The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-12-16

SetLlS 10 De JuSIi1eu, Ildl liz PtOSICoS
now being made oward the r%estora,
ton of our usual state of prosperity Will
continue without serious interruption. II
is estimated there will be asuTplus OF
nearly s7.0oO.0 900 during the fiscal year of
1897.
ment nave been decreased $27. 282. Cot. 20,
as compared with the fiscal year 1888.
and it is believed that. with the eooper-
can be made in the future without i'm
nairing the efficiency Of the public SER
IN regard to the bond issues. secre-
tary Carlisle says
Between the first day of February,
three issues of bonds were made, mount
Ing in the aggregate ITO S162. 3l5,400 The
payments into the Treasury ON account
completed until after the first day of De-
cember. 1894. and it soon became evident
that the transaction had not been effect
had been redueed 10 81. S4o.isl and several
of which was taken out and afterwards
returned to the Treasury on account of
the temporary restoration of confidence
generally known that measures were
about to be taken for the replenish-
ment of the reserve.
THE large Withdrawals IN December,
1894. and in January and the early part
OF February, 1895, We're due almost en-
tirely to a feeling of apprehension in the
sity from day ITO day until it nearly
reached the proportions. of a panic, and
1t was evident to all who Were familiar
steps were promptly taken to check the
growing distrust, the Government would
pend gold payments, and drop to a de-
More fessAt thar SIS. 90. oeo Of the amount With
tioned was not demanded for export.
butt was taken out by people. who had
become alarmed on account of the crit
iations to the currency of the country.
Congress-, although earnestly appealed
oiher provision for meeting the emer-
gency, a contract. the particulars of
which were Immediately communicated
eighth day of February, 1895, for the pur-
chase of 3.500.000 ounces Of standard gold
coin. at the price of sl7,804.41 per ounce,
States St Pe pa-t bonds. having thirty years
to rum. and bearing four pei, cent:
Interest in i, anq d-nt the s go 3 to a9,bf 9s ae sI, ?
BY the terms of the contract, not less
thai one-half of thesgold was to be pro-
cured abroad, and the parties with whom
1t was made stipulated hat they would
as far as lies in their power exert all
financial influence and will make all legi-
innate efforts to protect the treasury OF
the United States against the withdraw
las - 6of0 RNA0b FL
Torrance of this contract
''Thi undertaking was faithfully and
efficiently carried out, and no gold was
taken from the treasury to be used in
paying for the bonds, as had been done
In the two former cases, nor was any
withdrawn for shipment until after the
delivery had been completed under the
contract.
AFTER a large part of the gold had
been furnished from abroad, the Secre-
tary, in order to prevent disturbance IN
49, = of Gin n ho n orc a r n IL
cal period and avoid a condition which
would force gold exports and consequent
withdrawals from the Treasury, acquf-
esced in a departure from the literal
terms of the contract, tina one-half of
the coin should be procured abroad. and
accepted deposits of gold then held in
this country to complete the delivery.
Ordinary prudence demanded that the
success of the plan to protect the treas
ury against Withdrawals should not be
ENDANGERED by insisting upon a strict
contract. especially. as the government
could sustain no loss, and the whole
amount of gold stipulated for was Sc
cured
tion were felt Immediately, not only in
this country, but in every other country
having commercial or financial relations
with our people. CONFIDENCE in our Sc
ments was at once restored to such an
extent that they ceased to be returned
to our market for sale, and a very con,
siderable demand for them was created
abroad; but the most gratifying evidences
of Improvement in our condition We're
+ afforded by the prompt revival OF Dust
ness among our own people,, the increas-
ed activity and extension of our domes-
fic. industrial and commercial operations:
the rise in the prices of our prlnclpai
agricultural products and the genera lesio
ing of relief and security which became
apparent in every part OF the country
These encouraging Indications of increas-
ing prosperity still continue, ana 1t IS
reasonably certain that Z our progress
is not checked by a repetition OF large
demands upon our resources, or by q
| failure to meet the just expectations o.
the people in respect to the relormation
of our fiscal system, we are entering
upon an era of material CROWN anu ue-
velopment not surpassed in our nlstory.
but" add Secretary Carlisle, our
further progress towards a complete res
t~oration of confidence and prosperity IS
| seriously impeded by the defects IN our
currency laws" n he proceeds TO dis
cuss the remedy as 1rn,+ad
States notes and the Treasury notes
has clearly shown that the policy OF at
tempting to retain these Gp1ssiioih art
of our circulating medium, anu 70 re-
| deem them in coin on presentation and
g sba ndone shem or That that such means must be
All once provided as will have a tendency
to facilitate the efforts of the Secretary
| to accumulate dllQ 0i q
serve sufficient in amount to keep the
public constantly assured OF the stapli,
| itv of our entire volume OF currency ana
Of our ability at all times. to preserve
4 equality in the exchangaable value or
IFS various parts. = $50
..rhe issue of bonds to procure coin
| for the reserve, which is the only eff
fectual method now available under the
law. will, unless the conditions Whlcn
rave already been developed by the
present policy are radically. changed.
ultimately result in the creation Of a
plIbJyc debt much larger than would be
required to retire and cancel all the
notes; and the annual interest charge
will be much greater than it would De
necessary to incur on a new class OF
ces of the government the we'll
known preferences of investors. If, how
ever, an attempt is to be made to keep
the United States notes and treasury
notes permanently IN circlla5ion ny re-
issues after redemption, and the gov,
eminent is to be permanently charged
with the duty of sustaining the value of
all our currency, paper and com alike,
the conclusion cannot be avoided that
the policy of issuing bonds for the ac-
complishment of these purposes must
also become permanent. such adj
ditional powers must be conferred upon
the Secretary as will enable him to ex-
ecute the avs relating to these subjects
business affairs of the people and the
least possible charge upon the Treasury.
I am thoroughly convinced that this pol
icy ought not to be continued but that
notes should be retired from circulation
at the earliest practical day. and that
the Government should be wholly re-
iieved from the responsibility of provid-
ing a credit currency for the people.
IF our legal tender notes we're retired
| 1ara so o1~lndd0t raQ Gnn TO JNpJiaUn that