People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1895-12-05

fuse to pay out United States notes and
treasury notes in current transactions
when demanded and insist on paying
out silver alone and still maintain the
/ parity between that metal and the cur
rency representing gold. Besides the
accumulation in the treasury Of cur
rency Of any kind exacted from the
people through taxation is Justly re-
garded as an evil and ii cannot pro-
coed far without vigorous protest
against an unjustifiable retention of
money from the business Of the cOun-
try and a denunciation Of scheme of
taxation which proves itself to be I'M
just when il takes from the earnings
and income Of the citizen money so
much in excess of the needs Of the gov
/ eminent support that large sums can be
gathered and kept in the treasury.
Such a condition is a peril In time Of
surplus revenue led by the government
. to restore currency 10 the people by the
purchase Of its unmatured bonds at a
large premium and by a large increase
Of its deposits in National banks and
We easily remember that the abuse of
treasury accumulation has furnished
a most persuasive argument in favor Of
legislation radically reducing our tariff
taxation.
Perhaps It Is supposed that sufficient
revenue receipts would in a sentimental
way improve that situation by inspir-
ing confidence in our solvency and al
laying the fear of pecunlary exhaus-
ton. And yet all through our strug-
giles to maintain our gold reserve there
never has been any apprehensions as
to our ready ability to pave our way
with such money as we had and the
question whether or not our current re-
ceipts met our current expenses has
entered into the estimate of our SOL
vency. OF course the general state Of
our funds exclusive Of gold was entir-
ly immaterial to the foreign creditor
and investor. His debt could only be
paid in gold and his only concern was
our ability to keep on hand that kind
of money.
On July l, 1892, more than a year and
a half before the first bonds were is
sued to replenish the gold reserve there
was net balance in the treasury ex-
elusive Of such reserve Of less than
Sl,OOO0OO but the gold reserve amounted
to more than sl14,OOO,OOO which was the
quoting feature Of the situation. It
was when the stock of gold began rap
idly to fall that fright supervened and
our securities held abroad were return
ed for sale and debts owed abroad were
pressed for payment. In the meantime
extensive shipments Of gold and other
unfavOrable indications caused rest
lessness and fright among our people
at home.
HOARDED RIGHT HERE.
Thereupon the general state Of our
funds exclusive of gold became also i'm
material to them and they too, drew
out gold from the treasury for hoard
ing against contingencies.
This is plainly shown by the large in
crease in the proportion of gold with
drawn which was retained by our own
people as time and threatening Incl
dents progressed. During the fiscal
year ending June Goth, 1894, nearly $751;
100000 in gold was withdrawn from the
treasury and about S70OOOOO was sent
abroad while during the fiscal year en-
ding June SOth, 1896, over $ll7,OOO,OOO
was drawn out of which only S66, OOO,OO
shipped, leaving large balance of such
Withdrawals to be accounted for by
domestic boarding.
ROASTS FREE COINAGE.
Inasmuch as the withdrawal of our
gold has resulted largely from fright,
there is nothing apparent that will pre-
vent its continuance or recurrence with
its natural consequences except such a
change in our financial methods as will
reassure the frightened and make the
desire for gold less intense: 1t is not
clear how an increasing revenue, unless
it be in gold and satisfactory to those
whose only anxiety is to gain gold from
the government store, will help. 1t
cannot therefore be safe to rely upon
increased revenues as a cure for the
present troubles 1t is possible that
the suggestion of increased revenue as
remedy for the difficulties we are CON
sidering may have originated in the
iPtimation or distinct allegation that
be. bonds which have been issued os-
the ply to relin9 fish GU, ,ssls reserve
ty authe.....-l N lllIiI, V3ssufii-
sued to obtain gold for the .senanS
of our national credit. As has been
shown, the gold thus obtained has been
drawn from the treasury upon United
States Notes and Treasury Notes. This
operation would have been promptly
prevented if possible. But these notes
have thus been passed to the treasury
they became the money Of the govern
ment, like any other ordinary govern
ment funds and there was nothing IN