Semi-weekly independent. (Plymouth, Marshall County, Ind.) 1895-1897, 1895-12-25

the course of which he makes an OK
haustive argument in favor of the retire
ment of the grecnbacks
THE cash balance in the treasury on
the first day of December. 1S93,' he
gays, twas SIT, 406,3S6, being S9S,oi2,-
400 in excess of the actual gold reserve
on that day. and So, 4W,3SG in excess OF
any sum that it would be necessary to
use for replcnishing that fund in case
| the Secretary should ut any time be
able to exchange currency for gold. There
| is, therefore. no reason to doubt the abil-
| Try of The Government to discharge ali
! its current obligations during the present
| fiscal year and have Il large cash balance
at its close, without imposing additional
taxation in any form upon the people,
| but | adhere To the opinion, heretofore
expressed. that the Secretary of the
| Treasury ought always to have authority
! TO issue and sell, or use in the payment
| of expenses, short-time bonds bearing
| low rate Of interest. to supply casual de-
| ticiencies in the revenue.
Figures on a Surplus.
with complete return to the normal
| business conditions of the country and Il
proper legislative and executive super
| vision over expenditures, the revenue
| laws now in force will. in my opinion.
| yield ample means for the support OF the
! public service upon the basis now estab-
| lished: and upon the assumption, which
seems to be justified, that the progress
| now being made toward the restoration
of our usual state of prosperity will CON
! tinue without serious interruption, it Is
estimated that there will be a surplus Of
nearly S7.C00,OOO during the fiscal year
| 1897. During the fiscal years 1884 and
1895 the ordinary expenditures of the
| Government have been decreased S21,-
2.GI6. 20, as compared with the fiscal
year 1898, and it is believed that with
the cooperation of Congress further re-
duction can be made in the future without
;mpairing the efficiency of the public ser
! vice"
Continuing he says: 'The large with
irawals of gold in December, 1894. and iii
January and the early part Of February.
1880, were due almost entirely to feel
ny of apprehension in the public mind
which Increased in intensity from day TO
day until it nearly reached the proper
tons of a panic, and it was evident 10
all Who were familiar with the situation
that, unless cffectual steps were prompt
liz taken to check the growing distrust,
the Government would be compelled with
in few days to suspend gold payments
and drop to n deprecated silver and
paper standard More than $43, 1000 900
of the amount withdrawn during the
brief period last mentioned was not de-
manded for export but was taken out by
Dooplc who had become alarmed on ac-
count of the critical condition of the treas
ury in its relations to the currency of the
1 10 of q 900 n1Al
ounces Of god followed" The beneficial
effects of this transaction, the Secretary
saws. were felt Immediately not only in
his country, bit in every other having
commercial relations with us. Conf
Ience in our securities was at once re-
stored. The safety of the existing situa-
ton is, however, constantly menaced, and
our further progress toward complete
restoration of confidence and prosperity
Is seriously impcdcd, by the defects in our
currency laws and the doubt and uncer-
tainty still prevailing in the public mind,
and especially abroad, concerning the fu-
ture monetary policy of the Government"
The Secretary believes that there never
has been time since the close of the war
! | when the gradual retirement and cancel
lation Of the United States notes would
not have been benefit to the country.
| nor when the issue of additional notes of
the same character would not lave been
Injurious TO the country. 1t would be diff
icult, he says, if not impossible to devise
more expensive or dangerous system
than the one now in operation under the
laws providing for the issue, redemption
and reissue of lcsal-tender notes by the
Government. Mr. Carlisle declares that
he Is thoroughly convinced that this sys-
tom ought not to be continued, but that
, the United States notes and treasury notes
. should be retired from circulation at the
earliest practicable day and that the