The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-04
\ NORFOLK yIRGINIAN. VII
Iby sendingYt
.st.I - 9Th.

may require hcroic nsnort and M
! pleasant remedies. Nor thor
!, In ,,o the present sta bvemens linicuIty it
amo ul cosy as o,, 70 reu WI eRnt how the
affects it. The I'M EMILE question is
not the quantity 81 Ig'ney received in
money! wa pa ,ya,s, at the Kind of
In our present pfetiicament no gold ia
received by the Government In payment
oi revenue charGes,z nor would there D,
u tne revenues We're Increased the re-
ceipts of the Treasury, when not in siI-
Yer certificates consist OF United Stataa
! notes ana Treasury notes issued for
silver purchases. Those forms of
money are only useful to the Govern
ai.ent III paying Its current ordinary
sApcnses ana It's quantity in Govern
| ment possession does not In the lenst
cohtfiDute towards giving us that kind
OIL safe financial standing or condition
| when is built on gold alone
! II 1t Is said that these notes if held
py the government can be used to OBJ
tam gold for our reserve, the answer is
easy. The people draw gold from the
natasury on demand upon United States
| no.Sn una Ireasur-- notes. but the pro-
position that the Treasury can on de-
| niand draw gold from the people upon
them would be regarded in these DAYS
a wo,n &c wonder and amusement. And
Even II this could be done, there Is moth
| NE 70 prevent those thus parting with
their gold from regaining it the newt
Gay or the next hour, by the prcsentn-
o o oi me notes they received In ex-
| me Secretary OF the Treasury might
use such notes taken from surplus
revenue to buy gold in the market Of
n MUSE, ne could not do this without
,,ai,i S premium. Private holders of
sold, unlike the Government. having
| no parity to maintain. would not be re-.
strained from making tbs best barpa I'm
1p"aaipe whcn they furnish gold to the
~ c ai put the moment the Secretary
o. the Treasury bought gold on any
| terms above par he would establish i
Sencral ana universal premium uDon IT
| tn,iS breaking down the parity between
Ely ana silver which the Government
is pledged to maintain, and openinr Tho
| tions.
IN the meantime the premium woul5
not remain stationary, and the absurd
spectacle might be presented of a
and with United States notes or Trea,
sury notes In his hand immediately
ciarnoring for Its return, and Il resale at
a nisner premium. 1t may be claimed
| celpts might favornbly affect the situa.
| tlon under discussion by a(fordinv an
| opportunity OF retaining these notes in
the treasury when received, and thus
preventing their presentation for gold
Sucn retention to he useful ought to
pc AT least mcaSurably permanent, and
| TINS Is precisely what is prohibited. so
lar MS United States notes are concern
ca. by the law of 1878, forbidding their
| further retirement. The statutes in So
many words provides that these notes
wnci received into the Treasury and
belonging to the United States shall
ne paid out again and kept in circula-
non. IL WILL moreover, be readily seen
mat the Government could not refuse
10 pay out United States notes and
| reaSury noteS In current transaction
when demanded and insist OH paying
out silver alone, and still maintain the
parity between that metal and the cur
rency representing gold. Besides, the
accumulation in the Treasury of cur
rency OF any kind e&acted from the peo-
pie through taxation Is justly regarded
as an cvil, anu 1t cannot proceed for
without vigorous protest against an UNI
JuStiiiaDlc retention of money from the
business OF the country, and denun-
ciation OF scheme OF taxation which
proves Itself To be unjust when it takes
| from the earnings and income of the
citizen money so much in excess Of the
| needs oil Government support, that
large sums can be gathered and kept
IN the Treasury Such a condition has
| heretofore IN times of surplus revenue
ied thc Government to restore currency
III Inc people by the purchase of its
uhnatured bonds at Il large premium
anu ny n large increase of it's DEPOSITS
III national banks, and we easily re-
'iht VIZ dbISt vi j EeaSufy &c
cumniation has furnished most per-
! SunStNc argument in favor of LEGISLATION
radlcally reducing our tariff taxation
$ fcrhnpS II Is supposed that sufficient
revenue receipts would in n sentimental
way improve the situation. by inspiring
confidence In our soivcncy and allay-
lng the fears Of pecuniary exhaustion.
ANA yet, through all our struggles Ia
maintain our gold rcsrvc, there never
mas been any appreciation as 10 our
ready ABILITY to pay our way with such
money as we had; and the question
! whether or not our current receipts met
4 our current expenses has not entered
: mo the estimates of our solvency. OF
: course the general state of our funds
: exclusive OF gold, was entirely inmate
rial TO the foreign creditor and investor
o Ills debt could only be paid in gold
| and his only concern was our ability
a To Keep on hand that kind of money
o on July l. 1882, more than a year and
: Il hiit before the first bonds were issued
g to fcplenish the gold reserve, there was
q Il ret balance in the Treasury. exclusive
II OF such reserves. OF less than $l3, 600
:; 900 but the gold reserve amounted &C
t more than STA 100000, which was the
q uuietinE feature OF the situation IL
II was when the stock of gold began ran.
. ldly To fail that fright Supervened and
$ onr securities held abroad were return.
!. cd Tor sale and debts owed abroad were
II pressed Tor payment. In the meantime
Il extensive shipments of gold and othe,
= hhiaN0rablc indications caused rest.
- ! leSSneSS and fright among our people