The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-12-10

and We have the promise or Otner
powers which have ships In the neigh
borhood that our citizens, as well as
theirs, will be re ceived aid protected
on board those ships. On the demand
of our minister, orders have been Is
; sued by the Sultan that Turkish sold
iers shall guard and escort to he oast
American refugees. .
These orders have been carried out
and cur latest intelligence gives as:
surance of present personal safety OF
our citizens and missionaries. Though
thus far no lives of American citizens
have been sacrificed, there can be no
doubt that serious loss and destruction
of mission property have resulted from
riotous conflicts and outrageous attacks
By treaty several of the most power
full European powers have secured a
right to assume q duty not only IN De
half Of their own citizens and IN
Ifutherance of their OWN interests, but
as agents of the Christian world. Their
right is to enforce such conduct OF
Turkish government as will refrain
fanaticai brutality, and If this fans
their duty is to so interfere as to IN
sure against such dreadful occur
rences in Turkey as have lately shock,
ed civilization. The powers declare
this right and this duty to be theirs
alone, and it is earnestly hoped that
prompt and eff ctive action on their
part will not be delayed.
WHERE HE KNOWS IT ALL.
The compulsory purchase and coin
age Of silver by the government. IN
checked and unregulated by business
conditions and needless of our currency
needs, which for more than fifteen
years diluted our circulating me
dunn, undermine c0L fl 1ence abroad in
our financial ability aid at last culmI
mated in distress and panic at home,
has been recently stopped by the re-
peal of the laws which force d thus
reckless scheme upon the country. The
things thus accomplished, notwlth-
standing their extreme Importance and
benefCent effects, fall far short of cur
ing the monetary evils from which we
suffer De a result of long indulgence IN
i'll advised financial expediency.
The unnatural infusion of silver into
our currency, and the increasing agi
tatiOn for its free and unlimited coin
age, which have created apprehension
as to our disp 0sitlon or ability to con
tinue gold payments; the consequent
HO04O AuS VI HO4N az nOLl4O d4N VL4O 6gOp
page of investments of foreign capital
as well as the return of our securities
already sold, and the high rate of
foreign exchange which Induced the
shipment of u gold to be drawn
agait st as a matter Of speculation.
In consequence of these conditions
the gold reserve on the 1st day Of Feb
ruary, 1894, was reduced tt $65 49,
377, having lost more than $31, 600, 600
during the preceding nine months, or
since April, 1898. Its replenishment
being necessary, and no other manner
of accomplishing it being possible, re-
sort Was had to the issue and sale of
bonds provided for by the redemption
act of 1875. Fifty millions of these
were sold, yielding $58, 633, 1916 II.
which was added to the reserve fund
of gold then On haL d. AS a result of
this operation, this reserve, which had
suffered constant and large withdraw
ais in the meantime, stood on the 6sh
day of March, 1894, at the sum of
$1O7, 446 8O2 It's depletion was, how
ever, Immediately thereafter 50 &C
CELEBRATED that on the Both day of June.
1898, it had fallen to $64, 873 O25, thus
losing by Withdrawals more than $40,
600, 900 in five months ard dropping
| slightly below its situation when the
| sale of $50, 900, 900 in bonds was effect.
ed for it's replenishment. This de
pressed condition grew worse, and on
the 245h day of November, 1894, our
gold reserve being reduced to $57, &c.,,
7O1, it became necessary to again
strengthen it. This was done by
another sale of bonds amounting to
$50, 600, coo. from which there was re
allied $53, 538, 500, with which the fund
was increafed tC$111, 142, 021 on the
4th day of December, 1894.
Again disappointment waited the
anxious hope for relief. There was
not even a lull in the exasperatiDg
Withdrawals of gold. On the contrary,
they grew larger and more persistent
than ever. Between the 4th day of
December, 1894, and early in February,
a period of scarcely more than two
months after the second reinforcement
of our gold reserve by the sale of bonds,
it had lost by such Withdrawals more
than 500, 900, 900 and had fallen to SAL,
$40, 181. Nearly $43 600, 900 had been
Withdrawn within the month immedi
ately preceding this situation.
t."
In anticipation Of impending trouble
L n80 on Cne Iogn DAY L january, 1880.
addressed a communication to the Con
gress, fully setting forth our difficulties
and dangerous position, and earnestly
recommending that authority be given
the Secretary of the Treasury to issue
bonds bearing a low rate of interest,
payable by their terms in gold, for the
purpose of maintaining q sufficient
gold reserve, and also for the redemp-
ton and cancellation of outstanding
| United States notes and the treasury
notes issued for the purchase of silver
under the law of 1890.
In February, 1895, therefore, the
situation was exceedingly critical.
| With a reserve perilouslY low and a