The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-17
Through Rabid and Revolution
airy New York Newspapers.
FRIGHT DEPOSITORS.
Everybody Wants Gold to Put
In His Stocking.
Strong Eye Opening Article In
New York Journal.

daily Withdrawals OF SOlQ lIO14 tit
| treasury reserve have again reached
the 100000 point and treasury officials
are once more getting nervous, al
! though the 500, 600 safety limit is
still quite a distance off.
Bankers and administration oracleS
| are sowing dragons teeth by spreading
the panic horrors of the So cent dollar
and some of the discomfOrts of their
teachings are being experienced al
ready.
Depositors are besieging their bank
ers to let them have a little precious
gold to put away in their safety vaults
and stockings. Not all of the deposit
OrS will listen to the bankers plea to
be patriotic and defer the gold with
drawals until another day. Enough
of them believe the scare teachings
they have been treated to by their
banking friends to pull down the re-
serve at the rate of half a million dol
lars day, and the tide is rising. Inc
amount was only 100000 a day last
week. At the present rate of increase
it will be $3.50 900 a day next week.
Gold already commands a premium
in every city in the United States eX-
| eept perhaps on the Pacific coast. The
ordinary man cannot get the yellow
money over a bank counter. Neither
can he obtain through the same cham
nels that which will command the gold
-tO-Wit, greenbacks or treasury notes
PAYING OUT SILVER CERTIFI-
GATES.
This species of currency seems to
have suddenly disappeared from circu-
lation. Any one presenting check
for less than $500 will harvest a crop
of silver certificates. He will fail to
discover a solitary greenback or treas
ury note in the bundle. Occasionally
he will find a national bank note ana
a, package of round silver dollars, but
nothing that he can use to get gold out
of the Sub-treasury-
As a matter of fact the banks have
brought on the country those condi-
lions of currency restriction against
which they have been preaching as
one of the results of the election Of
Bryan and Sewall. They have re-
tired from circulation 80 per cent of
the $346 900, 900 of greenbacks and the
1928. 100000 in the treasury, or sherman
notes. In this they have been aided by
the United States treasury which has
on hand today S$11O, 500, 600 in green
backs and $34, 374 900 in treasury notes
The entire cash business of the coun-
try is being done at the present time
with silver coin and silver certificates
1895, 600 600 of the former Gncluding
latter, less than $500, OOO 900 in all.
PRACTICALLY ON A SILVER
BASIS.
To all intents and purposes the coun-
try is on a silver basas at this very
minute, with the handicap of an arti-
ficially created condition of se1ni-pan-
ic.
With the example set by the ad-
miniStratiOn, the bankers and the bank
depOsitOrs are justified in putting their
quick assets into gold or into a shape
that will enable them to get gold with
the least possible delay According to
the statement of the condition of the
United States treasury, issued this af-
ternOOn by the department, the avail
able cash balance, including the gold
reserve, is $252 so, sos, of which $780,
000, 600 lin round numberS) is in free
gold and S102, OO0, 600 is in United States
and treasury notes.
The government pays its current bills
in silver certificates or silver dollars,
boarding its gold and equivalent cur
rency notes in a misery way and in a
manner that warrants citizens in do
ing likewise Every move of the treas
uTy department is in open discrimina-
ton against silver. Such being the
case it is no wonder that every man
who has a dollar is struggling to put
it in shape to enable him to make
quick conversion into gold.
Some where boarded up in the banks
and safes are greenbacks and treasury
notes to the amount of $500, 900, 900
arranged in packages for quick trans
portation to the sub-treasury to ex-
change for the $109, 900 900 which consti-
tutes the reserve at the present writ
ing. The banks, filed with patriotic
desire to be first on hand when the
word Co is given, are diScOuraging
their depositors and friends from pro-
tecting themselves by getting in early
on the drawing.
1t annoys the financiers who loaned
the government $23, 000, 900 a few days
ago to strengthen the reserve to dis
cover that individuals are taking their
alarmist talk in earnest and protecting
themselves against the time when SO
cent dollars will circulateNaS the stand
ard money of the realm by subtracting
from the sum total of the reserve.
When they advanced the government
this gold and took in acknowledgment
thereof receipts in the form of neatly
arranged packages of greenbaCkS and
treasury notes returnable at the pleas
ure of the holders, they did not think
individuals would be mean and unpat-
riOtic enough to want the gold They
stand ready to come to the rescue of
the treasury again, but they will insist
on a stricter Interpretation of their
contract with the government, which
will put them in the position of pre-
When the final drive is made on the
reserve they do not want to be in the
mob. They must feel secure to the
others have a show. That was under
stood when the last 500, 900, 900 went up,
but if another reinforcement of the re-
serve should become necessary this
understanding will be so specifically
stated that the element of risk will be
practically eliminated from the per
Torrance.
As the reserve stands at s1O6. 900, 900,
the public is fooled 1t is really that
amount less the $23, 000, 900 gold furnish
ed by the bankers on receipt green
backs and treasury notes) which are
held in unbrOken packages by the lead
ers, returnable any second.
Merchants and business men of all
sorts and grades, conscious that they
are playing against some sort of a
brace game. are not letting a treas
my note or greenback get past them.
Cashiers in nearly all establishments
from one end OF the country to the
other have instructions 10 put such
paper away in the private safe, as in
surance against a rainy day, and they
are doing it.
The country is in the midst of the
very worst kind of a period of contrac-