Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-01-31

SlOs, 100000 in gold were drawn
from the treasury. This 2 made
the second issue necessary and
upon that more than S5s, 900, 600 in
gold was realized. Between the date
of this second issue and the present
time, covering period of only about
two months, more than $40, 900, 900 in
gold were expended without any cam
collation. OF government obligations
or in any permanent way benefiting
our people or improving our pecuniary
situation.
CONDITIONS OF DEEPEST GRAVITY.
The financial events of the past
year suggest facts and conditions
which should certainly arrest atten-
tion. More than S172, 900, 900 in gold
have been drawn out of the treasury
during the year for the purpose of
shipping abroad or boarding at home.
While nearly $1O3, 100000 of the
same were drawn out during the
first ten months of the year,
a sum aggregating more than
two-thirds of that amount, being
about $40, 100000, was drawn out dur
ing the following two months, thus
indicating marked acceleration of
the depicting process with the lapse
of time. The obligations upon which
this gold has been drawn from the
treasury are still outstanding and are
available for use in repeating the ex-
hausting operation at shorter inter
walls as our perplexities accumulate.
Conditions are certainly superve n
ing to make the bonds which may be
issued to replenish our gold less use
full for that purpose.
An adequate gold reserve is in all
circumstances absolutely essential to
the upholding Of our public credit and
to the maintenance of our high ma
tional character. Our gold reserve
has again reached such stage of
diminution as to require its speedy re-
Enforcement.
ALL GLASSES EQUALLY INTERESTED.
The aggravations that must newt
ably follow present conditions and
methods will certainly lead to mis-
fortune and loss not only to our ma
tional credit, but to those of our peo-
pie who seek employment as means
of livelihood and to those whose only
capital is their daily labor.
1t will hardly do to say that SIM
pie increase of revenue will cure our
troubles The apprehension now ex-
listing and constantly increasing as tc
our financial ability does not rest
upon a calculation of our revenue.
The time has passed when the eyes of
investors abroad aAd our people at
home were fixed upon the revenues of
the government. Changed conditions
have attracted their attention to the
gold of the government. There need
be no fear that we cannot pay our
current expenses with such money as
we have. There is now in the treas
ury comfortable surplus of more
than S63, 900, 900, but it is not in gold
and therefore does not meet our diff
ficulty.
cannot see that difference of
opinion concerning the extent to
which silver ought to be coined or
used in our currency should interfere
with the ceunsels of those whose
duty it is to rectlfy evils now appar-
! emit in our financial situation. They
| have to consider the question of ma
tioual credit and the consequences
that will follow from its collapse.
NOT A QUESTION AS 70 SILVER
Whatever ideas may be insisted on
as to silver or bimetallism, proper
solution of the question now pressing
upon us only requires recognition of
gold as well as silver, and conces-
sion of its Importance, rightfully
or wrongfully acquired, as a
basis of national credit - a
necessity in the honorable
discharging of our obligations paya-
BILE in gold and badge of solvency.
l do not understand that the real
friends of silver desire o condition
that might follow inaction or neglect
to appreciate the meaning of the pres
emit exigency, if it should result in the
entire Punishment of gold from our
financial and currency arrangements.
Besides the treasury notes which
certainly should be paid in gold,
amounting to nearly 500 millions of
dollars, there will fall due in 1904,
100 millions of bonds issued during
the last year, for which we have re-
ceived gold, and in 1907 nearly 600
millions of per cent, bonds issued in
1867. Shall the payments of these
obligations in gold be repudiated? If
they are to be paid in such a manner
as the preservation of our national
honor and national solvency demands,
we should not destroy or even imperil
our ability to supply ourselves with
gold for that purpose.
While l am not unfriendly to silver,
and while desire to see it recognized
to such an extent as is consistent
with financial safety and the preserv-
alton of national honor and credit, 1
am not willing to see gold entirely
banished from our currency and
finances. To avert such conse-
uuence l believe thorough and radical
remedial legislation should bepromDt-
" passed l therefore beg the con-
gress to give the subject immediate
attention.
LONG TERM GOLD BONDS ADVISED.
In my opinion the secretary of the
treasury should be authorized to is
sue bonds of the government for the
purpose of procuring and maintaining
a sufficient gold reserve and the re-
demption and cancellation of the
United states legal tender notes and