Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1895-12-06
NOT A QUESTION OF REVENUE

The Amount OF Receipts Does Not Affect
~. -, the Present Difficulty.
In the present stage of our difficult it
is not eas to understand how the amount
of our revenue receipts directly affects it.
The important question IS not the guam
tity of money received In revenue pay
ments, but the kind Of money we main
tain and our ability to continue in sound
financial condition. w. are considering
the government holdings of gold as re-
lated TO the soundness of our money and
as affecting our national credit and none
tary strength.
II onr gold reserve had never been i'm
paired, or II no bonds had ever been issued
to replenish it; If there b. been no fear
aud timidity concerning our ability to
continue gold paym' nts; If any part Of
our revenues were not paid In gold, and II
we could look TO our gold receipts as q
mean. Of maintaining y safe reserve, the
amount of our revenues would be al in
fluenlial factor In the problem. But I'm
fortunately all the circumstances that
might lend weight to this consideration
are entirely lacking. In our present pre-
dicament no gold Is received by the gov
eminent in payment Of revenue charges,
nor would there be
II the Revenues Were Increased.
The receipts Of the treasury, when not
In silver certificates. consist of United
States notes aud treasury notes issued for
silver purchases. These forms Of mo- icy
are only useful to the government in pay
ing its current ordinary expenses, and its
quantity In government possession does
not in the least contribute toward giving
US that kind Of safe financial cordition
which is built on gold alone. If said
that these notes il held by the gov .nment
can be used to obtain gold for our reserve,
the answer is easy. The people draw gold
from the treasury on demand upon United
States notes and treasury notes, but the
proposition that the treasury can On de-
mand draw gold from the people upon
them, would be regarded in these days
wi h wonder and amusement. And even
If this could be done there Is nothing to
prevent those thus parting with their
gold from re 1aihing it the next day or the
next hour by the presen tation Of the notes
they received in exchange for it.
An Erroneous Idea.
It is possible that thu suggestion Of in.
crea ed revenue as a remedy for the diff
culties we are considering may have orig
mated IN an intimatiOn or distinct Rllega-
ton tnat the bonds which have been is
sued ostensibly to replenish our gold re.
serve wer, really issued to supply INSULT
Gent revenue. Nothing can be further
from the truth. Bonds were issued to
obtain gold for the maintenance of our
national credit. AS has been shown, the
gold thus obtained has been drawn
again from the treasury upon United
States notes and treasury notes This
operation would have been promptly pl
vented If possb Q; but those notes, havil =,
thu, been passed 10 the treasury, they be-
came the money Of the government, like
any other culinary government funds.
and there was nothing to do but to use
them in paying government expense when
needed. At no time when bonds have
been issued has there been any considers"
ton of the question Of paying. the ex"
penses of the government with their pro
ceeds.