The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1895-12-26

the course Of which he makes an ex-
haustive argument in favor OF the retire
ment of the g~reenbacks.
The cash balance in the treasury on
the first day of December, 1882" he
says. was $171,406.3S6, being S9S,O72,-
420 in excess of the actual gold reserve
on that day, and 81. 4O6,3S in excess of
any sum that it would be necessary to
use for replenishing that fund in case
the Secretary should at any time be
able to exchange currency for gold. There
is, therefore, no reason to doubt the abil-
ity of the Government to discharge all
its current obligations during the present
fiscal year and have a large cash balance
at it's close, without imposing additional
taxation in any form upon the people,
but l adhere to the opinion, heretofore
expressed, that the Secretary of the
Treasury ought always to have authority
to issue and sell. or use in the payment
of expenses. shOrt-time bonds bearing a
low rate of interest, to supply casual de-
ficiencies in the revenue.
Figures on a Surplus.
"Nith complete return to the normal
business conditions of the country and Il
proper legislative and executive super
vision over expenditures, the revenue
laws now in force will, in my opinion,
yield ample means for the support of the
public service upon the basis now estab-
lished; and upon the assumption, which
seems to be justified, that the progress
now being made toward the restoration
of our usual state of prosperity will con
tinue without serious interruption, it is
estimated that there will be a surplus of
nearly $1,000 600 during the fiscal year
1897. During the fiscal years 1894 and
1895 the ordinary expenditures of the
Government have been decreased S21,-
$50, 636.20, as compared with the fiscal
wear 1893. and it is believed that with
the cooperation of Congress further re-
duction can be made in the future without
impairing the efficiency of the public ser
vice"
Continuing he says: "The large with
drawals of gold in December, 1894, and in
January and the early part of February,
1895, were due almost entirely To a feel
ing of apprehension in the public mind,
which increased in intensity from day 10
day until it nearly reached the proper
tons of a panic. and it was evident to
all who were familiar with the situation
that, unless effectual steps were prompt
" taken to check the growing distrust.
the Government would be compelled with
in n few days to suspend gold payments
and drop to a deprecated silver and
paper standard. More than Si3,O0O.000
of the amount withdrawn during the
brief period last mentioned WAS not de-
handed for export but was taken out by
people who had become alarmed on ac-
count Of the critical condition Of the treas
ury iii its relations to the currency OF the
country. The purchase of 3.3OO,U0O
ounces Of gold followed" The beneficial
effects of this transaction, the Secretary
says, were felt Immediately not only in
this country. but in every other having
commercial relations with US. Conf
dence in our securities was at once re-
stored. The safety Of the existing situa-
ton is. however. constantly mcnacod, and
our further progress toward Il complete
restoration of confidence and prosperity
Is seriously impcded, 10y the defects in our
currency laws and the doubt and uncer-
tainty still prevailing in the public mind.
and especially abroad. concerning the flu
turc monetary policy of the Government"
The Secretary believes that there never
HAS been a time since the close of the war
when the gradual retirement and cancel
lation of the United States notes would