The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-04

which il was stated that more than
Sslsus,gg would be saved TO the government
II gold bonds bearing 3 per cent. were au-
toned in the contract. The congress hav-
ing declined to grant the necessary author
ode Carried rsyn gut the n un
SEQ a reserve amounting to a@, 57i,2 $780, on The
restored the reserve. but checked for time
the withdrawals Of co.. and brought on a
peace and quiet in business circles "a were
or the greatest possible value to every in
terest that affects our people. i have never
wlsdon or .propriety OF this arrangement.
and am quite willing TO answer for my full
BELIEVE Il svppIsd for its promotion
on which was, fortunately. not at this time
generally understood by our people -
ANOTHER RAID ON THE RESERVE.
Though the contract mentioned stayed for
time the tide OF god withdrawal, its
sood results could not be permanent. Re
cent Withdrawals have reduced the reserve
from N0I,5n2a0. on the Sin day, of July.
1895. to s79,333. $50. How long IL will remain
large enough to render rs increase unnee-
essary Is only matter Of conjecture. though
quite large Withdrawals fer shipment IL
the immediate future are predicted In well
informed quarters. About s1s.ooooOo has been
Withdrawn during the month Of November.
The foreign statements OF events and coadi-
lions develop the fact that after increasing
our interest-oearing bonded Indebtedness
more than $l6&.uvJ0Je, 10 save our gold re-
serve. We are nearly where We started.
having now in such reserve 80, $50 95s. az
against So, 4sS,sT, in February 1894, when
the first bonds We're issued. Though the
amount of gold drawn from the treasury
appears to be very large. as gathered from
actually was much larger, considerable
sums having been acquired oy the treasury
within the several periods stated without
On the 18th OF January. 1885, il was re-
ported Dy the Secretary of the. Treasury
that more than 1s2. 900 OF gold had been
Withdrawn for boarding or Shipment dur
Ing the year preceding. lie now reports
that from Jan. l, 1873, to July a. 1890,
little over sssoO6oco was ss wis1drawD D"'s ana
thai between july IA, 1880. the date of the
passage Of the law for an Increased pur-
Der. 1855. or within less than five and hall
yeas. tnere was Withdrawn nearly $375000,-
90 drawn from the treasury in ing god I Since
Jan. l, ls.9. Inc date fixed IN 1915 for the
rst.r r;n ;,- Of 30 The United States notes
drawa has oeea pad out on these United
states EC.ts, aad vet every one of the $4s-
oooooo Is still uncanceied and ready to do
service In future gold depletions.
More than $7gO00.0O0 In god has, since
their creation in $780, been paid out from
the treasury upon the notes given in the
the whole amounting to $50 900, except
little more than 900. which have
been retired by exchanges for silver at the
request OF the holders. remains outstanding
and prepared to join the older and more
experienced allies In future raids upon the
freasurys gold reserve.
In other words. the government has paid
in gold more than nine-tentns of its United
States notes. and still owes them ALL Ii has
paid In gold about one-half OF Its notes
gwen for silver purchases, without ex-
tinguishing by such payment one dollar of
these notes. Then. added to all this. we are
reminded that 10 carry on this astounding
financial scheme the government has in
Cured c bonded indebtedness OF So. SOC, 90.
In establishing a gold reserve, and OF $685.
100 in efforts to maintain IL; that the
annual interest charge on such bonded IN
debtedness Is more than A10o0.0oo; that a
continuance In our present course may re-
suit In further bond issues. and that we
have suffered. or are threatened with. al
this for the sake OF supplying gold for for
eign shipment or facilitating its boarding
at home. Thus a situation is exhibited
which certainly ought 10 arrest attention
and provoke immediate legislative relief