Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1895-01-31


have already been redeemed in
gold, and Notwithstanding such
redemption, they are still out
standing. Since the 18th day
day Of January, 1894, our bonded inter
est-bearing debt has been increased
$500, ,00O, 900 for the purpose of obtaining
gold to replenish our coin reserve Two
issues We're made, amounting to 5000
600 each, one i'll January and the
other in November. As result Of the
first issue there was realized something
more than $5S, 100000 in gold, Between
that issue and the succeeding one in
November, comprising period of about
ten months, nearly $lO3, 100000 in
gold We're drawn from the treasury.
This made the second issue necessary
and upon that more than $5S,0OO,000
in gold was again realized. Be-
tween the date of this second issue
and the present time, covering period
OF only about two months, more than
$69, 100000 in gold have been drawn from
the treasury.
Expended Without Benefit.
These large sums of gold We're ex-
pended without any cancellation Of gov
=rnment obligations Or i'll any permanent
way beneftting our people Or improving
our pecuniary situation. The financial
events OF the past year suggest facts and
conditions which should certainly az
rest attention. More than SIP, 900, 900
III gold have been drawn out Of the
treasury during the year for the purpose
OF shipping abroad or boarding at home.
While nearly $l03, 900. 900 OF the same
were drawn ont during the first 10
months Of the year, & sum aggregating
more than twO-thirds Of that amount,
being about 500 600 000 were drawn out
during the following two months, thus
indicating a 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 Exhaustive Operation
with shorter intervals, perplexities accu-
mUlate. Conditions are certainly super
vening, tending to make the bonds
which may be issued to replenish our
gold less useful for that purpose An
adequate gold reserve is in all circum-
stances absolutely essential to the up
holding Of our public credit, and to the
maintenance Of our high national char
acter. Our gold reserve has again
reached such q stage OF diminutiOn as to
require it. speedy reinf0rcameat The
ageravatiOrs that must inevitably follow
present conditions and methods will GER
tainly lead to misfortune and loss not
only to cur national credit and prosper
ity to financial enterprise. but to those
OF our people who seek employment as
means Of livelihood and to those whose
only capital IS their daily labor.
Not Question of Revenue.
1t will hardly do TO say that simple
increase Of revenue will cure our trou-
bles. The apprehension now existing
and constantly increasing as to our
financial ability does not rest upon a
calculation Of our revenue. The time
has passed when the eyes Of investors
abroad and our people at home We're
fixed upon the revenues Of the govern
ment. Changed conditions have at
tracted their attention to the gold Of the
government. There need Il no fear
that we cannot pay our current eS-
penses, with such money as we have.
There is now in the treasury a comfort
able surplus Of more than $63 900, 900,
but it is not in gold, and therefore does
not meet our difficulty. | cannot see
that differences Of opinion concerning
the extent 60 which silver ought to be
coined or used i'll our currency should
interfere with the councils Of those
whose duty it is TO rectifv evils now
apparent IN our financial situation.
The recommendation Of the president
are for the issue Of gold bonds sufficient
Tor the maintenance Of the gold reserve.
and for the redemption OF treasury notes
at a rate not exceeding 3 per cent, H.
also recommends that all duties be paid
in gold.