The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-01-19

ury today Is pitiable. With expenses ex-
ceeding resources. with the gold reserve
continually falling. with nobody RESPONSE
bic for matters except an obstinate presi-
dent and few department secretaries who
are loyal to their chief only because he
created them and not because they, at
least, agree with him. the finances are
gradually getting to be in about as mort
bund a condition as they were when turn
ell over by James Buchanan. OF course,
since the Barring failure. We have had hard
times, but Il is really sickening 10 see how
these hard times have been met and then
compare present methods Of business with
those OF Abraham Lincoln and Salmon +.
Chase. who were not certain as TO whether
they were working for a government or
not.
The gold reserve has fallen to nearly &c.,
ooo.Oe0. II will fall still lower, because
there are two calls upon the treasury now
one, unhapply, for gold with which TO buy
the new Issue OF bonds. and the other for
gold to ship abroad to meet the semi-annual
payments. which in January are unusually
large. More gold is needed for the treas
ury.. and, no doubt Il viii come in when
the new bonds are fioated, but 1T Is very
humliating to see the administration
obliged TO prey around for gold in order
10 keep fits credit and financial standing
above high water. In 1892 there was $4,000
more gold imported than was exported,
but since that time the balance has been
on the other side. with no prospect OF
change until there is a new set OF mana
gers at the head of the national finances.
In the past few years nearly all the gold
which has been exported was Withdrawn
from the treasury. A year ago. indeed.
not far from twice as much gold was taken
out OF the treasury as was exported. The
gold reserve at the end of December, 1894.
was .ss.2noOo. and it had dropped to sH,-
70s 900 by the end OF January. 1895, a
shrinkage OF nearly 100000 in January.
while the expectation In the month was
s2i zoo. eOo Some of this sl7.000.0eo taken
out OF the treasury last January in excess
OF the amount sent out by the country was
probably withdrawn by spectators In pre-
paration for bond purchases. as a bond
was seen TO be imminent. and the general
expectation was that IT would be public
sale Ike the two were In which slOO.0ooO0
IN all offs per cent. bonds were disposed OF.
end ike the sale OF slo0. 900 per cents.
announced few days ago will be. Part OF
this sl7,Ooo, 900 doubtless was boarded. Last
February's sale OF So, OO0.0 900 4 per cents.
was a private contract. and the syndicate
buying them pledged itself not to draw
any. gold from the treasury in preparation
for the purchase. but there IS chance.
however, that some or all the members of
the combination drew on the treasury for
mart of their accumulation before the con-
trnctzw was made.
It's probable that the reserve viii fan
much lower than II now is. Eleven months
al,o. when the first OF the gold bought from
the Morgan combination began 10 flow into
the treasury. the reserve had shrunk to
point only slightly IN excess Of 100000.
That was the lowest mark ever touched
bv the treasury gold fund since the re-
sumption of specie payments on January
J. 1879. However. after the gold begins TO
40 into the treasury the whole face OF
financial affairs viii change. Last Feb
ruary:s sale stopped the gold outflow and
turned. the tide in the direction of this
country. The sel700oo0 expectation in
January was followed by heavy gold i'm
poriation. which was kept up until July.
when tile current again turned. Business
meanwhile rallied. and the Improvement
continued untu It's temporary interruption
10y she recent treasury difficulties
il IS very exnsperatag 20 see matters
4, }aycl.in the senate as they now are.
Tho house OF representatives took speedy
action, which might have brought relief.
bat ii IS probable that the senate, which
Is for free silver viii tack on a lot Of
sepstl,-ss amendments to the house bills
that<W,ill practically prevent their hecom-
.ine l.ra.s. Il Is very unfortunate. now that
:the Republicans have assumed the rcspon-
..stlHlty~6f organizing the senate. that they
should. virtually - powerless because OF
the atttudc OF lot OF men who. while
they profess TO Dr. Republicans. are 10
reality only body Of silver mine attor-
news. Chcy have. OF course. a perfect right
10 their Convictions. hut il is too lad that
they are ahlo % s'ock all -iaaon and
iutlre+the feputa,ion of che party 70 which
they hr5fe~ ~ belong hy holding Qua Tor
an Aea " hieh b4s been generally repudi-