The Caucasian. (Clinton, N.C.) 188?-1913, 1896-01-09
GREENBACKS
AND PRESERVE"
The Greenbacks Not Response.
BILE For Looting the Nation.
al Treasury of Gold.

q tfeeDN-Oee noo1fee ma Te'y'TiV m'"sss
Shsd n Thirty Five Mssths
What light do the facts throw on the
warmly debated question of the alleg-
ed responsibility Of the greenbacks for
the depletion Of the governments gold
reserve and the repeated issue OF
bondsP What would be the condition |
Of the treasury to-day If no bonds had
been issued?
To answer these queries, The New
York Voice has constructed q table
diagram from the treasury reports of
and expenditures issued dur
ing the last thirty-five months. Ac-
cOrdinR to the analysis of the Voice
the following results are disclosed:
81. That in the last thlrty-five months
the revenues have fallen behind the
expenditures $14O,OOO,OOO.
%. That during the last year, despite
the drain on the gold reserve, by means
of greenbacks, the outstanding circu-
lation of greenbacks has remained
about the same, indicating that as fast
as they came in they were paid out for
governmental expenses.
"3. That while these greenbacks have
thus been applied as fast as received
to payment Of expenses, the combined
gold and silver bullion held by the
treasury has been decreasing in pre-
portion to treasury liabilities, not in
creasing, indicating that government
expenditures have eaten up not only
ali the revenues, but all the greenbacks
received, and made inroads besides on
the stock of bullion.
"Up to the 1st of January, 1898, the
ordinary government receipts from
customs, internal revenue and other
regular channels were sufficient to
provide for the ordinary expenditures
and leave a surplus to apply on the
debts. Then, with the increasing hard
times and changes in the revenue laws
expenditures began largely to exceed
receipts.
"During these thirty five months tht
receipts have exceeded the exPendl
lures in only seven months. The ex
cess of expenditures over receipts TO-
1898 was $43,O0O.OOO, for 1884 it wa
$62, 100000 and for eleven month
of this year $35, 1000, 900. Alto
gether, in the past thirty-tive months
the excess of expenditures over re
ceipts, to be exact, has been $l4o,es4'
4l5.
cat the same time the actual treas
ury balance has been diminishing, il
spite of the complicated book-keepin
Of the treasury officials, which make
attempts to get at the real conditio
> extremely difficult. On January
1898. there we're 81 AZ, 100000 of note
: Of ali kinds in circulation, exclusive {
hank notes, which are not direct GOV
ernment obligation. To Offset thes
there were SOL 100000 of actual gol
and silver in the treasury. This mad
J. a balance against the government
$ $741, ,OOO, 900.
Q "On December lst last the govern
/, ment currency of all kinds (not lnclu'
Y ing bank notes) was 81 1856 ,OOO, 600, OF
set by $62O,OOO,OO of gold and silver
3. the treasury, thus making $766,OOO,O
- of balance against the governmel
= Compared with the $74l 100000 OF thr
years ago, this is an increase OF ~
y 10000 in these liabilities. This add
1T to the $l4O, ,OOO, 900 of deficit In revenu
t. makes $l65, 100000 which the COVER
IN ment has lost in the past three years
d. ITO meet this the government h
issued bonds at three different perio
M $5O,OO0,OOO in February, 1894 anotl
w $5O,OOO,OOO in September OF the sa!
m year, and $62, 900 600 beginning VI
AMOUNT s9Ssu' to sisa 10000 at face val
n which covers the government shorts
a. Of $165, ,OOo, 600 within $3,Ooo.0oo; In
dition the treasury received ao'
10 SIS 600, 600 in premiums on these bon
te, and has paid out on maturing Pac
ds railroad bonds, and in other ways.
in incIuded ia Ordinary expenditur
he enough to account for the $4,000
balance. -,
u: ss. that the primary cause of the fall
lis gold reserve has not been the gre
backs, but the failure Of the re receipt .saRe
)OO meet the expenditures OF the cove
'le- ment. Uncle Sam has been living
vond his income and shows the EN-
,O.- of it in his pocket-money."