The comet. (Johnson City, Tenn.) 1884-1916, 1895-01-31
fears induce them to hoard it at home.
We have outstanding about
eEOn ono Ooo o,,,Dn,,c,, ,,orr,o
$500,0O0,000 CURRENCY NOTES

ol Jne government, Tor winch g0ld
may be demanded; and curiously
enough the law requires that when
presented and in fact redeemed and
paid in gold they shall be re issued.
These same notes may do duty many
times in drawing gold from the tress.
ury; nor can the process be arrested
as long as private parties who profit
or otherwise see an advantage in re-
peating the operation.
More than $300,00000Oi these notes
have already been redeemed in gold
and notwithstanding such redemption,
they are still outstanding. Since the
18th day Of January, 1894, our bonded
interest bearing debt has increased
$100,000,0O0 for the purpose OF obtain.
ing gold to replenish our coin reserve.
Two issues were made, amounting to
$50000,000 each-one in January and
the other in November. AS a result
Of the first issue, there was realized
something more than $58,000,000 in
gold Between that issue and the
succeeding one, in November, COM
prising period of about ten months,
near $103000,000 in gold was drawn
from the treasury. This mads the
second issue necessary and upon that
more than $5S,000,000 in gold was
again realized. Between the date of
this second issue and the present time,
covering only about two months, more
than $69,0O0000 in gold have been
drawn from the treasury. These large
sums of gold were expended without
any cancellation of government obli'
cations or in any permanent way ben
efitting our people or improving our
pecuniary situation.
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 shipment
abroad or boarding at home, while
nearly one hundred and three millions
OF this amount were drawn out during
the
FIRST TEN MONTHS
OF the year, sum aggregating more
than two.thirds of that amount, being
about sixty,nine millions, were drawn
cut during the following two months
thus indicating marked acceleration
of the depicting process with.the lapse
of time.
The obligations upon which this
gold has been drawn from the treasury
are still outstanding and are available
for us in repeating the exhaustion
operation with shorter intervals, al
our perplexities accumulate.
Conditions are certainly superven
ing tending to make the bonds which
may be issued to replenish our golc
less useful for that purpose.
An adequate gold reserve is in al
circumstances absolutely essential t
the upholding of our public credit ant
to the maintenance of our high ma
tional character.
Our gold reserve has reached sncl
a stage of diminution as to require ii
speedy reinforcement.
The aggravations that must inevita
bly, follow present conditions ant
methods will certainly lead to misfor
tune and loss not only to our nationa
credit aud prosperity and to fnancia
enterprise, but to those of our peopl
who seek employment as means @
livelihood and to those whose onl
capital ,is their daily labor. 1t vii
hardly do to say that simple increas
OF revenue will cure our troubles wit
the apprehension now existing an
conetantly increasing as to our finan
cial ability does not rest upon calcu
lation OF our revenue. The time ha
passed when the eyes of investor
abroad and our people at home wer
fixed upon the revenues of the govern
ment. Changed conditions have al
tracted their attention 70 the gold {
the government. There need be n
fear that we can not pay our curren
expenses with such money az we hav
There is now in the treasury con
Portable surplus of, more than sixt,
three million dollars, but it is not i
gold and therefore does not meet ou
difficulty. I can't see that
DIFFERENCES OF OPINION
t concerning the extent to which silve
+ ought to be coined or used in Oh
n currency should interfere with II
|, counsels of those whose duty it is
s rectify evils now apparent in o,
o financial situation. They have
). consider the question of nation
IS credit and the consequences that W
n follow from its collapse. Whatev
o ideas may be insisted upon as to Il