The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1895-12-05
NOT a QUESTION OF REVENUE.

Tho Amount OF Receipts Does Not Anecs
the Present Difaoulty.
In the present stage Of our difficulty u
IL not easy to understand iA~,. J.
of our revenue receipts directly affects It.
The important question is not the guam
tity; of money received In revenue pay
ments, but the kind Of money we main
tain and our ability to continue IN sound
financial condition We are considering
the government holdings OF gold as re.
lated to the soundness of our money ana
"a affecting our national credit and none
tary strength. .E
II our gold reserve had never been i'm
paired. OF If no bonds had ever been issued I
to replenish it; if there had been no fear
and timidity concerning our ability to
continue gold payments; 1t any part OF
our revenues were not paid in gold. and II
we could look to our gold receipts AS .
means of maintaining safe reserve, the
amount of our revenues would be an IN.
fluent ial factor In the problem. But un-
fortunately all the circumstances that
might lend weight to this consideration
are entirely lacking. In our present pre-
dicament no gold is received by the gov
eminent in payment of revenue charges,
nor would there be - - ,-s,.' y, >,
-. II the Revenues Wore cressed.
The receipts of the treasury, when not
in silver certificates. consist OF United
States notes and treasury notes issued Tor
silver purchases These forms OF money
are only useful to the government in pay.
ing its current ordinary expenses, and its
quantity in government possession does
not in the least contribute toward giving
us that kind of safe financial condition
which is built on gold alone. II 1t is said
that these notes If held by the government
can be used to obtain gold for our reserve,
the answer is easy. The people draw gold
from the treasury on demand upon United
States notes and treasury noces. but the
proposition that the treasury can ON de-
mand draw gold from the people upon
them, would be regarded in these days
wi h wonder and amusement. And even
if this could be done there is nothing to
prevent those thus parting with their
gold from regaining it the next day or the
next hour by the presentation of the notes
they received in exchange for it. @ &
An Erroneous Idea. "
It is possible that tina suggestion of in
crea led revenue as rene for the diff
culties we are considering may have orig
mated in an intimation u distinct allega-
ton tn at the bonds which have been is
sued ostensibly to replenish our gold re-
serve wer, really issued to supply INSULT
Gent revenue. Nothing can be further
from the truth Bonds were issued to
obtain gold for the maintenance Of onr
national credit. AS has, been SHOWN, Jne
gold thus obtained has been drawn
again from the treasury upon United
States notes and treasury notes. This
operation would have been promp9ly pre-
vented If possible; but those notes, having
thus been passed to the treasury, they be-
came the money Of the government, like
any other ordinary government funds,
and there was nothing to do but to use
them in paying government expense when
needed. At no time when bonds have
been issued has there been any considera-
ton of the iquestion of paying the ex-.
penses'o of the government with their pro-
coads - y = - --.--- ------.--