon
which bonds could be issued were
delivered. The February figures
quoted in some of the newspapers
as withdrawn include the heavy
Withdrawals of the earlier part Of
that month before the gold pur-
chase contract was made and one
single large item not withdrawn
for export, concerning which there
has been considerable newspaper
comment.
"The treasury officials who are
charged with the responsibility of
these transactions have no anxiety
whatever IN regard to the method
which is and has been pursued by
the sellers of the gold coin under
the recent contract. They are sat
isfied to contemplate the fact that
for Ave weeks the Withdrawals Of
gold coin have not exceeded the
normal amount with the exception
of the instance quoted above, and
that no exports of gold whatever
have been made during that time.
The fact is that fully $9,OOO,OeO in
gold has already been deposited on
the foreign account in excess of the
contract requirements.
"In regard to the excess of gov
ernment expenditures over receipts
1t ia we'll known that the latter are
rapidly increasing and that up to
this time nothing has been received
from the income tax and very little
from sugar duty, both of which will
be important elements of govern
ment receipts In the future
There Is plenty of money
IN the treasury to pay the appro
priati0ns and this statement in
some articles, that II the treasury
had the money the passage of the
enormous appropriations would
lead to the immediate disburse
ment of immense sums of money
IL totally untrue.
"There is a question of law as Il
when the appropriation for the pay
ment of sugar bounty becomes
available, and until that question
is settled 1t will be impossible L
make any payment thereundei
Moreover the claims for bount.
must be adjusted before payment
since payment must be made pr,
rata If the appropriation ls insuffi
cicnt.
"The total available cash In III
treasury to-day amounts to $S3,373
49s over and above the 800, ,00O, 90
allowed to cover the gold reserv'
which Is $s9,745,594.ll. The treas
ury officials have no anxiety Ms
their ability to meet all obligation
In the immediate future with ems
and are confident that the expecte
revival Of business will assure III
future"
a. A. = n "a ~.