Pine Bluff daily graphic., 1895-12-04

aoes not :. the les eosfibuie tc7r,iI givllg that kind of safe financial standing condition which held by the can be used obtain gold for our reserve Is easy. The people draw gold from h treasury demand upon United States and treasury notes but the proposition that the treas 4ry can on demand draw gold from the people upon them would be regarded In these days with wonder and anazenent And if this could be done, there Is nothing prevent thesS thus parting with their gold from regainng by the next day, the next hour by such notes taken from srpus revenue to buy gold in the market. or he could not do this without paying premium Private holders of gold unlike the 6e rom mans h the best bargain % possible when they furnished gold 10 the treasury. But the any terms above par, he would establish a general and parity between gold and silver which the government is pledged to maintain, and opening the way to
 In the meantime the premium would remain sta of a dealer selling gold to the government and with United states nctes treasury notes in his hand i'm mediately clanorng for It's return and resale at higher premium; It may be claimed that large rev eiiae ald feauee9 ieeepS nlisnI taNotteply te of retaining these notes In the Urea uy when received useful, ought be at least measurebly and this Is precisely what Is prohibited so 1878 which forbid their future retirement That stat received into the treasury belonging United States shall be paid out again and kept in circulation could refuse to pay out United States and treasury notes in current transactions when demanded and insist pay ing silver and s maintain the parity between that metal and currency represent currency of any kind exReted from the people through ta4eoh IS Sqssy s tt H @ is n tiiabe retention of money from the business of the country and denuneiation of scheme of taxation which proves Itself to be unjust when 1t takes from the earnings and income of the citizen money so much in excess or the needs or the goFefhments sappof tha large amounts can be gathered and kept in the treas plus eyenue, led the government to restore currency to the people by the purchase of it's unmatured bonds a large premium and by large increase of its de posits in national banks and easily remember that the abuse of treasury accumulation has matured &
  cay reducing our tariff taxation Perhaps 1t Is sup posed that sufficient revenue receipts would In sent mental way improve the situation by inspiring eonii denee In solYency and allayng the fear of pecun iaf} exauston And yet all Ihrough our sfusgies 10 maintain our gold reserve there never has been any @th such money as we had and the question whether ar not errent rsoeints met onr current expenses has not entered into the estimate of solveney. Of the general receipts of funds exclusive of and investor His debt could only be paid in gold and his only concern was our ability to keep up that kind
 On July l, ls9l. more than year and half be be. fore the first bonds were issued to repienish the gold reserve, there was net balance in the treas ury exclusive of snch reserve, of less than S3OOO- l 000, but the gold reserve amounted to more than Sii4 006 000, which the quleting feature of the situation. It was when the stock of gold began rapidly to fall that fright supervened and every security held abroad returned for sale and debts owed abroad were pressed for payment. In l the meantime extensive shipments of gold and other unfavorabe indications caused recessions of l fright among our people at home Thereupon the general state of our funds, exclusive Of gold, be- came also immateriai to them and they too dreW l gold from the treasury for hoardtng against all 
 l Increase in the proportion of gold withdrawn, | which was retained by our own people as time and l threatening Incidents progressed
 During the fiscal year ending June 30, 1894, l nearly SS5UO0.00 In gold was withdrawn from the l treasury and about ST1,000,0O0 was sent abroad, while during the fiscal year ending dune 30, 1895, over $l1 000000 was drawn out of which S8800O,O0O was shipped leaving large balance of such with drawais to be accounted for by domestic hoarding. Inasmuch the withdrawal of our gold has re- suited largely from fright there is nothing appar- ent that will prevent It's continuance or reoccur- renee. with It's natural consequences, except such il change In our financial methods as will reassure l the frightened and make the desire for gold less intrinsic. It is not clear how an increase in rev enue unless it be In gold and satisfactory to those whose only anxiety Is to gam gold rom the gov ernment's stOrv. It c;bInot therefore be safe to rely upon increased revenues as q cure for ouI | present troubles IL IS posslole lhht the sugges- ton of increased revenue as a remedy for the diff i tcuties considering may have originated i in an intination or distinct allesatloh that the bonds which have been is u d ostensibly 10 re- pIenish gold reserve we're really issued to sup ply insufficient revenue Nothing can pc further from the truth Bonds were issued to obtain gold i for the maintenance of onr national credit As has been shown, the gold thus ohtained has been | drawn again from the treasury upon United States notes and treasury notes This operation woul> 1 have been promptly prevented II posslDie, bu these notes having thus been passed to the treas 1 ury, they become the money of the government l like any other ordinary government bonds ane there was nothing to do but to use them in paying | government expenses when needed.
 At no time when bonds nave been issued has there been any condition of the question of payinG the expenses of the government with their pro | eeeds There was no necessity consider tha question At the time Of each bond issue we hat T safe surplus in the treasury for ordinary opera tlons exclusive of the gold in our reserve. February lS94. when the first issue of bonds WA made such surplus amounted to over Slo.B9b,09U II November When the second issue was made amounted to more than s42,UJ0,010 and in Febru
 ary 1895. when bonds for the third time were IS
 sued, snch surplus amounted 10 more thah tiVV, 000.000 It amounts to s36.042, 42u.5U
 Besides all fhis, the secretary of the treasuf. had no authority whatever to issue bonds to in crease the ordinary revenues or pay current ex penses. I cannot but think there has been som
 confusion Of ideas regarding the effects or the Of bonds and the resallts of tae VI, l,hsirawai 0