Mexico weekly ledger., 1895-01-31

laws should fail to see a patriotic duty
in honestly and sincerely attempting
to relieve the situation. Manifestly
this effort will not succeed unless it is
made untrammelled by the prejudice
of partisanship and with a steadfast
determination to resist the temptation
to accomplish parity adsaasagee
1t is also ofthe utmost Importance that
we approach the study of the problems
presented as free as possible from the
tyranny of preconceived opinions to
the end that in a common danger We
may be able to see with unclouded Wis
ion a safe and reasonable protection.
THE REAL TROUBLE.
''The real trouble which confronts us
consists of a lack of confidence wide
spread and constantly increasing in
the continuing ability or disposition Of
the Government to pay it's obligations
in gold. This lack of confidence grows
out of the palpable embarrassment at
tending the efforts of the Government
to procure gold, and to a great extent
out of the impossibility of either keep
ing it in the Treasury or cancelling the
obligations by its expenditure after it
Is obtained.
MUST ISSUE MORE BONDS.
"The only way left open for the
Government to procure gold is by the
issue and sale of it's bonds. The only
bonds that a be issued were author
lied nearly rs years ago and are not
wen calculated to meet our present
needs. Among other disadvantages
they are made payable in coin instead
of specifically in gold. 1t is by no
means certain that bonds of this de-
scription can much longer be disposed
of at a price creditable to the financial
character of our Government.
H MOST DANGEROUS FEATURE.
"The most dangerous feature of the
situation, however, remains to be men,
toned. It is found in the means by
which the Treasury is di-spossessed of
the gold thus obtained without cancel
ing a single Government obligation
and solely for the benefit Of those who
find profit in shipping it abroad or
whose fears induce them to hoard it at
home. We have outstanding about
$500, 900, 900 of currency notes of the
Government, for which gold may be
demanded, and ~curiously enough the
Law requires that when presented and,
in fact, redeemed and paid in gold, |
they shall be reissued. Thus the same
notes may do duty many times in
drawing gold from the Treasury; nor
can the process be arrested as long as
private parties for profit or otherwise
see an advantage In repeating the OPP
Grafton.
'Between the date of the second
bond issue and the present time, COW
ering n period of only about two
months, than $50, 900, 900 in gold
been drawn from the Treasury.
These large sums OF gold were ex-
without any cancellation of
Government obligations or in any per-
nanent way benefitiag our people or
improving our pecuniary situation.
The financial events of the past year
facts and conditions which
should certainly arrest attention.
AGGREGATE GOLD WITHDRAWN,
''Nore than sl62, 00t, 900 in gold have
been drawn out of the Treasury dur
ng the year for the purpose of ship
nent abroad or boarding at home.
"While nearly sic8, 900 900 of this
AMOUNT were drawn out during the
irst 10 months OF the year a sum ag-
sregating more than two-thirds of that
amount, being about $50 ,0oo, 200, was
irawn out during the following two
months, thus indicating a marked ao-
of tine depicting process
With the lapse of time. |
HEAVY COLI WITHDRAWALS.
THE applications upon which this
.oid has been Withdrawn from the
treasury are still outstanding and are !
Ivailahle for use in repeating the ex-
operation at shorter intervals
BUR perplexities accumulate.
Conditions are certainly superven- /