Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-12-13

In the meantime extensive shipments Of
gold and other unfavorable Indications
Thereupon the general state Of our
funds. exclusive Of gold. became also I'M
material to them and they. too, Grew eolo
from the treasury for boarding against
all contingencies. This u plainly shown
by the large increase In the proportion OF
gold withdrawn which was retained Dy
our own people a. time ana tnreatenins
Incidents progressed. During the nscai
wear ending July 30. 1894. nearly $sb.0u.
QUO in gold was withdrawn from the treas
ury and about $U.00ooU was sent aDr s'.s
30. 1896, over $117. 900 was drawn out. OF
which only about $66.000.000 was shipped
leaving q large balance OF such Withdraw
ais to be accounted TOR Dy oomesrai ~ our
gold has resulted largely from fright
there il nothing apparent that Will pre-
vent its continuance or recurrence witn
its natural consequence excep. sucn ,,,
reassure the frightened and make the
desire for gold less intense. II 10 not Clear
how an increase in revenue unless it De
In gold. can satisfy those whose only
ANXIETY il to gain gold from the govern
ment's store. There cannot. therefore, De
relied upon an increased revenue a. cure
for our present troubles.
1t In DO0010I0 tu8t tuo oo86OoSsoAA ~ 80
creased revenue as q remedy for the DIFF
fculties we are considering. may have
originated In an intimation OF distinct al
legation that tho bonds which have been
Issued ostensibly to replenish our gold re-
serve were really issued to supply insult
dcient revenue. Nothing can be further
from the truth. Bonds were Issued 10
obtain gold for the maintenance OF our
national credit. AZ has been shown. the
gold thus obtained has been drawn again
| from the treasury upon United states
notes and treasury notes. This operation
would have been promptly prevented II
possible but these notes having thus been
| passed to the treasury. they became the
money of the government. like any other
ordinary government funds and there was
| nothing to do but use them IN paying
| Government expenses when needed.
| At no time when bonds have been issued
| has there been any consideration OF the
| question of paying the expenses OF the
| government with their proceeds. There
| ton. At the time Of each bond issue we
| had a safe surplus in the treasury for the
| ordinary operations. exclusive OF the golc
| In our reserve. In February, 1884. wher
| the frst issue of bonds was made. thu
surplus amounted to over $7S000.000. II
| November. when the second issue wal
| made, 1t amounted to more than $4,000.
| 600. In February. 1885. when bonds fo
| the third time were issued, such surplus
| Amounted to more than $100.O0000O. 1
| now amounts to $50. 072. 5000. Besides al
| this the secretary of the treasury has n,
| authority whatever to issue bonds to In
| crease the ordinary revenues or pay cur
| rent expenses. can not but think tina
there has been some confusion of ideas re
| eardinR the effects Of the issue OF bond
and the results of the withdrawal of gold
1t was the latter process and not tn
former that, by substituting In the treas
ury United States notes and treasur
| notes for gold, increased by their amour
| the money which was In the first instanc
| subject to ordinary government expendi
lures.
| Although the law compelling an increas
ed purchase of silver by the government
was passed on the 18th day of July, 1Ss'
Withdrawals of gold from the treasur
| upon the notes given in payment on sue
| purchases did not begin until October. 1S9
Immediately following that date the will
| drawals upon both these notes and Unite
, States notes increased very largely an
have continued to such an extent ths
, | since the passage Of that law there hs
been more than Is times as much gol
} | taken out OF the treasury upon Unite
states and treasury notes issued for silvs
/ purchases as was thus withdrawn durin
the III years Immediately prior therei
and after the first day Of January. 1877
when specie payments were resumed.
. ia neither unfair nor unjust to charge
l large share of our present financial pc
A | plexities and dangers to the operation
4 | the laws of 1878 and $780, compelling II
n | purchase Of silver by the government
5 which not only furnished new treasul
= | obligation upon which Its gold could
d | withdrawn, but so increased the fear of
d overwhelming flood Of silver and a forc'
t | descent to silver payments that even Il
repeal Of these Laws did not entirely Gu
q the evils OF their existence.