Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-08-14

989. so, the annual loss over such an
nual output during the next ten years
would be $40, OF, 963. go a year, or 1890
179, 6369O in all; but, in addition to
this loss the government must, at that
time, redeem $500, O00,0 900 of the $685.
100000 of gold bonds already issued
to maintain the present system (not
to mention the accommodating inter
est. But an annual issue of 1856, 017,-
1858. SO must also be made during that
time to meet the annual loss, since
the government has no way of get
ting gold except by the issue of gold
bonds. So that if the present system
be continued this will be the condit-
ion of the government at the expira-
ton of the next ten years:
Bonds to be issued from now
until then (ten years at $780,
so per yeal) ..."..."..$ S60179,G36.9 90
Bonds already issued. 262 0O0, 600 90
Total gold obligations now placed
and to be placed upon the peo-
pie to maintain the present sys-
TEN during that time. 81 ,122 ,l79, 636 90
And since the government would
have to issue more gold bonds to
meet those already issued, and to be
issued, to meet this annual loss, and
also to meet these bonds, in turn,
when they mature, where must it
end-where can it end-except in re-
pudiation, dishonor or bankruptcy
Europe will never consent to a
change. for Europe gets what we lose
in gold?
1t will be noticed in this forecast
that the bonded Indebtedness of the
United States prior to the Inaugural
ton of the present system has not
been considered. and yet that enor-
nous debt must be met.
But" says one, "this loss in gold
may not continue, and ample revenue
would stop it. We had no trouble
about gold before the democrats got
in and tempered with the tariff
All, my friend you are not &C
quainted with the facts! You forget
that there was such abundant rev.
enbe flowing in the treasury under
the Harrison administration that the
republican party passed the Nc
Kinley bill for the purpose Git is
now claimed of diminishing its
volume; and yet the government lost
over $1S7, 900, 900 in gold under Presi-
dent Harrison. 1t is subterfuge to
charge this loss of gold to the loss of
revenue. The loss of gold antedates
the loss of revenue. A higher tariff
might bring more revenue into the
treasury, but it would not bring any
more gold into it, and gold is what is
needed. Do you ask why it would
not bring in more gold? 1 reply, be-
cause customs duties are payable in
silver, silver certificates, treasury
notes and United States notes; and,
consequently, the banks hoard the
gold, and the government revenues
are paid in currency. If it is asked
why the banks do this, l reply, be-
cause it is to their interest to do SO
BY keeping gold coin out of the
treasury they force the government
to issue bonds, which they buy, and
make the basis of their circulation
government bonds constitute the
very staff of their existence. If it is
asked, ''Do the banks do this?" l re
ply with the following statistics:
Gold holdings of the national banks
Date of report. Gold coin Gold certificates
December II, 1ss9...S T191O,467 $71,912. 2Gt
December 49, $780,. 77,325.7s4 S2569. 9S
December 2, 1884,. S4,2O0,5So 5000, O6(
December o. 1902. 9475i,32S 73,11s,4sl
December 10. 1S93.. 143.92s,9s9 52,274 1O
December 10, 1884,. 114.S9S,O47 29,G7772
December 10, 1885,. 1138i3,490 20.6J60 3
May z, 1S96...... 105,9SS,779 21,3S3 O2
Previous to and including the veal
1891, the larger portion of the GOLD
reserve of the national banks consist
ed of United States gold certificates
as the foregoing table of of1lcia
figures shows. But from 1899 to 1870
the gold certificates held by them fel
from $71 ,9l2,2 $3.50 to $52, 274, 1OO-a los
of $19,63S,160 while the amount o
gold coin held by them rose from ST.,
910,2GO to $143, 1928, 9S9-a:gain of $72
019,9 22, or more than double what i
was in 1891.
Here was transfer, within fou
warns IF tho c,,,,, of gro M O koo ::