New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-14
sI75.G67 10

N pps1nts ............ sI75G67 10
GOLD RESERVE NOT MAINTAINED.
An examination Of this balance-sheet shows
That the amount Of cash in the Treasury on NO
vember l. 1885, exceeded by the sum of s55,sl9,sll
the amount of cash in the Treasury on March l.
1899 at the beginning OF this Administration. ana
that In the mean time the sum Of s1e2.2sS,Oi0 had
been received. account of Understanding
bonds issued and sold. The current expenditures,
therefore had exceeded the current receipts from
ordinary sources by the sum OF S126. 46S.l2s from
This sum it is proper to deduct s1.S9ss97 on &C
count OF payments 10 the sinking fund and s2,-
q? 900 on account Of Pacific Railroad bonds re-
deemed. making total of s3.75S997, and leaving
balance Of s122 100 1872 as the actual excess Of cur
rent ordinary expenditures over current ordinary
rece,nts The balance Of $l24.l2S,0S7 received by
thjs Administration from the last one consisted
Of $1,000 900 in gold coin and bullion ana s-slIo'
ts7 In other money and currency since tnat time
this Administration has borrowed slS2,-SS'V4U IN
rold making total Of 1882 2sS040, and on Novem-
Der J. 1895 the gold reserve In the treasury
amounted to 1872 9431So. or $1.05Gs2O less than IL
did before the Cleveland administration borrowed
adollar OF the Sls2,2osO4O
Or course. il will be said tLat inasmuch as the
Government ia bound TO redeem It's legal-tenoel
notes with gold IL was compelled 10 poilo" So
for that nurpose and also in order 10 maintain
the gold reserve This Is indubitably true out ~
issouaIv true that the legal-tender notes tnus re-
deemed became Immediately availaoie ana VEL
rsed 70 nav current obligations OF the Eotelnt
rpenf The current redemption in goid OF iesei.
tenaer notes which are Immediately paid out
again on gold basis Is not transactloh Will ~
IN tho slightest degree affects the euuiIlpIlul "
current receipts and expenditures OF the Ooyeln
nenf II the notes were required 10 Oe iet!i ~
csncs,lad ns5en redeemed II would be dinereht
mstter a1,,reher but when redeemed they are
eousll, available and useful with gold 10 pay ~
c,rrsnt evnenses Of the Government anu tle
stter,n, IF the Administration to make IL appear
Otherwise is the poorest and cheapes, sort Vi Z"
hocus pocus.
HEAVY BURDEN OF INTEREST
The borrowing of money. even AT 'o'"
oarat,v.iy lovy rate Of interest, for lohs 'eii'
OF years e. Of course an expensive thihg IL
the bonds already issuei by this Aofni''ie'' a.
ton run 10 maturity before paymen'' ,,nt orIv
ernment will be compelled TO pay 'o. ~
the ~cinaI of xl62 400. but interest so
ing 10 1924 778 $50, making tots oi 80 ;eal
The bond transactions since req! uai -
have saddled on the taxpayers oi w. -
on account OF interest alone an auu ~, ,ea riv
den amounting to $I55ZoVo a yS1r. enanciaI
S29 900 q day Sundays included. Inc IhaU, "a,
showing ~ the Administration would not w
quite as bad as it is II ORDINARY III y,
and sagacity had marked inc iasl oh'r -
bonds individuals and corporations VINO WI ~ :
not members of the bankers syndicate anu VIZ"
were eager to invest money In the pohue i ~, s
themselves deprived Of the privilege 10 90 80
unless they Maid II TO 16 per cent or NOR
in excess OF the amount received by tne "oN
eminent for the same bonds. FROM "na,c'e'
point Of view outside the offices OF the Execu-
tive. the Secretary OF the treasury, am- ~.