The Coconino weekly sun., 1896-01-02
PRESIDENT AND TREASURER.

PRESIDENT AND TREASURER.
A Poor Pair to Manage the Finances Of
the Government.
On the Sd day of December last the
president of the United States trans.
mitted to congress message in which
the following statement appeared:
1T is possible that the suggestion of in
creased revenue as q remedy for the diff
culties we are considering may have orig
mated in an intimation or distinct alle-
cation that the bonds which have been
issued ostensibly to replenish our gold re-
serve were really issued to supply insult
ficient revenue. Nothing can be further
from the truth. Bonds were issued to OBJ
tain gold for the maintenance Of our ma
tional credit. AS has been shown. the gold
thus obtained has been drawn again from
the treasury upon United States notes and
treasury notes. This operation would have
been promptly prevented, II possible, but
these notes having thus been passed to the
government, like any other ordinary gov
eminent funds, and there was nothing to
do but to use them In paying government
expenses when needed.
"At no time when bonds have been is
sued has there been any consideration of
the question Of paying the expenses OF gov
later his secretarv ~ the +reasurv IN
his report upon the condition of the
finances ~ the country saws 40 follows.
..rho toto, exoo.. ~ .xrend,trre. over
receipts from July i, 1898, to December /,
1895. was slaO. 22l ,o2s; and of this sum s22.-
4s2 2Oas was paid out OF the Da .,a &c on on
a anu the remainder has been sunniied 't by
the use of United States notes and treas
ury notes presented Tor REDEMPTION. and
. .hus aec ee a,d no,r "1 T,;s 90 !, NV -
ISIS. provided that when any United States
note may be redeemed or be received into
the treasury under any ny, ,a VT, from any IN
United states thew shall not be- retired ed
Cancelled or destroyed, but they shall be
reissued and paid out again and kept in
e' rev. a. On, I'm. u,o, .,r ~, .,oso
notes have been redeemed they do not con-
stitute a part Of the reserve fund, but be:
come part OF the general casn assets OF
ner as other money belonging to the gov
eminent"
We wondered how the president
would explain, in case he was called
upon to do SO, the peculiar proposition
advanced by him that the greenbacks
and the treasury notes redeemed by the
government became practically nom
existent His secretary OF the treasury,
however, to-day dispels all doubt upon
this point by directly contradicting MIR.
Cleveland and stating in so many words
that greenbacks and treasury notes re-
deemed by the government with gold
coin became part OF the general fund
and assisted to decrease the deficiency
in the treasury. Doubtless the delay in
the appearance OF the report OF the sec
rotary Of the treasury is due to an ef-
fort on his part to explain the prcsi-
dents peculiar statements that the is
sue OF bonds had nothing to do with
the deficiency; yet finally, with more
courage than we had expected, he
comes out definitely and denies the
presidents statements OF facts.
From conditions different from
those stated by the president, the sec
rotary comes virtually to the same con-
clusion-that the greenbacks must be
retired because the people are fright
ened and the constant drain OF gold is
exhausting the treasury's supply.
Blind Cleveland! Unfortunate Car
Isle! They have not discovered that
from the day of the resumption OF
specie payments upon January l, 1879,
there was not an appreciate demand
Il VI n