The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1895-12-05

5duced the shipment OF our gold to b.
drawn against, as q matter OF speculation.
In consequence Of those conditions, the
COLL reserve on the first day Of February,
1891, was reduced to s85, 4SS, ~, having.
lost more than &sl 900 ,O0o during the pre-
ceding nine months. Its replenishment
being necessary, and no other manner OF
acco mplishing It being possible, resort
was had to the issue and sale Of bonds,
provided for by the redemption act Of
1878.
Fifty millionS of these bonds were sold,
yielding $58,633, 295.7l, which was added
to the reserve fund of gold then on n nd
As . result Of this operation this reserve
which had suffered constant and Ia &c
withdrawals in the meantime, stood on
I he 9th day OF March, 1885,, at the sum OF
3 O7.440,8Jy. Its depletion was, however,
Immediately thereafter SO accelerated that
on the 9th day Of June, 1894, 1t had fallen
to $64, S73,025. This depressed con-
dition grew worse and on the 9th
day of november, 1874. our gold reserve
being reduced to $4,000, .Ol, it became
Necessary to Again Strengthen 1t.
This was done by another issue OF bonds
amounting to $50, OuO,OO) from which there
was realized $5S, 53S, zoo with which the
fund was increased to gill ,143. OIL, on the
4th day of December, 1894. =
Again disappointment awaited the anx-
ious hope for relief. Between the 4th day
Of December, 1894, and eaH = s.z... =.
1896, period Of scarcely more than TWO
mouths after the second reinforcement OF
gold reserve by the sale of bonds, it had
lost by such withdrawals more than
S890)O,OOO and had fallen to ,34O lS1.
Congressional aid was asked in this emer-
gency but no relief granted, and the third
issue of bonds were made. Recent with
drawals have reduced the reserve from
So, 5,7, 23O GA the 9th day of July, 1897,
10 s;Y, 1893, g. How long it will remain
large enough to render its increase I'M
necessary, is only matter OF conjecture,
though large Withdrawals for shipment in
the Immediate future are predicted In
well-informed circles. =, :
Immense Withdrawal Of Gold.
% Though the amount OF gold drawn from
the treasury appears to be very large, as
gathered from the facts and figures herein
presented. it actually was much larger,
considerable sums having been acquired
by the treasury within the several periods
stated without the issue of bonds.
On the 18th of January, 1895, it was re-
ported by the secretary of the treasury
that more than $l73. 0OO, 900 Of gold had
been withdrawn for boarding or ship
ment during the year preceding. He now
reports that from Jan. l, 1879, to July IA,
1891, period of more than II years, only
little over $2s,oO,Ooo was withdrawn,
and that between July IA, 1890,
the date of the passage OF
the law for an increased purchase OF sill
YER, and the lst day Of December. 1898, or
within less than five and half years,
there was withdrawn nearly 1915, 900. LOO.
making a totarof more than s4O5, o II, 0oo
drawn from the treasury in gold since
January 1, ls;a2the date fixed in 1875 for
the retirement of the United States notes.
Nearly 1891, 00,, OOo of the gold thus
withdrawn has been paid out on these
United States notes; and yet every one OF
the 1916 900 600 is still uncancelled and
ready to do service in future gold deple-
tiOns. ,'" 49,