The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-17

bable that either OF these Legislative "a
periments could have failed 10 pro"uSe
more or less disturbance In the emu f"s
both together precipitated hnanc'u
crisis and business depression, the enec's
of which must continue 10 be felt oy
our people for a long time 10 come. FROM
January l. 1879 the date o. the res"nap
ton OF specie payments. 70 July -, 49,
period Of eleven and hait years '"o
total Withdrawals of gold from the Treas
ury. by the presentation of United states
notes for REDEMPTION. amounted TO less
than S2S 2-O0eo hui from the date of the
passage of the act providing for the pur-
chase of silver bullion and the issue OF
Treasury notes 10 pay for II, unth be
Gender /. 1895. "A period OF five years anu
four and a half months, the wlthura"a'S
OF gold by the presentation OF 'hc W.
classes of notes for redemption nave
amounted TO more than $S15.Ooo.oeo WIN
I'm two years after the passage OF 'ld'
act. the Withdrawals became very ia'Sr'
and. during the last seven months q ~
calendar year 1892 they announces ~ 80
420. ~, or more than s5.toV,V" IN 49,
OF the amount withdrawn during ~ y"
OF eleven and a half years prior 70 tne
enactement Of that law: and d'r..iS me
nine months next prec a. Tag the ~ o,
March 1893 the Withdrawals a'n"" 90"
To S5S.7.6OOS. or more htan twice as nuci,
as was taken out during the Wnole - ~"
prior to July II. 1890. These nsaNs VIII
drawals OF gold were accom- I'M" -
falling of i'm the revenue and curing 'he
four months next precee iilg ine is' ,@s
of March 1898, the expenditures eNCeeuSu
the receipts by 81 .0ei. 81. but during ,ns
Tour months next succeeding ,ne - "''
OF March. 1893 the receipts Eighty *
ceeded the expenditures. and the surplus
for the whole fiscal year 1893 was $-''4i'-
6742q. At the close of that year. however
the receipts again began 10 fan peio" INT
expenditures. and there has been ue-
eciencv every month since that date, eN-
cept IN June and September, lS'o'
For many years after resumption. rnuch
! the larger part Of the gold demanueu lo'
EXPORT was furnished by the banks su1
other fnancitl institutions, anu rms con-
tinued 20 De the case until July l. &c.
but since that date the Withdrawals from
the Treasury have consi - I'D V cN" edeei
the amount exported. The hai'Ss ana
other Institutions, having thus reduced
! their gold as much as a proper reS"tu
for the preservation OF their own treol.
| would permit, ceased 20 supply u' 'fhoi
| demand. thus throwing the entire our el
| an the Treasury. and our own people nave
| withdrawn large sums for hoaruins =.
for the settlement OF gold CONF ac.s ~
| home. The Withdrawals from the ire a.
ury between July 1. 1879. ana JNly J. Io'-
! amounted TO si3.3l0.s 500, while tile tfoss
ovrorts during the same time anio' fttc
10 sgSq PA 7-7. showing that SBOlj Nl wa
supplied from sources outside OF lh'
Treasury. but the Withdrawals 7 ON july
! tSq2 10 December 1. 1895, have AMOUNTED
TO $3.50 2Gs. SIP and the gross exports ha''
Amounted to 1905. .ii9. rom ~nch Il ap
nsars that the Government has IA ilshe'
"A sum equal TO the fhole cNf'I' "h'
S54Gig0q3 I'm addition. Waile INC INV"
meut has thus been compell a. "ui'hs u.
/ last three and a half years not oinS
furnish gold from the Treasury Tor eN
,ort ~ other countries. but also lars
a,,ount for The use of our people at nome
1 fts receipts of gold on account or custom
| mi other eaxes have been constant
diminishing since July, 1890, ana nav
now entirely ceased. Prior 10 the passHs
~ the silver-purchasing act. nearly III
whole amount received from customs a
tho mort of New York consisted T sol
certificates and from this source the Coy
eminent was enabled 10 procure = ~ lpl
Of gold coin sufficient TO meet all demand
upon II and maintain its reserve ll'ac
During the month of July, f9V' boiu Se'
tfGcates constituted more than 30 pc
I cent OF the ftftlpt0 1T AA' 49,
toned and the free gold I'm the TreasuT
amounted to SlSi.092,Ol4. but the mr.
Treasury notes were issued ana put II
~ circulation i'm August Of that yea
and in September. the receipts III sol
certificates fell TO SSH per cent, ana u
/ free gold was reduced TO Sl4',Nl',"z "a
! ,,onts I'm certificates continued 10 d'
crease until they amounted, In July' ~
70 less than IA per cent, ana III Ma
1909. they ceased altogether ana the IT
gold i'm the Treasury also contlhueu
p diminish though not without sonhe h",
nations. until April. 1893, when, LOT u
first time, il fell below $lo0,"Ovtv-
n Tins appears that within little lie
( than two years after the passage OF q
I siIver-purchasing act our whole curreh
I and revenue systems had been thrown J
10 a most perpleXing and dangerous sra
4 - disorder and confusion, and we III
T reached a point where the public reNenu
I ,-era beginning TO fall below the eXpe
ditures where the Withdrawals or 20
s from the Treasury were beginning
70 exceed the demands for export ana VINE
I ..otd navmcnts to the Government h
q snbstantially ceased. In view OF the
10 facts there can be no great dihiculty
e determining the principal cause of o
e rroubles. During the three nscal yea
j. 1901. isq2 and 1893, beginning July l, j.
l. and ending June 80, 1898, the receipts
e +be Government exceeded it's expenditul
y more than $50 100000. and yet the VII
lt drawals of gold by the holders OF Uni
80 states notes and Treasury notes amou
l. ed 10 $iil.2l22jS. and the reserve was
It duced below the sum of Sloo,W0vp.
IS each OF these years there was a surp
j. revenue. but confidence In the am
a Of the Government 10 maintain gold p'
60 ! "a
croasing the leeal-tender paper circu
j. tion had been seriously impaired and
as consequence was that large amounts
e.. our securities held abroad We're return
e. for sale in the home market foreign q
ne ital invested in our Industrial ana co
m nercial enterprises was rapidly WI
,d drawn. and our own people, alarmed
or the threatening aspect OF the situau
curtailed their business operations u
diminishing the opportunities for the :
ployment Of labor, and at the same u
n a process Of LIQUIDATION was necessa
- / inaugurated, which in many parts
w. the country overtaXed the resources
al debtors. No one then questioned.
al does anyone now question, the ability
De The Government promptly 10 meet all
80 ordinary obligations incurred In the m;
~ tenance Of the public service. and, c
~ sequently. the financial disturbance
he General business depression cannot pf
n erlv be attributed 10 a deficiency IN
ur revenue. on the contrary, the dencie
Lr n, the revenue, which began TO apr
y. i'm the latter part of 1892. and has con
Of ned ever since. is mainly attributed
ns the same causes which produced
II. financial disturbance end business dep
~ sion. The great loss of revenue inst
nd az being the cause Of our flnancial q