The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1896-01-10


arrested by congress when the amount of
the United States notes had been reduced
to $S46, 6S1, 016, when both houses of con-
gress had Democratic majorties, Provi
sion was made for the redemption of the
United States notes by coin on demand
and for their reissue, and authority WAS
| given to sell United States bonds for that
purpose
From the first day of January. 1872 to
the election of Mr.. Cleveland in Novem-
| Der, 1892, there was no disturbance of the
orderly receipts and exchange of gold and
currency. The gold deposited in the treas
ury in exchange for gold bonds in the
| summer and fall of 1878 amounted to 500, :
100000. The ordinary current revenue in
the treasury conducted the vast opere tions
of the government without friction or
trouble for nearly IA years. United States
notes were at par with coin not only in
every part of the United States but In
every country In the world During all
that long period United States notes were
presented for redemption, but in amounts
comparatively insignificant. have here
table prepared by the treasury department,
| by which it appears that during IS years
from the LIST of July, 1879, to the LIST Of
July, 1899, the redemption of United
States notes in gold averaged less than
$4,000, 900 year. while during the last
81 years the redemption of United States
notes and treasury notes exceeded $780,
900, 900 for each year. During the first 13
years gold was exported in large quaint
ties, but it was not drawn from the re-
serve, but during the past 8 u years $780,
000, 900 was drawn from the reserve and
1905, 900, 900 exported The balance with
the domestic supply of gold was boarded
In the United States.
Carlisle's Report.
| The recent report of Secretary Carlisle
shows that prior to 1891 the demand for
coin for United States notes during pc
Rod of 3 years from July l, 1879, to July
/, 1892 was only SAB, 310 S96, while the
receipts of gold for United States notes
during the same period amounted to $780,
900, 600. The Withdrawals from the treas
ury from July /, 1892 to Dec. /, 1885,
have amounted to $500, 266, 512.
/ will read what he says in his report:
"The Withdrawals from the treasury be-
tween July /, 1879, and July 1, 1892,
amounted to $43, $40, $685. while the gross
exports during the same time amounted
to $3.50, 354, 757 showing that $346, 043, 861
| was supplied from sources outside of the
treasury, but the Withdrawals from July
| /, 1899, to Dec. l, 1896, have amounted to
| $3.50, 266, 512, and the gross exports have
amounted to 1906, GIT, 419, from which it
appears that the government has furnish
ed sum equal to the whole export and
| $54, $40, 093 in addition. While the govern.
ment has thus been compelled during the
| last 81 years not only to furnish gold
from the treasury for export to other coun
tries, but al so large amount for the use
of our people at home, its receipts of gold
on account of customs and other taxes
have been constantly diminishing since
July, 1890, and have now entirely ceased"
I have a graphic map attached to the
secretary's report of 1894, which shows
the amount of gold in the treasury from
1879 to July1 1894. 1t steadily and almost
continuously increased from $780, 600, 000
on the LIST of January, 1879, to $500, 900, 900
on the 1st of January, 1891. 1t then stead
lily decreased to the 1st of July, 1894, whent
1t was reduced to Sl25, 900, 900, and, though
replenished by the large sale of bonds, X
was reduced Dec 81, 1895, to the sum of
So, 204, 651. During the first term of Mr..
Cleveland, when he was powerless to affect
our currency and tariff policy, the senate
being Republican, the gold increased from
$240, 600, 600 on the LIST of April, 1885, to
$500, 900, 900 on the 1st of April, 1885, This
gold came into the treasury without cost
in exchange for United States notes or
gold certificates.
Unwise Legislation.
1t is just to Mr.. Carlisle to say that he
attributes the withdrawal of gold to silver
legislation, yet the Bland-Allison act was
In force from 1878 to $780, when the ac-
emulation of gold occurred, and the great
body of gold was withdrawn after the act
of July IA, $780, was repealed. In 1880,
while was secretary of the treasury, the
government received over $50, 600, 900 of
gold in exchange for silver certificates and
United States notes, and yet this was done
after the Bland-Allison act was In force
and the silver certificates had been issued
under that act. United States notes and
silver certificates were more convenient TO
purchase cotton and corn, and when main
tained at parity with coin will always be
preferred in large commercial transactions
as we'll as in the current blu mess of life.
In view of these official facts can any
fair man doubt as to the cause Of our
financial condition. What other cause can
be stated than that unwise legislation re-
duced our revenues below our expendi.
lures, impaired confidence in our ability
to maintain our currency at par and COM
PEELED tho government to sell bonds pro-
vided for the redemption of United States
notes in order to meet deficiencies? What
other remedy is there for our financial diff
fculties except to borrow money on the |
best terms possible to pay current Geficien.
cies and to provide additional revenue for
future wants? To this extent and for these |!
purposes l am willing TO support this ad. |
ministration. however much l may Gis
agree with its general policy
But the president IL not satisfied He |
demands the retirement ard cancellation |
OF all the United States Totes and treasu ;
notes by the sale OF bonds OF the United |
States bearing interest. In his annual |
message he says;
"ln anticipation of impending trouble |
! had on the 2Sth day of January 1895 |
addressed a communication to the con.
gress fully setting forth our difficulties
and dangerous position and earnestly rec
ommending that authority be given ths |
secretary of the treasury to issue bonds |
bearing low rate Of Interest payable by |
their terms in gold. for the purpose Of |
maintaining sufficient gold reserve. and |
also for the redemption and cancellation |
Of outstanding United States notes al d |
the treasury notes issued for the purchase |
OF silver under the law of 1890 This rec
ommendation did not, however meet with |