The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-04

reserve from S107, 571 800 on the 8th
day of July, 1895, to $79,333,966 How
long it will remain large enough to
render it's increase unnecessary IS only
matter of conjecture, though quite
large Withdrawals for shipments IN
the immediate future are predicted IN
well formed quarters. About Sl6,00O,-
600 has been withdrawn during the
month of November.
The foregoing statement of events
and conditions develops the TACT
that after increasing our in
terest bearing bonded indebted
ness more than $162, 100000 to save our
gold reserve, we are nearly where we
started, having now in such reserve
$40 1873, 900, as against 65,43S,377 in
February, 1894, when the first bonds
were issued.
GOLD WITHDRAWALS.
Though the amount of gold drawn
from the treasury appears to be very
large. as gathered from the facts ana
figures herein presented, it actually
was much larger, considerable sums
having been acquired by the treasury
within the several periods stated with
out the issue of bonds. On the @oth OF
January, 1895, it was announced by the
Secretary of the Treasury that more
than $170,000,O00 Of gold had been
withdrawn for boarding or shipment
during the year preceding. lie now
reports that from January /, 1879, to
July IA, 1890, period of eleven years,
only q little over SOS, 000,000 was with
drawn and that between July IA, 1890,
the date of the passage of the law for
an increased purchase of silver, ana
the 1st day of December 1898, or with
in less than five and a half years, there
was withdrawn nearly S375,O00,O0o
making n total of more than S403,OOO,-
600 drawn from the treasury in gold
since January /, 1879, the date fixed IN
1875 for the retirement of the United
States notes Nearly 1927, 100000 OF the
gold thus withdrawn has been PAID
out on these United States notes; and
vet every one of the $347, 100000 is stllll
uncancelled and ready to do service IN
future gold depletions. More than S76,-
O0OO in gold has since their creation
in 1890. been paid out from the treas
urv upon the notes given on the pur-
chase of silver by the government; and
vet the whole. amounting to S155,OO0,-
600. which have been retired by eX-
changes for silver at the request OF the
holders. remain outstanding and pre-
pared to Join their older and more eX-
perienced allies in future raids upon
the treasury's gold reserve. In other
words, the government has PAD IN
gold more than nine-tenths of its Uni
ted States notes and still owes them
all 1t has paid in gold about one-half
of it's notes given for silver purchases
without extinguishing by such pay
ment one dollar of these notes IN
added to all this we are reminded ena6
to carry on this astounding financial
scheme the government has incurred
bonded Indebtedness of 100000 IN
establishing a gold reserve and OF
Sf62. 400 in efforts to maintain 1t;
that the annual interest charge OF such
bonded Indebtedness is more than
S11 600 GOO; that q continuance IN our
present course may result in further
gold issues and that I'VE have suffered
or are threatened with all this for the
sake of supplying gold for foreign
shipment or facilitating its boarding
at home. a situation is exhibited which
certainly ought TO arrest attention and
provoke immediate legislative relief.
THE REMEDY PROPOSED.
am convinced the only thorough
and practicable remedy for our
troubles is found in the retirement and
cancellation of our United States notes
commonly called greenbac ks, and the
outstanding treasury notes issued by
the government of silver purchases
under the act of 1890.
/ believe this could be quite readily
accomplished by the exchange OF these
notes for United States bonds of small
as well as large denominations bearing
a low rate of interest. They should be
long term bonds, thus increasing their
desirability as investments and be-
cause their paylnnt could be well post
poned to period far re-
moved from present financial
burdens and perpleXities, when
with increased prosperity and re-
sources they would be more easily met.
To further insure the cancellation OF
those notes and also provide way by
which gold may be added to our cur
rency in lieu of them, feature in the
plan should be an authority given to
the Secretary of the Treasury to dis
pose of the bonds abroad for gold II