Semi=weekly graphic., 1895-12-04

uclteAhNu cHlidltlDI kt ~ NOihas ana on the
PAIN day OF november le9l Our gold
reserve icing re uted 10 $JIGe9tDi
Il became necessary 70 again strengthen it.
Pnis Was done " anothef sale OF bonds
amounting 10 a3tU,0OOq nom which there was
realzsd o7a 400, with Which the tund vas
increased 70 Sill, l4202l ON the 18th das oi De
ceInuer ls9l.
AGAIN disappointment awaited the anxious
hope Tor rem I. There was not even Il luti III
Tie eXaspei ing WITHDRAWALS OF gold. On the
contrary, tney grew larger anu more persist
ent thtn ever between the iih day OF Deeem-
bvf, ISL ana early IA kebrasery. 1919, ~ period
OF scarcely than two months after the
second rein .oteemsul of our gold reserve by
the sale OF bon Is it had lost by such with
drStwtis flOie Lititn ajJ lllO,0 and had fallen
s4s$lA ISL Nearly 4ijt0J,0eO had been With
drawn within the month immedt tely proceed
lag tnis situation.
m nauclpl Ioh Of impending trouble l had
on tlle D h uaS ul january, 1885, addressed a
communication To the congress fully setiing
10 tn or tiiiculti aud angerou, position
and earn ly T. trt.ttstlnu thar auth rify lie
given the sect tary OF the IT aslry to issue
Eond draw n ( low raGs OF intere I, payable
Ky their terms IN gold, for the purpose of
maintaining d suglGient gold reserve and also
t0e III .elnpti n ana cancellation Of out
staud.us Uuiovd Stat 3 notes and the treasury
II, Jls lssGed Tor the p rChasb uf silver uHuef
the Jaw ot so 'IhS recommendation, how
ever. did MT meet with the legislative APP
p-OSal
In February 1893, therefore, the situation
was q, ceedingly critical, with reserve peril
onsly low antt a fusal OF congressional aid,
everything indicated that the END OF gold pay
ments hy ne government Was imminent The
RESULTS or pfiot pond Issues had peeh exceed
lugty unsatisfactory and the large Withdrawals
OF gold Immediately succeeding the public sale
III open market, gave rise TO II reasonable sus
piclon mat large part OF the gold paid into
the treasury upon such sales was promptly
drawn out again by the presentation OF United
states notes on treasury notes anu found It's
way To the hahda ot these Vito mad only tempe
rarhT parted with 1t IA The purchase OF bonds
IN this enefIeusY Hhd III view OF us surround
Ing perpleXtties 1t became apparent TO those
ed not oalN mat our gold reserve must lQr the
thltd time III less IMAM thlfteeh months pe
re Ioteu ~ ahothef iss1e aha sue OF Donds
bearing hiEh rate OF interest ana pnaly suited
70 tho purpose blt ttaG pan must De Raoplsa
!3t their az pos4itioh promising better results
taIh tHose le"li@eh oh ptSN .ou2 s"les. Al
aRteehtent was tnettiNIe iilt4e WIN L number
% IMAM letS una Ddnheis Whelep9 ~ WAS stiPu-
lHtcd IhHt bohda OF the resumption act on 100,
paNRnle IA Co'u tlllItY 9eoIS hitct uhtei uearihg
nsvf 81 ut tle fate OF = per cert per ahium ana
amounting 70 4hoh1 to9,Vo Qgu ehoaid pe ex,
eitalieeu tot Go4A iseGlNaple bg t,aihouut-
ing 70 'l0ie more IMAM so9,tV'io0o inns inns sola
was 20 De aeiINeFea ~ sueh INSTRUMENTS us
No NJ cohilt te US aenNtfy IN ABOUT So
iioItHs H9ul tHe siate % VIC cohlfHet, anu ht
last nlio-hi1t 81 the amount was 10 oe tuf=
aislea rom apIoaa' ~ @hs alSo agieed "
tfoee SUPPLYING thls eold tllht daflnB the con
uAtanCe o. the cohtIdcl my Would ny every
lueuils III ticlt power PIoSect the government
against gold Withdfawals
The contract also provided II congress would
authorize the issue of bonds payable by their
terms in gold and bearing interest at the rate
of per cent per annum. might within ten
days be substituted at par Tor the per cent
bonds describe 4 III the agreement. On the day
this contract vas made It's terms were com
muu1eated to congress by special executive
message IN which 10 WAS stated that more than
Sl6,000,O00 would be saved to the government If
gold bonds bearing per cent were authorized
to be substituted for these mentioned in the
contract
The cOHgre having declined to take the
necessary authority to secure this saving the
contract was carried out result ring in COLO re-
a = > Jl.220 n
Of July, ls95 The performance of this contract
nos only restored the reserve but checked for
time the Withdrawals of gold and brought
ON a period Of restored confidence and such
] eAce md quiet IN business circles as were of
the greatest possible value to every interest
that affects our people. have never haI the
slightest misgiying concerning the wis ION or
propriety of This arrange ment, and am quite
wiling to answer for my full. share of respon
sibility 70 IL promotion
ClI believe 1t ayerted disaster, the imminence
of which was fortunately not at this time gen.
orally understood by our people. Though the
contract mentioned stayed for time the tide
of gold wi6hdrawol. it's good results could not
be permanent Recent Withdrawals have re-
duced the reserve from &i07, 67l $50, on the 9th
day ofJuy, 1868, to $40 333,966 How long it
will remain large enough to render its increase
Unnecessary is only matter Of conjecture,
f49gR 9a,ee ffse AN t9r sdhlp1neht
- tilo lo ny nao IL esl
@ iiV1 - -, 'oi ~ %V,ooosoVS aEo
t SoSH "iV0i NV Il N"A'-s INC iiiOien VI fNfehi
7rho foro;on ststaro,,,t of o,,ents and condl.
80 l.
t.J d REPRESENTATIONS ~ lei , oa
~; ~ n M a. 80, ~, ,id $500 80 ,,rt
49, go ~ Sc - ~ t eVt 800, ~ = " a. taes'.5
20 90 % e ajn ess tee 9,s i L,ai,ra,,
f5o s3 ~ al = go 80, 80 ri III ,st ~
- -, iv ~ ~, 5 ,s
a 1921, ~ ~ 6 % - w roc No etharod fon ~
~ u - q -, ~ r., $3.50 a. aet,,aIi,.
,"os ,,,i'tt 1UrT.r consifaraIio s,,nSs ba,i,tg
ta,, ,,ir ~, no t,raes 49,, I'd bi9 ti,e s s
- 60, iie It'd wiz ~ 49, ;s ~ ~ b1
a isS5 II was r renoIfeI nv he
s,,r,t.,r - H. ,rang,,,s,y ii, 81 ,1pre ~, Stso
mi n91 oi e,d 4 had bean ,vifbdra,gn Tor h6ard
ING ar sb}Dment during tba veor nraceding
Ia my rn,1,,rfa tbet froI1 INV 1a7a r. I,f1
II 1es0 n 6eriod of mora Than eIevan veors
ot,lv iiitie oyar sos ON nN0 was ,vithdrew And
mi fat,,.ae,, ~. X isen ths dat If tha lss
sage ~ Inc Law {or an {ncreased r1rnbsaas ~
silver and Decen1 her / 1sq5 or witb{n less than
i've and a half vanrs thera was ,vitsdrav1n
nearly S976 M nn making total Of more than
s409 66o ma drawn from The TREASURY in gold
sfnce January 1870 the date flVed for III re
tirement ~ The TInite5 states notes
Nearly S3g7 0g9 00 Of the gold thus with
s,.o,,,n as haar, natd on+ %, tbeso TT,ftaa
Ststee notes ana VT every na ~ tbe ga ao9
0eo is sim nneanceiled ana ready To do ser,ylce
n, f1169re cold denietions More than s76 ga
mn In, gold h a q since their CREATION in 1870 haan
nafJ mt fT',Tn the treasnry mon tba rotas |
eivao On the Inroba GO If aiivar Nv the S,agern
-
HenL ana yeG the Whole amounting 10 3l1o,-
0oO,U00 except little more than SloO0uOuU
Whlch nave Deen retlreu by exchanges Tor Sill
yer AZ the re4nest OF the hqlqers, remains out,
seahalng ana prepared TO JON thelf oluef ana
more eAperlehVe,t allies Ia iuture RAIDS upon
bhS treasury goa reserve
N ethef WORDS the 80 er4meht mas pald IN
sOlu more thah nine tenthS OF inc Cnlteu
states notes ana stlH owes tn IN all 1t has
Tor SILVER purchases without Distinguishing by
Such ayinent one u0itai o. tue q notes Wheh