Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1895-12-14

Review of the Money Problem-Re-
tirement of Greenbacks.

The president reviews the financial
situation at great length and recon-
mends as vital the retirement of the
greenbacks. Referring to the bono is
sue, the president recites its history
and says in part:
| have never had the slightest mis-
giving concerning the wisdom or pro-
priety OF this arrangement n am quite
willing to answer for my full share Of
responsibility for its promotion. / be-
lieve it averted a disaster, the immi-
hence of which was fortunately not at
the time generally understood by our
people. Though the contract mentioned
stayed for a time the tide of gold with
drawals, it's good results could not be
permanent. Recent Withdrawals nave
reduced the reserve from $107 ST. 800 on
the Sth day Of July, 1890, to $79. 333, $50.
How long 1t will remain large enough to
rende it's increase unnecessary Is only
matter Of conjecture, though quite
large Withdrawals for shipment In the
immediate future are predicted In well
informed quarters. About SIG, OOO, 600
has been withdrawn during the month
of November.
The foregoing events and conditions de-
velop the fact that after increasing our
interest bearing bonded Indebtedness
more than sl62. 600, 900 to save our gold re-
serve we are nearly where WI started,
having now in such reserve $40, 1893, 966 as
against s65, 1881 in February, 1894, when
the first bonds were issued. Though the
amount OF gold drawn from the treasury
appears to be very large. as gathered from
a. -. --l A,,.Na I4eAtn -
actually was much larger, considerable
sums having been acquired by the treas
ury within the several periods stated
without the issue of bonds.
On the 2Sth of January, 1896. ii was re-
ported by the secretary of the treasury
that more than $l72, 000, 900 of gold had
been withdrawn for boarding or shipping
during the year preceding. He now re-
ports from January l., 1879, to July IA, 1890.
q period Of more than eleven years, only a
little over SIS, 900, 900 was Withdrawn and
<s.~> sst--~ou Jufy n, 1850, TIE uare or the
passage Of the law for an increased pur-
chase Of silver, and the 1st of December,
1895, or within less than five and a half
years, there was withdrawn nearly $685.
900. 900. making a total of more than $i03,-
900, 600 drawn from the treasury in gold
since January ]. 1879, the date liked In 1875
for the retirement Of the United States
notes. Nearly 1927. 000.0 900 of the gold thus
withdrawn has been paid out on these
United States notes: and yet every one Of
the S3i0. 900, 600 is still u~ncancelled n
ready to do service in future gold deple-
tions. More han SIC, o00. 900 In gold has,
since their creation in 1890. been paid out
from the treasury upon notes given on
the purchase OF silver by the government;
and yet the whole, amounting to $685.
900. 600, except a little more than SIG. 0O0. 900
which has been retired by exchange for
silver at the request OF the holders. re-
mains outstanding and prepared to Join
their older and more experienced allies In
future raids upon the treasury's gold re-
serve.
In other words. the government has paid
In gold more a nine tenths OF Its United
States notes and still owes them all. 1t
has paid In gold about one half OF its
notes given for silver purchases without
extinguishing by such payment one dol
lar of these notes.
Retirement OF Greenbacks.
When added to all this we are reminded
that TO carry on this astounding financial
scheme the government has Incurred a
bonded Indebtedness Of So. 500. 900 In es-
tablishing Q gold reserve. and Of &c.
SIS. 400 In efforts to maintain Il. that tn.
annual interest charges pm such bonde.
Indebtedness Is more than 81. 000. 600: tina
q continuance Of our present course ma,
result In further bond Issues. and that W.
have suffered or are threatened with al
this fer the sake Of supplying gold for for
eign shipment or facilitating its hoardin
at home. . situation II exhibited whic.
certainly ought e arrest attention an