Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1895-12-04
CONDITIONS TO BE MET.

there is nothing apparent that will
prevent its continuance or recurrence,
with its natural consequence, except
such change in our financial methods
as will reassure the frightened and
make the desire for gold less intense.
1t is not clear how an increase in
revenue, unless it be in gold, can
satisfy those whose only anxiety is to
gain gold from the Governments store.
1t cannot therefore be safe to rely upon
increased revenues as a cure for our
present troubles.
Nothing can be further from the
truth. Bonds were issued to obtain
gold for the maintenance ssof our Ma
tional credit. As has been shown, the
gold thus obtained has been drawn
again from the Treasury upon United
States notes and Treasury notes. This
operation would have been promptly
prevented if possible; but these notes
having thus been passed to the Treas
ury, they became the money of the
Government, like any other ordinary
Government funds, and there was moth
ing to do but to use them in paying
Government expenses when needed.
SURPLUS IN THE TREASURY.
At no time when bonds have been
issued has there been any consideration
of the question Of paying the expenses
of Government with their proceeds.
There was no necessity to consider that
Question. AT the time of each bond
issue we had a safe surplus in the
Treasury for ordinary operations, ex-
elusive of the gold IN our reserve. In
February, 1894, when the first issue of
bonds was made such surplus amounted
to over $18,000.O00 in November,
when the second issue was made, it
amounted to more than $42, 1000, 900;
in February, 1885, when bonus for the
third time were issued, such surplus
amounted to more than 500, 900, 900;
it now amounts to 500. ora. 4S0. 80.
Besides all this the Secretary of the
Treasury has no authority whatever to
issue bonds to increase the ordinary
revenues or pay current expenses. !
cannot but think there has been some
confusion of ideas regarding the effects
of the issue of bonds and the results Of
the withdrawal Of gold. 1t was the
latter process and not the former, that
by substituting in the Treasury United
States notes and Treasury notes for
gold, increased the amount of the
money which was in tho first instance
subject to ordinary government expen
ditures Although the law compelling
an increased purchase of silver by the
Government was passed on the 14th
day of July, 1890. Withdrawals of gold
from the Treasury, the notes given in
payment for such purchases did not be-
gin until October, 1891. Immediately
following that date the withdrawal
upon both these notes and United
States notes increased very largely and
have continued to such an extent that
since the passage Of that law there
has been more than thirteen times as
much gold taken out of the Treasury
upon United States and Treasury notes
issued for silver purchases as was thus
withdrawn during the eleven and a
half years Immediately prior thereto.
and after the 1st day of January, 1879,
when specie payments were resumed.
FREE COINAGE OF SILVER.
1t is neither unfair nor unjust to
charge large share Of our present
financial perplexities and dangers to
the operation of the laws of 1878 and
1890, compelling the purchase of silver
by the Government, which not only
furnished new Treasury obligation
upon which its gold could be with
drawn. but so increased the fear of an
overwhelming food of silver and a
forced descent to silver payments that
even the repeal of these laws did not
entirely cure the evils of their exist
! nece.
While have-endeavored to make
plain statement of the disordered con-
dition of our currency and the present
dangers menacing our prosperity and
to suggest a way which leads to safer
financial system, / have constantly had
in mind the fact that many of my
countrymen, whose sincerity do not
doubt, insist that the cure for the ills
now threatening us may be found in
the single and simple remedy of the
II66 COludSo VI sllSSI. luoy COubcuu
that our minis shall be at once thrown
open to the free, unlimited and indie
pendent coinage of both gold and silver
dollars of full legal tender quality, re-
CARELESS of the action of any other
Government and in full view of the
fact that the ratio between the metals
which they suggest calls for one hun
bred cents worth of gold in the gold
dollar at the present standard and only
fifty cents in intrinsic worth of silver
in the silver dollar. Were there in
fnitely stronger reasons than can be
adduced for hoping that such action
would secure for US bi-metallic cur
rency moving on lines Of parity, an .ex-
pertinent SO novel and hazardous as
that proposed might we'll stagger those
who believe that stability is an imper-
alive condition of sound money.
No Government. human continuance