Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1895-12-05

and the high rate of 10 exchange, which
induced the shipment of our gold to be drawn
against, aS n matter of speculation
| [The pre- sident here alludes 10 the fact thas
the situation stead ly grew worse and 1t again
became necessary to streng hen the gold re-
serve Again Disappointment awaited the
anxious hope for relief He then refers to the
agreement with number OF nnancler5 ana
banks and saysl
On the day this contract was made its terms
were communicated to congress 10y special
executive message, in which it was stated
that more than l6,t0J0v0 would be saved 70
the government if gold bonds, bearing per
cent interest, were authorized to be substl-
tuted for those mentioned in the contract.
Congress having declined to grant the neces-
sary authority to secure this saving, the con-
tract, unmodified was carried out, resulting
| in gold reserve mounting to slU7 ,571 go on
July s, 1895. The performance of this contract
! no. only restored the reserve, but checked for
time the Withdrawals of gold, and bror
period of restored confidence and
! peace and quiet in business circles as we,
the greatest possible value to every int
that affects our people. have never ha
slightest misgiving concerning the wisdol OF
| propriety of this arrangement, and am Lutte
willing to answer for my full share Of
Responsibility For Its Promotion.
believe it averted disaster. the immi-
nence of Which was fortunately not at the
time generally understood by our people.
Though the contract mentioned stayed for .
time the tide of gold withdrawal. its good re-
81 Is could not be permanent. Recent with
draw lis have reduced the sum from $l07 ST.
,.}J on july g. 1885 to $ig333N6 How long 1t
will remain urge enough to render its in
cre.'e unnecessary is only matter Of con-
lecture
The foregoin; statement of events and con-
dit,ons develops that fact that after increas.
Ing our rest-bearing bonded indebtedness
more, than 81 JOJOU TO save our gold reserve.
hara Jf.,r Tod hn, ~
in such re,erv so ts;3 $685. as against $50 43S SIT
in February, 1874, when the first bonds were
issued.
Though the amount of gold drawn from
the treasury appears to be very large, as
gathered from the facts and figures herein
lr..spnt,d it ac ;lla l. was much larger con-
siderable sum, having been acquired by the
treasury within tn. several periods stated
without the = ne OF b nds,
On Jan, =. vs. it wa. reported bv the secre.
tary of tn, tired. ..lry that more than $l72 OoOOOO
of god h, t,.,.n withurl xn for boarding or
shimpnt Il Il II the wear preceding. He n v
reports tnat T. IN Jan l, 1879, to July a. IL;
aptrioi of more than IL years. only a Ii @
oter$s OOoOJ was withdrawn and that le-
tween July "A. 1880 the date of the passage Of
the law for al increased purchase of silver
and Dec L. Is d, or within less than So years
there WAS wli4ufa vn nearly s315OJO00O, max
inga total oil more ii an $4U} OOV, 900 drawn from
TN. trea .ury in cold s1nc Jan. i. 1879, the date
tixeIin l,11 for the ret rement of the United
states notes
Nearly S,:7 DlOU of the gold thus with.
drawn haiDrl 3,i, out of these United
IT te. no,,s...n v,. every one Of the S}46 100
ui,i + mn a aH and ready tn do service
ma ure yold il. ,,,...I,l.. More than $4,000.
80 m vold has &c. their creation in 1890
n, q, I,tid ot,t ar,.d the treasury ,lpan the
n,tes ysye, ON the purchase of SILVER by the
yoyrr1mrnt
the Whole. amounting to sl55. OOO.-