The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-04
lEENT's MESSAGE
GO sladsd from SIAN page.2

50 srS
Sssoneladed from Sixth Page.)
& States no tes then outstanding should be
eS1eqsened In coin,and in order to provide
g Aanns prepare for. such redemption tht
& score tafya of the Treasury was author
Il alxed not only to use any surplus reVe
gsRues OF the Government. but 10 issue
;#03nds pfstheS United States and dispose
n or them for coin and to use the proceeds
u agE5E the purposes contemplated by the
ssInsAfay, 1878, and before the late thus
y appointsd for the redemption nad re-
of these notes. another sta
SafutssWas passed, forbidding their fur-
IL $har cancellation and retirement. Some
spfsthem had, however, been previously
and cancelled upon the issue
National bank circlia-
81 Siph, us permitted by the law of 1879
sSHosthat the amount outstanding at the
ia tfme OF the passage of the act forbid
SsS1snE their further retirement was $780,
st ISL ;o16 The law of 1878. did not stop
1. at distinct prohibition. but contained,
SSFviBion into the Treasury, under any
sS Jaw, from any source whatever, ana
,#Shall belong to the United States. they
III shall not be retired. cancelled. or des-
Ts2royed, but they shall be re-issued and
Il paid out again and kept In circula-
5 This was the condition OF affairs on
aAhe LIST day of January, 1879. which had
sssheen fixed upon four years before as
aSSthe date for entering upon the redemp-
ssfion and detriment OF all these notes.
3Sand for which such abundant means had
Sheen provided.
5gzsis The Government was put In the ano-
RImaious situation Of owing to the hold
q ors of It's notes. debts payable In gold
" on demand which could neither be re-
x tired by receiving such notes I'm dis
e charge of obligations due the Govern
s ment. nor cancelled by actual payments
in gold. 1t was forced to redeem with
n out redemption and to pay without ac-
@Quittance.
sss There had been issued and sold $685.
X 6oo, 900 Of the bonds authorized by the
assumption act of 1875. the proceeds of
" which. together with other gold In the
Il Treasury, crented q gold fund demand
K sufficient to meet the demands which
Il might be made upon X for the redemp-
Syitton of the outstanding United States
g. notes. This fund. together with such
rs other. gold as might be from time to
Il time In the Treasury available for tho
x same purpose, has been since called
& our gold reserve and 800, 100000 has beer
VI regarded as nn adequate amount to &C
n complish Its object. This FUND
q amounted on the LIST day of January
ssIa to sl14,lsS $50 and though thereaf
s8ter constantly fluctunting. It did not fal
81 below that sum until July, 1892, II
April, 1888, for. the first time since IFS
Z establishment. this reserve amounted e
Il less than s100.O00,0o0. containing at thai
" date only s97,e1l. 800
In the meantime, and In July, 1900, ar
9 act had been passed directing larger
N governmental monthly purchases OF
Il silver than had been required under pre-
s$Ytons laws. and providing that In pay
q meht for such silver treasury notes o
4 the United States should be Issued nay
q able on demand In gold or silver coir
n at the discretion of the Secretary of tn,
1t was. however. declared
SIN the act to be The established polio,
y efs the United States to maintain the
n Two metals on parity with each 9th
Hser .upon the present legal ratio, or such
zsntlo as may be provided by law. Ir
e view OF this declaration IL was not deem
&Asd permissible for the Secretary OF
ESs hes Treasury to exercise the discretion
"a 1nsterms conferred on him. by refusii.e
II 70 pay gold on these notes when dc.
IA man1ed, because by such discrimina
ftot In favor of the gold dollar the So
called parity of the two metals woult
S#;be DESTROYED, and grave and dangerous
would be precipitated By
ss alfhrming or nccentuating the con.
stantly widening disparity between
sSsthelr actual values under the existing
y ratio, 1t thus resulted that the Urea s
3gNry notes issued In payment of silve,
Il spurchases under the law of 1890 were
unnecessarily treated as gold obligations
y at the option OF the holder These note,
sS on the LIST day of November, 1893, wher
the law compelling the monthly Dur
II chase Of silver was repealed amounted
Il 70 more than Sl55 000, 600. The notes O
this description now outstanding adde,
X TO the United States notes still midi
unfinished by redemption or cnnceiIa
srfon constitute a volume OF gold obliea
IS lions amounting to nearly $500, 600, OF,
fhese obligations are the instrument,
ever since we have had n pni,
j reserve, have been used to deplete n
This reserve. as has been stated ha,
81 fallen In April, 1898, to s97 Of 3ao 7
\ has from that time to the present VIII
Very few and unimportant unwa r,
III movements steadily decreased eYcan
q as " mas been temporarily replenishe.
8by the sales of bonds.
s. Among the causes for this consta,
u end uniform shrinkage in this fund mn,
De mentioned the great falling off q
" exports under the operation of the tnriI
iaW, until recently in force, which crir
ss pied our exchange of commodities Wit
~ 1orelgn nations and necessitates to som
3@ e4tent the payment Of our balances
rs goid; the unnatural infusion of slIye
Into our currency, and the increa sin
81 agitation for its free and unlimIte
w coinage, which have created appreher
Ess sion as to our disposition or ability t
rs continue gold payments; the conseuuer
Sts hoafding of gold at home and the stoY
4Fs Page or Investments of foreign capite
y as well as the return of our securitie
s already sold abroad, and the high. ,,at
IS OF foreign exchange, which induce