The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-01-28


may do duty many times in drawing gold
from the treasury; nor can the process be
arrested as long as private parties who
profit or otherwise see an advantage in
repeating the operation.
More than three hundred millions of
dollars in these notes have already been
redeemed in gold and, notwithstanding
such redemption, they are still outstand-
ing. Since the 17th day of January, 1894,
our bonded interest bearing debt has been
increased 100000, ,OO0 for the purpose OF
obtaining gold to replenish our coin re-
serve. Two issues were made amounting
to 50,000,000 each--one in January and
another in November. AS a result of tho
issues there was realized something
more than $58, 100000 in gold. Between
that issue and the succeeding one in Nc
vember, comprising period of about ten
months, nearly $103, 100000 in gold wa9
drawn from the treasury. This made tho
second issue necessary, and upon thai
more than $58,UO0000 in gold was again
realized
Between the date of this second issue
and the present time, covering a period
of only about two months, more than
sixty nine millions of dollars in gold
were expended without any cancellation
of government obligations, or in any per
manent way benetitting our people, c.
Depicting Process Growing.
The financial events of the past year
suggest facts and conditions which should
certainly arrest attention.
More than one hundred and seventy
two millions of dollars in gold have been
drawn out of the treasury during the
year for the purpose of shipping abroad
or boarding at home.
While nearly one hundred and three
millions of the same were drawn out
during the first ten months of the wear. 4
sum aggregating more than two-third5
of that amount, being about sixty-nine
millions, was drawn out during the fol-
lowing two months, thus indicating !
marked acceleration Of the depleting
process with the lapse of time.
The obligation upon which this gold
has been drawn from the treasury arc
still outstanding, and are available fo-
use in repeating and exhausting opera
tion, with shorter intervals as our per
plexities accumulate.
Conditions are certainly supervening,
tending to make the bonds which may
be issued to replenish our gold less use.
full for that purpose.
Gold Reserve Essential.
An adequate gold reserve is in all cir
cumstances absolutely essential to tho
upholding of our public credit and to
the maintenance of our high national
character
Our gold reserve has again reached
such stage of diminution as to require
its speedy enforcement.
The aggravations that must inevitably
follow present conditions and methods,
will certainly lead to misfortune and loss,
not only to our national credit and pros
perity and to financial enterprises but to
those of our people who seek employ
ment as means of livelihood and to
those whose only capital is their daily
labor
1t will hardly do to say that a simple
! increase of revenue Will cure our trou-
| bles. The apprehension now existing
| and constantly increasing as to our finan-
| cial ability, does not rest upon calcula-
tion of our revenue The time has
| passed when the eyes of investors abroad
and our people at home were fixed upon
! the revenues of this government
Changed conditions have attracted
| their attention to the gold of the
government There need be no fear
that we cannot pay our cur
rent expenses with such money as
we have. There is now in the treasury
comfortable surplus of more than $685.
100000, but it is not in gold and there
| fore does not meet our difficulty
Silver Cuts No Figure.
I cannot see that the differences of
| opinion concerning the extent to which
silver ought to be coined or used in our
currency should interfere with the coun-
sells of those whose duty it is to rectify
evils now apparent in our financial stu
alton. They have to consider the ques-
ton of national credit and the conse-
| quences that will follow from its col
lapse. ~
-.
| to silver or bimetallisn, proper solution
of the question now pressing upon US
only requires recognition of gold as
we'll as silver and a concession of its i'm
| portance, rightfullv, or wrougfully ac-
quired, as a basis of national credit, a
necessity in the honorable discharge of
our obligations payable in gold and a
| badge solvency.
l do not understand that the real
| friends of silver desire a condition that
might follow inaciion, or neglect TO ap-
| preciate the meaning of the present eX-
igency if it should result in the entire
Punishment of gold from our financial
and currency arrangements.
| Besides the treasury notes which GER
| tainty should be paid in gold, amounting
to nearly 5O0,OQ0.00O of dollars there
will fall due in 1874. one hundred mil
lions of bonds issued during the last
year Tor which we nave received gold.
and in 1877 nearly $40 millions of per
cent bonds issued in 1877. Shall the pay
ment of these obligations in gold be re-
pudiated? If they ara to be paid in
such manner as the preservation of our
national honor and national solvency de-
mands, we should not destroy, or even
| imperil our ability to supply ourselves
with gold for that purpose.
While l am not unfriendly to silver,
and while l desire to see it recognized to
such an extent as is consistent with fin
ancial safety and the preservation of ma
| tional honor and credit, l am not willing
to see gold entirely banished from our
currency and finances. To avert such a
result. l believe thorough and radical
remedial legislation should be promptly
passed. l therefore beg the congress to
give the subject Immediate attention.
The Remedy.