The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1896-01-09

redemption In coin on and after the first
day Of January, 1879. This reduction was
arrested BY congress- whom the amount of
the United States notes had been reduced
20 $846, 681. 0l6, when both houses Of con-
.gress had Democratic ma orities. Provi-
sion was E,ade for the redemption of the
United Stntes notes by coin on demand
and for sheir reissue, and authority was
given to sail United States bonds for that
purpose. Il tfss3 3
From the first day Of January, 1879, 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 $685.
500, 900. 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 q
table prepared by the treasury department.,
by which 1t appears that during 10 years
from the LIST Of July, 1879, to the list of
July, 1899, the redemption of United
States notes in gold averaged less than
%, OO0, 900 year, while during the last
81 years the redemption of United States
notes and treasury notes exceeded $780,
600, 900 for each year. During the first IS
years gold was exported In large quanti-
ties, but it was not drawn from the re-
serve, but during the past 81 years $780,
0O0, 600 was drawn from the reserve and
$8O5, 600, 600 exported. The balance with
the domestic supply Of gold was boarded
in the United States. Ar
n CsrliAle's Reports. -
The recent,report OF Secretary Carlisle
shows that prior to 1891 the demand for
coin for United States notes during Pc
Rod of 10 years from July /, 1879, to July
/, 1892 was only $43, $40, S96, while the
receipts Of gold for United States notes
during the same period amounted to $780,
600, 900. The Withdrawals from the treas
ury from July l, 1892. to Dec. l, 1896,
have amounted to $3.50, 1855, 512.
will read what he says in his report:
"The Withdrawals from the treasury be-
tween July l, 1879, and July 1, 1892,
amounted to $43, $40, 800, while the gross
exports during the same time amounted
to $3.50, 1854, 757, showing that $346, O43, 861
was supplied from sources outside of the
treasury, but the Withdrawals from July
1, 1892 to Dec. l, 1895, have amounted to
$3.50, 266, Big, and the gross exports have
amounted to 1906, 617, 419, from which it
appears that the government has furnish
ed sum equal to the whole export and
S54, $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 also large amount for the use
Of our people at home, it's 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 July !, 1894 1t steadily and almost
continuously increased from $40, 600, 900
on the 1st of January, 1879, to $500, 600, 900
on the 1st of January, 1891. 1t then stead
lily decreased to the 1st of July, 1894, when
it was reduced to $125, 900, 600, and, though
replenished by the large sale of bonds it
was reduced Dec. 81, 1895, to the sum of
S64, 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
s24O, 900, coo on the list of April, 1885, to
$500, 600, 900 on the lst of April, 1885, This
gold came into the treasury without cost
in exchange for United States notes or
gold certificates.
Unyyise 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 1890, when the &C.
cunulation of geld occurred, and the great
body of gold was withdrawn after the act
of July IA, 1890, was repealed. In 1880,
while was secretary of the treasury, the
government received over $50, 900, 600 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
tanned at parity with coin will always be
preferred in large commercial transactions
as we'll as in the current business 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 the government to sell bonds pro-
vided for the redemption Of United States
notes in order to'meet def1cienciesP What
other remedy is there for our financial diff
fculties except to borrow money on the
best terms possible to pay current defcien-
oies and to provide additional revenue for
future wantsf To this extent and for these
purposes am willing % support this ad-
ministration, however much / may dis
agree with its general policy.
But the president Is not satisfied. He
demands the retirement and cancellation
Of all the United States notes and treasury
notes by the sale of bonds Of the United
States bearing interest. In his annual
message he says:
in anticipation of impending trouble
had on the 28th day of January, 1896,
addressed communication to the con-
gress fully setting forth our difficulties
and dangerous position and earnestly rec
ommending that authority be given the
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 limited States notes and