The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1895-02-15
The GOLD OUTFLOW.
How to Check the Tremendous Draft ON
the National Treasury.

the National Treasury.
The endless chain" Is pumping gold
out Of the treasury Mt a rate which
gives concern To the administration
and delight 10 the silver crowd. The .
withdrawal on Friday. January Is.
amounted TO So, $50, 900. which was more
than ever before in one day.
The Withdrawals for that week were
Gle. $4,000; for the present month, To
the end of last week. s2s,203.5,i. and
for December. sSi. ed3. 0ol. Since De
cembcr /. or in hfty-ssyen days. the
treasury has had 10 pay out Swao,4od,dG5
a gold coin in redemption OF green
backs and Sherman notes. or more than
was realized from the last bond n OF
$50. 0 1900.
On December 10. shortly after the
last issue Of bonds was paid for. the
amount OF the gold reserve, or net gold.
was slO6. SCI. 429. Ii is now reduced 10
$50. 7sa,s5s. This is not SO low as il was
on August 90. when it was S5s,499. Isl.
but it is about $1,000. 900 less than 1t
was when the last lot of bonds was put
upon the market.
Ii is not surprising. therefore. that a
new issue is looked for and thatvarious
rumors in connection with IL have been
put afloat. From the state of the treas
ury when the issues of February and
November were made the Inference Is
that. in the opinion of the ~ndmini>tra-
ton, il is not safe to allow n reserve TO
he reduced as low as $4,000. 600. From
this. and from what the president said
in his annual message last month. il Is
reasonable to expect that another lot
OF bonds will be offered for sale very
soon.
The paragraph Of the message re-
ferrcd TO is very emphatic. and IT is
worth quoting in this crisis of treasury
affairs. IL IS as follows:
Il cannot for the moment believe that any OF
our citizens are deliberately willing that their
government should default IN its pccuniary
obligations or that its financial operations
should be reduced 70 C silver basis. At any
rate. / should not feel that my duty was done
II / omitted any c-ort ] could make 70 avert a
calamity. As long. therefore, Is no provision
Is made for the nHal redemption or the putting
aside q the currency obligation now used 70
re pcatedly and constantly craw from the gov
eminent is gold. and a. long as no better an-
thority FOR FOND issues IS allowed than AZ
present exists. such authority VIII be utilized
whenever and rs often a. IL becomes necessary
to maintain q srrlricnt gold reserve. and in
abundant t.mc 10 save the credit OF orr coun-
try ard make good the fnancia. declarations
OF DIR government
BIT it is getting to be a serious qucs-
ticn how many Of these bond issues
will be necessary to accomplish the
purpose stated in the above passage. 1t
became necessary TO borrow some SIS
600. 600 last February, and as much
moro in less than ten months. and now.
in less than two months, the last lot OF
gold borrowed is more than exhausted,
and the end is not in sight.
There is just one way, and only one.
to maintain gold payments and yet put
q stop TO the working of the endless
chain" That way is to authorize the
secretary Of the treasury to retire the
legal tenders as fast as he redeems
them, and give him the means Of doing
so. The president is reported to have
said SO lately: and he is right beyond
all question. If the legal tenders must
be returned to circulation as fast and
as often as they are redeemed there is
no telling how many times 1t will be
necessary TO borrow gold only to see il
drawn out again.
No act Of congress authorizing some
other kind of bond will make any diff
ference. 1t is not 4 question OF the
kind Of bond. but Of protecting the
treasury against the danger Of having
the legal tenders presented again and
again for redemption, and that can
only be answered by making the re-
demption final.
But we are told that the republicans
in ong-ess will not permit that TO be
done So long as they have the power
TO kill anything they please in the SEN
ate. Then there is nothing to do but
issue more bonds or suspend gold pay.
mcnt.
There is talk to the effect that the
president is willing to make consider
able concessions 70 the silver men If they
will assist in passing a bill for the re
tirement Of legal tenders. But to make
concessions to the silverites would only
be going from bad to worse. II is too
much silver that ails us now. IL is in
that. and that only, that the danger
lies OF n sudden drop TO the silver basis
the very thing which the president
rightly regards as a calamity. Any
concession TO the silverites would re
suit in a still more rapid withdrawal o
gold from the treasury and an early
, suspension Of gold payments.-Chicag'
Herald