Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1895-01-28

Between the date of this second issue and
the present time, covering period OF
only about two months, more than $685.
100000 in gold were expended without
any cancellation of government obliga-
lions in any permanent way, benefiting
our people or improving our pecuniary
situation.
"The financial events of the past year
suggest facts and conditions which should
certainly arrest attention. More than
$172,0OO,OOO in gold have been withdrawn
from the treasury during The year for the
purpose of shipping abroad or boarding
at home, while nearly $1c3,O00,O00
of the same we're drawn out during the
FIRST TEN MONTHS OF THE YEAR.
A sum aggregating more than two-thirds
of this amount, being about $69,000,OO0,
was drawn out during the following two
months, thus indicating n marked ac-
celeration in the depicting process with
the lapse of time. The obligations upon
which this gold has been drawn from the
treasury are still outstanding and avail
able for use in repeating the exhausting
operation with shorter Intervals as our
perplexities accumulate.
"Conditions are certainly supervening
tending to make the bonds which may be
issued to replenish our gold less useful
for that purpose. An adequate gold re-
serve is in all circumstances absolutely
essential to upholdlng 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 It's speedy reinforcement.
The aggravations that must inevitably
follow present conditions and methods that
will certainly lead to misfortune and loss,
not only to our national credit and pros
perity and to our financial enterprise,
but to those of our people who seek en-
ployment as means of livelihood and
those whose only capital is daily labor.
1t will hardly do to say that a
simple increase of revenue will
CURE OUR TROUBLES.
"Apprehension now existing and con-
stantly increasing as to our financial abil-
ity does not rest upon calculations of
our revenues. The time has passed when
the eyes of investors abroad and our peo-
pie at home were fixed upon the revenues
of this government. Changed conditions
have attracted their attention to the gold
of the government. There need be no
fear that we can not pay our current ex-
penses with such money as we have.
able surplus of more than $63,000,000 but
it is not in gold and therefore does not
meet our difficulty.
II can not see any cause for differ
ences of opinion concerning the extent
to which silver ought to be coined or
used If its coinage should interfere with
the counsels of those whose duty it is to
rectifiy the evils now apparent in our
financial situation. They have to con-
slider the question of national credit and
the consequences that will follow from
its collapse. Whatever ideas may be in
sisted on as to silver or bi-metallism, a
proper solution of the question now
pressing upon US only requires
recognition of gold as we'll as
silver, and concession of its import
ance, rightfully or wrongfully acquired,
as the
BASIS OF NATIONAL CREDIT
is nece ssity in an honorable discharge
of our obligations payable in gold and
badge of solvency. do not understand
that the real friends of silver desire a
condition that might follow inaction or
neglect to appreciate the meaning of the
present exigency if 1t should result in the
entire banishmeut of gold from our fnan-
cial and currency arrangements.
"Besides the treasury notes, which GER
tainly should be paid in gold, amounting
to nearly $500,OOO,O0O, there will fall due
in 1904 $10O,000000 in bonds issued dur
ing last year, for which we have received
gold, and in 1907 nearly $600,0OO,000 of
per cent bonds issued in 1877. Shall pay
ment of these obligations in gold be re-
pudiatedH If they are to be paid in such
a manner as the preservation of our
national honor and national solvency de-
mands, we should not destroy or even i'm
peril our ability to supply ourselves with
gold for that purpose.
"While am not unfriendlY to silver
and while desire to see it recognizehs.,
such an extent as is consistent with finan-
cial safety and the preservation of
NATIONAL HONOR AND CREDIT,
am not willing that gold should be en-
tirely banished from our currency and
finances. To avert such consequence
believe that thorough and1 radical reme-
dial legislation should be promptly
passed. therefore beg congress to give
the sub ject immediate attention. In my
opinion the secretary of the treasury
should be authorized to issue bonds of
the government for the purpose of pro-
curing and maintaining sufficient gold
reserve and to redeem and cancel the
United States legal tender notes and
treasury notes issued for the purchase of
silver under the law of July IA, 1890. We
should be relieved from the humiliating
process of issuing bonds to procure gold
to lie Immediately and repeatedly drawn
out on these obligations for purposes not
related to the benefit of our government
or our people. The principal and inter-
est of these bonds should be payable on
their face in gold, because they should be
sold for gold only Or its representative,
and because there would now probably be
difficulty in favorably disposing of bonds
not containing this stipulation. I sug-
oest that the bonds be issued in denomi.
nations of twenty and fifty dollars and
their multiples, and that they bear inter
est at the rate of not exceeding three per
cent per per annum.
PAYABLE IN FIFTY YEARS.
"I do not see why they should not be
made payable in ffty years from theiI
date. We of the present generation have
large amounts to pay if We meet our obi.
cations, and long bonds are most sale
able. The secretary of the treasury might