Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-12-04

be wise if we realize that we are fnan-
cially ILL., and that our restoration TO
health may require heroic treatment
and unpleasant remedies.
In the present stage of our difficulty
it is not easy to understand how the
amount of our revenue receipts direct
~ affects it. The important question is
not the quantity Of money received in
revenue. but the kind of money we
maintain and our ability to continue in
sound financial conditions. We are
considering the governments holdings
OF gold as related TO the soundnesS of
orr money and as affecting our national
credit and monetary strength.
If our gold reserve had never been
impaired; if no bonds had ever hoen
issued to replenish If there had been
no fear and timidity concerning our
ability to continue gold payments; If
any part Of our revenues were now
paid in gold ana if we could look 10
chr gold receipcs as means OF main.
tanning a safe reserve. the amount of
n..r rnues p, MD be az influential
fd~tcr IN the Drjt,cw. But. unformn-
IDLY. all the cir>Um '-drc"s that might
le,c weight to ii; consideration are
catiitlv lacking. y. oar present predi-
c3men' no gold IS recei' al by the gov
eminent in payment Of revenue
charges. nor would there he If the
revenues were increased. 7 he receipts
Of the treasury, when not In silver GER
t;fcates. consist of Tnited States notes
and treasury notes issued for silver
purchases. These forms OF money ere
only useful 10 thC government in pay
ing It's current ordinary expenses, and
i.e quantity in government possession
does not in the lens. contribute toward
giving MS tha' kiaG cf safe financial
standing or condition which is
BUILT ON GOLD ALONE.
If it is said that these notes, # held
nv Tie government, can lie used TO OBJ
tain gold for our reserve. the answer
is easy The people draw god from
the treasury on demand upon United
States rotes and Treasury notes, but
.he proposition th1- The treasury can
on demand draw gold from the people
upon them would be regarded in these
days with wonder and amusement And
even IL this cOIil be lone, there is
nothing TO prevent those partinS Wlth
their sold from Ia92iEing 1t the mex
day or the next hour by the present2-
lion of the notes they received in CY-
change for it. The Secretary Of the
Treasury might US such mites taken
from a surplus revenue TO buy gold IN
the market. OF course he could not 90
this without paying % premium. Priv
ate holders of gold. unlike the govern
ment, having no parity to maintain,
would not be restrained from making
the best bargain possible when they
furnished gold to the treasury: but the
moment the Secretary of the treasury
bought gold on any terms above par
be would establish general and uni
versal premium on II, thus breaking
down the parity between gold and sill
yer, which the government is pledged
to maintain, and opening the way TO
new and serious complications.
In the meantime the pressure would
not remain stationary. and the absurd
spectacle might be presented OF deal
or selling gold 10 The government, and
with United States notes or treasury
notes in his hand Immediately cl0mor-
ing for it's return and q resale at a
higher premium. 1t may be claimed
that q large revenue and reluctant re-
ceiYt might fayoiably affect the situa-
ton under discussion by lfording an
opportunity OF retaining these notes in
the treasury when received. and thus
preventing their presentation for gold.
Such retention. to be useful, ought to
be at least measurably permanent; and
this is precisely what 1t prohibited. so
far as United States notes are concern
cd, by the law CT 1878. forbidding their
further retirement. That statute i'm so
many words provides that these notes
when received into the treasury and
belonging to the United States, shall
De paid out again and
KEPT IN CIRCULATION"
Il viii, moreover. be readily seen that
the government could not refuse to pay
out United States notes and treasury
notes in current transactions when de-
manded, and insist on paying out sill
YER clone and still maintain the parity
between that metal and the currency
representing gold. Resides the accumu-
l3tion in the treasury Of currency Of
any kind eXaCtC4 from the people
through taxation is justly regarded as
an evil. and it cannot proceed far with
out viGor0us protest against an IN
Unsuitable retention of money from
the business of the country and q de-
nunciatOn of scheme Of taxation
which proves itself 60 be unjust when
il takes from the earnings and income
Of the citizens money so much in ex-
cess Of the needs Of government sup
port that large sums can be gathered
and kept In the treasury. Such a con
tion has heretofore in times Of sur
plus revenue led the government to re-
store currency to the people by the
purchase OF It's unnc2tuTed bonds at
large premium, and by large increase
Of it's deposits in national banks and
we easily remember that the abuse of
treasury accumulation furnished a
most persuasive argument in favor of
legislation radically reducing our
tariff taxation.
Perhaps it is supposed that sufficient
revenue receipts would, in a senti-
mental way, improve the situation by
inspiring confidence in our sOlvency
and allaying the fear of pecuniary eX-
baustiOn, and yet through all our
struggles to maintain our gold reserve
there never has been any apprehension
as to our ready ability to pay our way
with such money as we had, and the
question whether or not our current
receipts met our current expenses has
not entered into the
ESTIMATE or OUR SOLVENCY.
Of course. the general state of our
funds. exclusive OF gold was entirely
immaterial to the foreign creditor or
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