Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-12

redemption In coin on and nftor the frs.
day OF january, 1870. This reduction was
arrested by congress when the amount Of
tho United States notes had been reduced
10 s5io, ,0l6, when both houses Of con-
RreSs had Democratic mhjorities. Proyi-
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, 1870, to
tho election OF Mr.. Cleveland in Novein-
Der 1879 there was no disturbance OF the
orderly receipts and exchange OF gold and
currency The gold deposited in tho treas.
ury In exchange for gold bonds In the
summer hnd full Of 1873 amounted to t95,-
GOO, 600. The ordinary current revenue In
the treasury conducted tho vast operations
OF tho government without friction or
trouble for nearly liy years. United States
notes were Of par with coin not only In
every part of the United Stntcs, but in
every country In tho world. During all
that long period United States notes were
presented for redemption, but In amounts
comparatively insignificant. have hpre n
table prepared by the treasury department,
by which it appears that during 10 years
from tho LIST Of July, 1879, to the LIST Of
July, 1909, tho redemption OF United
States notOs IN gold avcrng less than
t9,OO0,oOO yenr, while during tho Lash
Bh years tho redemption Of United States
notes and treasury notes exceeded $780,
goo 600 for each year. During tho FIRST 10
ycnrs gold was exported In largo quanti-
ties, but 1t WAS not drawn from tho ro-
serve, but during tho past az years $780,
100000 was drawn from the reserve aud
SH05, 600 600 exported. Tho balance with
the domestic supply OF gold was boarded
IN tho United States.
Cnrlislep Report.
The recent report Of Secretary Carlisle
shows that prior TO 1891 tho demand for
coin for United States notes during Pc
Rod of 10 years from July /, 1879, to July
!, 1899, was only si3,8i0, 800. while tho
receipts Of gold for United States notes
during tho same period amounted 70 $780,
000 900, Tho Withdrawals from tho treas.
nry from July !, 1899, 10 Dec. 1, 1896,
have amounted to $500, 266, 5le.
will read whnt he snys In his reports
1.-THE Withdrawals from the treasury be-
tween July l, 1879 aud July ], 1899,
amounted 10 ti8, 3i0, 500, whilo the gross
tAlAtAN hAtAuE WV htAlllN NAiilt htluuHAtu
to $3.50 1854, T6T, showing that s846, 048, SOL
WINS supplied from sources outside Of tho
treasury, but tho Withdrawals from July
/, 1893, to Dec. /, 1896, havo amounted to
$500, a66, Bl9, and tho gross exports have
amounted to s8O5, 0i7, 410, from which it
appears that tho government has furnish
ed n sum equal to the whole export and
sbi 0i9, 0D3 In addition. While tho govern
mcnt has thus been compelled during the
last Sl5 years not only tn furnish gold
from tho treasury for export 10 other ooun-
tries, bat also largo amount for the use
OF our people at home, Its receipts Of gold
on account Of customs and other taxes
hive been constantly diminishing since
July, 1890, md have now entirely ceased
have graphic map attached to tho
secrctary's report Of 1894, which shows
tho amount Of gold In the treasury from
1879 TO July !, 1894 II stoadily and almost
continuously Increased from sl40, 900, 900
on the LIST Of January, 1879, &c $500, 000, 900
on the list Of January, 1891. Itihen stead
ily decreased TO the LIST Of July, 1894, when
II was reduced 10 tigb 600, 600, and, though
roplenlshcd by the large snlo OF bonds 10
was reduced Der. 81, 1905, TO thr sum of
s64, 204, 65i, During tho first term Of Mr..
Cleveland, when he was poworless to affect
our currency md tariff policy, the senate
being Republican, the gold increased from
ss40, 600, 900 on the LIST Of April, 1885, to
$500, 600, 900 on the list Of April, 1889. This
gold came Into tho treasury without cost
In exchange for United States notes or
gold certificates.
Unwise LeEislation.
1t Is Just 70 Mr.. Carlisle 10 say TINT he
attributes the withdrawal Of gold TO silver
legislation, yet the Bland Allison act was
in force from 1875 TO 1890, when the no.
emulation OF gold occurred, and the great
body OF gold was withdrawn after the act
OF July IL, 1890, was repealed. In 1880,
while was secretary Of tho treasury, the
government received over SEQ coo, 900 of
gold In exchange for silver certificates and
United States notes, md yet this was done
inter tho Bland Allison act was IN force
md tho silver certificates had been Issued
under that act. United States notes and
silver certificates were moro convenient to
purchase cotton and corn and when main
tained at purity with coin viii always be
preferred In largo commercial transactions
Ms well as In the current business Of life.
In Wow Of these official facts can any
fAir nnn doubt on TO the cause OF our
financial condition. What other cuuse can
be stated than that unwlsc Legislation re-
duced our revenues below our expendi-
lures impaired confidence In our ability
10 maintain our currency nt par md COM
PEELED tho government TO sell bonds pro-
yiicd for tho redemption Of United States
notes In order to meet defoienciess What
other remodyis there for our financial DIFF
loultles except to borrow money On the
best terms possible to pay current dofloien-
cius and to provide additional revenue for
future wantsY To this extent and for these
purposes am willing to support this nd
ministration, however much 1 may dis
ngreo with Its general policy.
But tho president Is not satisfied. He
demands the retirement and cancellation
Of all tho United States notes and treasury
notes by the salc Of bonds Of the United
States bearing Interest. In his annual
messagch no saysi
"In anticipation OF impending trouble
I had ON the 2ath day Of January, 1875,
addressed u communication 10 the con-
gross fully setting forth our difficulties
and dangerous position md earnestly rec.
onimending that authority DO given the
secretary OF tina treasury TO Issue bonds
bearing q low rate OF interest, payable by
their terms in gold, for the purpose OF
maintaining suiilc lent gold reserve, and
also for the redemption and cancellation
Of outstanding United States notes and
the treasury notes issued for the purchase
of silver undor the law OF 1890 This REQ
ommentlation did not, however,, meet with