Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-02-19

ing in this country, the treasury officials
say, were noticed on Jan. IL last. With
drawals increased rapidly until on the
18th Of that month they amounted to 81
155, ,Ui6 On Ian. - the first message of
the president on the urgency of the situa-
ton was presented to congress- and on
that day over S4,oU0OOD was withdrawn.
On the day following the Withdrawals
amounted to over 5000, coo and on the
;}Dth to nearly s4.Oc0,O0! The announce
.ment that negotiations for another loan
were in progress was made on the 1st of
February ant on the following day the
Withdrawals nad decreased to S67, 600.
On the 9Th t was reported that hitch
i'm the proceedings had occurred and the
witIId ruwais ON that day more than
douLl d. From early in the year, it i
said, every effort has been made to gather
gold coin and collect it in New York and
Boston-the two principal points of with
drawais for shipment-and on Feb I'd
every dollar that could be withdrawn
with safety from other points had been
shipped to these points. The total
amount of free gold in the subtreasury in
New York was 81, 7U0, 23i and the only
possible way Of adding to it was from the
mints, who's total coinage was only
about S2UO. 0O0 per diem.
On Feb. I'd the total amount Of gold
coin owned the government was ex-
ceeded by tie demand certificates out
standing aga Ist it, and the government
was practically borrowing gold coin from
the owners and substituting gold bullion
in its place in order to carry on specie
payments in gold. TIE further state
ment is made that between Dec. /, 1894,
and Feb. II, 1896, the total amount of
vvi of cold xrac fSal 20; and
the exports for the same period $36, So, 3U9,
showing that over si3, OOO,O OO) had been
withdrawn for hoarding purposes during
that period.
In other words" said the officials,
'the people of the United States had lost
faith in the ability of the government to
continue to pay gold for its notes and a
run on the treasury had commenced"
That this gold has not gone into the
the banks is shown, it is contended, by
the fact that on Dec /, 1884, the total
amount held by the banks at New York
was about s%6, O00.OO0 and in thirty days
thereafter SS3, 100000, or $l3 100000 less
than on Dec l.
I'm considering the details of the con-
tract" say the officials, lit should be rc-
membcred that the treasury was dealing
with a community more or less excited
u
long time had been distrustful of Amer
lean securities and had sent large guam.
titles of them to this country to be sold
The November bonds, purchased at III,
which rose to 1l9 mad fallen to 113, the
latter figure showing net loss of over 3
per cent on the price paid by the syndi-
cate.
Sherman's speech was all through
plea for the payment of all national OBJ
legations in the best money to be had.
They should, like CRsar's wife, be above
suspicion. OF the recent loan he said at
the close that he had not intended any
personal criticism of the president or of
the secretary of the treasury. "Thcy have
made a bad bargain-that is all, but being
bargain We must live up to it."
Routine of the National legislature.
WASHINGTON, Feb. I9-In the senate
speeches We're made on finances, particu-
larly with reference to the recent bond
contract, by Stewart, who declared the
contract illegal; Gray, who defend cd it as
necessary in view of the inaction of con-
gtess, and Sherman, who said it was a
Lad bargain. but upheld the principle in
volved it the contract. The silver men
then by n vote of 80 to % made Jones un-
restricted silver coinage bill unfinished
business, and Jones gave notice that he
would try to get a vote on it today before
adjournment The agricultural appropri-
alton bill was passed with an appropria-
tion for irrigation and without appropria-
tions for fire and drought sufferers.
The house passed the bill to raise the
rate of pensions of Mexican war veterans
to Sl2 a month; also the bill to cqualize
the salaries of inspectors of hulls and
boilers. The bill to authorize the con-
struction of certain dams across the st.
Louis and Cloquct rivers i'll Minnesota
was defeated for want of a two-third vote
The naval appropriation was considered
without action in committee of the
" hole