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

e have reduce the reserve from sln7'
/ oil, % o tho 10 DAY Of July, 1895
! to s78,333. gJl. How long II will re
% main large enough TO render he In
= crease unneuessaTy ia only q matter o
conjecture, though quite lhfno with
q dfawals Tor shipment In the immediat,
= future are t.sui1ied In well-infot mec
quarters. About $4,000, 900 has beer
Witbdfawn curing the month OF Nc
J yember.
The foregoing statements Of event.
aud conditions developed the fac. tina
alter Increasing our interest.bearinp
bonda, Indebtedness more than 1852.
OuO,O00 70 save our gold reserve, W. are
now nearly where we started, having
now In purh reserve $40, 3l3, 06G n,
against s6j i3s ,377 IN February, 1894
when the nfat bonds were Issued. Thc
amount drawn from the treasury ap.
pears very large, but ~ gathered from
the facts anu figures herein presented,
u actually was much larger, consider.
aole sums having been acquired by
Tue treasury within the several periodic
stated without the issue Of honda.
Va the 2sih Of January, 1895,
was reported by the secretary
~ the treasury that more than sl72,-
600, 900 Of gold had been Withdrawn
Tor boarding or shipment during the
year preGo ling. Ho now reports that
from January /, 1879, to July IL. 1890,
a period oi more tuan eleven years,
only n little over IS ,0O0,O 900 vas with
dfswu, anu that between July, IL,
1889, tho date OF the passage VI tue
law Tor an Increased purchase OF silver,
aud the let Day Of December, 1895, or
/ within La n Ia. a a.
there was Withdrawn nearly 1915. 900.
Olu, making total of more than slOs'-
OJO,OO0 drawn from the treasury IN
gold since January 4, 1879, tbs date
liked 10 1870 i0r the retirement OF tue
United States notes.
Nearly lSs27, 10000 Of the gold thus
witnufawn has been paid out on these
Cnitei aius uOtos, aud yete ono
Of this l345, 100000 IL still unosnoelled
and ready 10 do service In future gold
deplolions. More than sI6,O0O.OO Ia
gold has since their creation In 1890
been paid out from tho treasury upon
notes given on the purchase OF silver
by the government; n1d yet tue whole,
amounting 10 tlb8 OO0,OlO, except a |
llillo more than $4,000, 900 which |
nave been retired by exchanges Tor |
silver NJ tho request OF the holdefs. |
remains outstanding and prepared |
70 join their older aud more OK.
pefieuced allies In future raida |
upon the treasury's gold reserve,
In ether words, the government has |
paid In gold more tnan ninU-teuths OF /
its United States notes and still owes
them all. IL has paid Ia gold about |
one-hali Of lie notes given for silver
pufchAsep, without extingulshing by
such payment one dollar Of these notes.
When aided TO all this We are 10.
minded that 10 carry on this astouud.
Ing financial scheme the government
has Incurred a bonded indsbtsdness of
s9b,b0O.0O0 In establishing a gold 70.
serve, aud OF sl62, 3l5, 400 In efforts 10
maintain II; that tue annual intofsst
charge on such bonded Indebtedness ia
more than sll 900, OO0i that q contlnu.
anoe In our present course may result
IN lurther bond Issues; ami that we
suffered OF are Threatened with all this
for the sake OF supplying gold for
iofoigp shipments or facilitating It's
boarding at home, situation Ia OK.
hl1i'ed which certainly ought TO arrest
the attention and provoke immediate
legislative relief
WANTS oREEsBAoSs AND NOTES RE-
TIRED.
l am convinced that tho only
thorough anu practical remedy for our
troubles Is found In tho retirement and
cancellation Of our United States notos
commonly called greenbaoks and tho
outstanding treasury notes Issued by
the government In payment OF silver
purchases under the act OF 1890. |
believe this could be quite readily
accomplished by the exchange OF those
notes for United States bonds small
~ Wen a. large denominations, BOAR
lng alow rate VI Interest They shOnld
DO long term bonds, thus incTeAsiug .
'heir deslthblllty rs Investments anu
beouusu their payment could be well
postponed To n period far removed from .
present nsaHoiAl burdens and per. :
pleKitisa, whom with Increased proo- !
lurity aud resources they could be y
more eAally met. To insure the can. Z
relation of these notea aud also pfo. !
vide a way by which gold may be al. =
ieu 10 our currency In lieu Of them, a 7
eature In the plan should bo an au. 1
monty given 10 the secretary Of the
foAsuFy 10 displBo OF tho bonds abroad x
Or gold II necessary 10 complete tho
contemplated redemption end cancel. !.
Ahon, permitting him TO use the pro- y
eeds OF such bonds 10 take up and VI
ANGEL any Of the uoieB that may be
tbs treasury or that may be received u u
y the government ON any account.
'ho Increase OF our bonded debt in. a.
olVei In this plan would be amply "a
lmpen6ated by renewed activity and ~
ntofprlso In all business circles. The u
eetofed confidence at home, the rein. "
.atoi faith In our monetary atfength u
broad, and the stimulation Of every u
interest and Industry would follow toe "a
'ncellAtiOn OF the gold de. X
iand obligations now hfilioting US ~
a any event, tho bonus proposed Z
Guild stand for tho extingulshmont of 70
troublesome indebtedness, while In "a
10 path wo now follow there Turks the m
.enace OF unending bonds with our va
still undischargsd anu ou
'grayated in every feature. The obli. W.
itons necessary 10 fund this lndebt. Au
Iness would not equal in amount ~
ose from which We have been 10. Or
wed since 1884 by anticipation ana X
yment by the requirements OF the
liking fund out OF our surplus rev. sW
ues. La
Increase OF hank Issues. sp
The currency Withdrawn by the re- ~,
ement OF the United States notes no
d treasury notes, amounting 10 orI
. I