Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-02-08

gold. Between that issue and IL
succeeding one in November, con
prising a period of about ten month
nearly $103, 600, 900 in gold were draw
from the treasury. This made
second issue necessary, and upon tn.
y more than $5S,OO0,OO0 OF gold Wa
' again realized. Between the date {
this issue and the present time, cove
t ing a period of only about two month
more than $4,000, 600 in gold was e,
: pended without cancellation of go,
ernment obligations or in any perma
nent way benefting our people, O
improving our pecuniary situation.
Financial events Of the past yea
| suggests facts and conditions whicl
should certainly attract attention
More than &17e 900 600 in gold ha
been drawn out of the treasury durin,
the year for the purpose of shipping
abroad or boarding at home. Will,
nearly $l03, 100000 of the same wa,
drawn out during the first ten months
OF the year, sum aggregating more
than two-thirds that amount, being
about $69. 900 900, was drawn out dur
ing the following two months, thus
indicating a marked acceleraiion oil
the depicting process during the lapse
OF time. The obligations upon which
this gold has been drawn from the
treasury are still outstanding. availa-
BILE for use, repeating the exhausting
operations, with shorter intervals, as
our perplexities accumulate. Condi-
tions are certainly supervening, tend
ing to make the bonds which may be
issued to replenish our gold less useful
for that purpose. An adequate gold
reserve is in all circumstances abso-
lutely essential to upholding our pub
lie credit and to the maintenance of
our high national character, and our
gold has again reached such q stage
OF diminution as to require its speedy
reinforcement.
The aggravations that must inevi-
tably follow the present conditions
and methods will certainly lead to
misfortune and loss, not only to our
national credit and prosperity and to
our financial enterprise, but to those
OF our people who seek employment
and means of livelihood and to those
whose only capital is their daily labor.
1t will hardly do to say that simple
increase OF our revenue will cure our
troubles. The apprehension now ex-
listing and constantly increasing as to
our financial ability does not rest upon
calculations of revenues. The time
has past when the eyes OF investors
abroad and our people at home
were fixed upon the revenues Of
OF this government. Changed con-
ditions have attracted their atten-
ton to the gold of the government.
There need be no fear that VIC can
not pay our current expenses with
such money as we have. There is now
in the treasury comfortable surplus
OF more than $63, 900 600, but it is not
gold, and therefore does not meet our
difficulty. l cannot see that differ
ences OF opinion concerning the ex-
tent to which silver ought to be coined
or used in our currency should inter-
fere with the counsels of those whose
duty it is to rectify the evils now ap-
parent in our financial situation. They
have to consider the question OF ma.
tional credit and the consequences
that will follow its collapse, whatever
their ideas may be and however in.
sisted on, a. to silver or bimetalism.
The proper solution of the question
now pressing upon US only requires
the recognition of gold, as we'll as
silver, and the concession of its i'm
portance, rightfully or wrongfully &C.
quired, as basis of material credit,
and its necessity in the honorable dis
charge of our obligations, payable in
gold.
l do not understand that the real
friends of silver desire the condition
that might follow their action or neg
lect to appreciate the meaning of the
purest exigency, if it should result in
the entire banishment of gold from
our financial and currency arrange
ments. Beside treasury notes, which
certainly should be paid in gold,
amounting to nearly $50O.OO0,0O
there will fall due in 1904, $1OO,OOO,-
600, issued during last year, for which
we have received gold, and in 1907
nearly 100000, 900 4 per cent. bonds,
issued in 1877.
Shall the payment of these obliga-
tions in gold be repudiated? If they
are to be paid in such a manner as
the preservation OF our national honor
and national solvency demands, we
should not destroy or even imperil our
ability to supply ourselves with gold
for that purpose.
While am not unfriendly to silver,
and while desire to see it recognized
to such an extent as is consistent with
financial safety and the reservation of
the national honor and credit, I am
not willing to see gold entirely BAN
ished from our currency and finances.
To avert such consequence, believe
thorough and radical remedial legis-
lation should be promptly passed. I
therefore beg Congress to give the
subject immediate attention.
In my opinion, the Secretary of the
Treasury should be authorized to issue
bonds of the government for the pur.
pose of procuring and maintaining a
sufficient gold reserve and the re.