The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1895-12-07
SITUATION.

AsSSAe" VI VIC MONEY IrODIeI1.-ltG.
tiremcnt OF Grcenbacks.
The president reviews the financial
situation at great length and recon-
mends as vital the retirement of the
sue, the president recitcs its history
and says in part:
l have never had the slightest mis-
giving concerning the wisdom or pro-
priety of this arrangement and am quite
willing to answer for my full share of
responsibility for its promotion. I be-
lieve it averted a disaster. the immi-
hence Of which was fortunately lot at
the time generally understood by our
people. Though the contract mentioned
stayed for a time the tide of gold with
drawals, Its good results could not be
permanent. Recent Withdrawals have
reduced the reserve from s107. 571. 800 on
the sth day of July. 1890, to S79. 333, $50.
How long it will remain large. enough to
render its increase unnecessary is only
matter OF conjecture. though quite
large Withdrawals for shipment in the
immediate future are predicted in well
informed quarters. About SIG. 900, 900
has beer withdrawn during the month
of November.
The foregoing events and conditions de-
velop the fact that after increasing our
interest bearing bonded Indebtedness
more than s1G2, 900. 900 to save our gold re-
serve we are nearly where W.T. started.
having now In such reserve $40, 1893, 966 as
against sG5. 1887 in February. 1894. when
the first bonds were issued. Though the
amount of gold drawn from the treasury
a nran PC m ha y-nrt, In .,rr a O orc tl1aral frn r,
the facts and figures herein presented, it
actually "a much larger. considerable
sums having been acquired by the treas
ury within the several periods stated
without the issue of bonds.
On the 2Sth of January, 1895. 1t was re-
ported by the secretary Of the treasury
that more han sl72.0 0O,0 600 of gold had
been withdrawn for boarding or shipping
during the year preceding. He now re-
ports from January l. 1879, to July IA. 1890,
q period Of more than eleven years, only Il
little over S2s, 0oo, 900 was withdrawn and
that between July IA, 1890, the late Of the
passage of the law for an increased pur-
chase Of silver. and the LIST of December,
1896. or within less than five and a half
years. there was withdrawn nearly $685.
000. 600, making a total of more than $i15,-
000, 900 drawn from the treasury In gold
since January 1. 1879, the date fixed In 1875
for the retirement of the United States
notes. Nearly 1927, coo, 900 of the gold thus
Withdrawn has been paid out on these
United States notes.; and yet every one of
the S340. 900. 900 Is still ~uncancelled and
ready to do service in future gold dcple-
tons. More than $4,000 900 In gold has,
since their creation In 1890, been paid out
from the treasury upon notes given on
the purchase of silver by the government;
and vet the whole amOllpfinp tn S1h3 =
000, 1000. except a little more than SIG. 900, goo
which has been retired by exchange for
silver at the request Of the holders, re-
mains outstanding and prepared to Join
their older and more experienced allies In
future raids upon the treasury's gold re-
serve.
In other words. the government has. paid
In gold more than nine tenths of its United
States notes and still owes them all. 1t
has paid in gold about one half of Its
notes given for silver purchases without
cstinguishing by such payment one dol
lar of these notes.
Retirement of Greenbacks.
When added to all this we are reminded
that TO carry on this astounding financial
scheme the government has Incurred a
bonded Indebtedness of S95. 500, 900 iii es-
taGlishing a gold reserve. and OF slb-,
SIG, 400 in efforts to maintain 1t, that tn
annual interest charges on such bondesg
indebtedness Is more than S11. 600, 600; tia
q continuance of our present course ma.
result In further bond issues. and that W
nave suffered or threatened with a:
this for theSsake OF supplying gold for fol
eign shipment or facilitating Its hoardii
ct home. a situation is exhibited whic
csrtainly ought te arrest attention anu