Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1895-12-05

huhit W ftihhuoQ 0QQ m1ut Out again nuu hcI
In circulation This was the condition Of d
fairs on the lat day OF January, 1877. which ha
been fixed upon four years before ss the Dat
for entering upon the redemption and retire
nent Of ell these notes, and for which sue
abundant means had been provided. The gov
eminent was put In the anomalous situation {
owing To the holders Of these notes debts pay
able In gold on demand, which could neither
retired by receiving such notes In discharge Q
obligations due the government, nor cancele
by actual payment Id gold. II was forced I
redeem without redemption and to pay withou
acquittance
There has been Issued and sold s0sJ 900 o
the bonds authorized by the resumption &C
Of 1917, the proceeds Of which, together witt
tho gold 10 the treasury, created gol'
fund deemed suiicient 10 meet the demand
which nigh DO made upon 1t for the redemp'
tl0n Of the outstanding United States notes
This fund, together with such other gold Of
might be from time 10 time In the treasury
available for the same purpose, has been since
called our gold reserve and ll0D,00l000 hal
been regarded o. an adequate amount TO &C.
complsh Its object This fund amounted on
sno nv u"y VI sohuafy' 'o''f W eihisv'io'
and though thereafter constantly 1uctuating.
tdld not fall below that sun In July, iSs2 In
April, losS, Tor the frst time since us estaD'
lishment, this reserve amounted to less than
SlO0WOU containing a. tnat date only W.
OILED. In the meantime and In July, lSW' an
act had been passed directing large govern
mental monthly purchases Of silver than nad
been required under previous laws ana provid-
ing that IN payment Tor silver treasury notes
OF the United states should 90 Issued payable
on demand 10 gold or silver coin at the dlscre-
ton OF the secretary OF the treasury, was,
however declared In tho oct 70 DO the estao-
lished policy OF the United states to maintain
the two metals on parity with each
other upon the present legal ratio, or
such ratio as may BIO provided by law.
In view OF this declaration 1t was not deemed
permissible for the secretary OF the treasury
TO exercise the discretion In terms conferred
on him by refusing to pay gold on these notes
when demanded, because BY such dlscrimina-
tlon In favor Of the gold dollar the so-called
parity OF the TWO m tails would DO destroyed
and grave and dangerous consequences would
DO precipitated by Affirming or accentuating
the constantly widening disparity between
their actual value under the existing ratio.
These obligations ore the Instruments which
ever since we have had gold reserve, have
been USED TO deplete It,
This reserve, as hos been sta ted, had fallen
In April, 1899, to @7, 1884, 1t has from that
time to the present, with very few and i'm
portant noyem nts, steadily decreased, except
as II hos been temporarily replenlshed by the
sale Of bonds Among the causes for this con-
slant and uniform shrinkage In this fund may
DO mentioned the falling of Of exports under
the operation OF the tariff law until recently In
force, which crippled our exchange OF COM
modities with foreign nations and necessitate1
TO some extent the payment OF our balances In
gold the unnatural Infusion Of silver into our
currency and the increase In agitation
for Its free and unlimited coinage
which have create apprehension as TO our dis
position rability to continue gold payments,
the CONSEQUENT boarding Of gold at home and
the stoppage Of investments Of foreign capital
sold abroad and the high rate OF foreign ex-
,hange, which induce the shipment Of our gold
10 be drawn against u as matter oil specula-
lion. In consequence OF these conditions the
gold reserve on the lst lay OF february lSs4'
Has relurel to S5',43''s77, having lost more
han 1884, 0),0W during the preceding nine |
months, or slnce April, 1893 Its replenlshment
being necessary AMI no other manner OF &C.
1t being possible, resort was
nd to The Issue and sale OF bonds pro-
'ldcd for by the resumption act OF 1871 |
Vift millions Of those DO d. were sold, Yield
ng h3,Gsc9i.il, which was added to the re-
orve fund Of rod then on hand As result
Il this operation this reserve, which lad suf-
cred constant and l,r'a Withdrawals In tho
Meantime, stood on The Oth day Of March 1891,
i the sum OF sf0i, nisn It's depl tion was
owever, Immediately hereafter so accelerated
hat on the til Ga Of Jine iSa !, 1t had fallen