The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1895-12-07
PANIC 81 SHED THE TREASURY HARD
The People Themse e. Responsible In .
| Measure for Bond Issues.


NV .os" sPo
MEASURE '"' "o"o 'ssuss'
On July !, 1898. more than q year and a
half before the FIRST bonds were issued
10 repienish the gold reserve. there was a
ne, balance in The ,,..snrv exclusive NJ
-, - a., 90, ,..o -,
- $500
ne soia reserve aH'oun'eo y" "ofe ,h""
sht"p.ve. which was a quietine feature
OF the situation. IT was when the stock
of gold began RAPIDLY TO fall that fright
superyened and our securities held
abroad were returned for sale and debts
| owed abroad were pressed for payment.
| In the meantime extensive shipments of
| gold and other unfayorable indications
| caused restlessness and fright among our
| people at home
| Thereupon the general state of our
| funds. exclusive OF gold, became also i'm
| material TO them and they. too, drew gold
| from the treasury for boarding against
all contingencies. This IL plainly shown
| by the large increase in the proportion of
gold withdrawn which was retained by
| our own people as time and threatening
Incidents Progressed During the nseai
| year ending July -. 1884. nearly 81. 900. :
oyp In gold was withdrawn from the treas
urs and about 81; 600 0yD was sent abroad
| while during the fiscal year ending June
| ~ lsss over sli7 0D9Vp was drawn out. OF
| which only abou, SIS 10000 WAS shipped
| leaving a large balance of such withdraw.
ais 10 De accounted for by domestic hoard
| inr innsmuch as the withdrawal Of oui
| pold has resulted largely from fright
| there is nothing apparent that will pre-
| vent Its continuance or recurrence with
It's natural consequence, except such 1
| change 10 our financial methods vii
r~aSsure the frightened and make IN.
desire for gold less intense II Is not ciea
how an Increase In revenue. unless II b
In gold, can satisfy those whose oni
anxiety Is to gain gold from the govern
nent's store. There cannot. therefore. b
! | relied upon an increased revenue as q cur
| for our present troubles
Il Is possible that the suggestion OF In
| creased revenue q remedy for the dit
ficuiues we are considering. may hsv
originated IN an in,ima,ion OF distinct a
!, | Iteration that the bonds which have bee
issued ostensihly 90 repienish our gold n
serve were really ISSUED TO supply insui
Accent revenue. Nothing can be furths
. | from the truth isonus were ISSUED
obtain gold for the maintenance OF OF
national credi. As has been showq. IN
. sold thus obtained has been drawn agar
| from the treasury upon United s'At'
. | notes and treasury notes TINS operano
" would have been promptly prevented
| possible. bat these notes having thns Dec
:, PASSED 20 the treasury. they became u
=, money ~ 'i' - - - -
- ordinary government Iunds and there WI
:. rothin. TO Go but use 'hem IN payit
:. government expenses ~hen ne~deo.
i. A, no time wheh eonas nave oeeh sssu'
- has there b~rh any cohhinefa''"h OF I,
question OF paying me expenses OF u
government WITH ther process Inc
- was no necessity TO CONSIDER ,nat Que
~ iton. A. the Time OF cAch pohu issue
- had safe surplus IN the treasury iot
- ordinary operations exclusive OF ,he &c
IA our reserve. In febreats' iSs. "h
't the nrwi issue OF fohoS vas hane'
% surplus amounted 70 over sa"Nv"
q. November. when the second issue W
80 made. u amounted 20 more IMAM ~"
p 90. In February, ls@. "hen bonds J
10 the third time were lhhu"o' sueh surp'
&c amounted to more thAn a4","Av"
et row amounts 10 eV'-*"'S hSs'oes
/" rats tho secretary OF ihe TREASURY mas
n. sgthoT9iy whatever TO Issue bonds TO
" crease the ordinary revenues OF pa! G.
~ rem; expenses. can not ou' ,h.nk "
-s there has been some conf fusion OF IDEAS
'.e EardinK the cdccf OF INC ISSUE OF ooi
''~ ana the results OF the "itnorA"a OF 20
"a 1; Was the latter process anu het
- former that by substituting IN 'he fe'
3D. | ury United States notes ana ueas'