Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1897-05-30
SENATOR STEWARDS AMEND
NEST.

The condition OF the United States
Treasury. as officially given out for
publication, contained at the close OF
business last Thursday an available
cash balance of ss2sy633.2l7, with
sli5. go IN the gold reserve fund.
II has occurred to several that in
these times Of general depression it Is
almost criminal to keep so much
money locSed up in the Treasury
vaults. where it draws no interest and
is Of no more benefit to the country
than il it WAS buried in the deep bus
ON Of the ocean.
To remedy this evil Senator Stewart
has given notice TIM! he will offer an
amendment to the tariff bill providing
for keeping at all times a reserve
fund Of s50.00o,000 in the Treasury;
that when the available cash balance
exceeds $50. 900 the Secretary shall
invest the surplus in United States
bonds. and when there is less than
S50,O00.O00 in the Treasury the Sec
rotary shall issue legal-tendeI non
interest bearing notes tgreenbacks)
To make up the deficiency.
The amendment further provides
that the legal-tendering notes be made
payable eut OF any surplus e $780,
00o. 900; that il there be insufficient
coin to meet the coin obligations OF
the Government the Secretary shall
exchange silver certificates for coin,
which is in the Trearury for their re-
demption. and that il shall be the
duty OF the Treasury to coin sufficient
OF the silver bullion purchased under
the law OF July II, 1890. to supply all
the deficiencies in the supply Of coin
to meet and discharge all the coin
obligations presented.
What do our Nevada goidbugs
think OF that? Are they opposed to
it, and, il not, have they the manliness
to say so? Why keep three or four
hundred millions Of dollars lying lille
III AnS 1iSaSuIg "hSu Iho BichtS'
part OF it can be put in circulation by
buying bonds with it and saving the
people from paying interest on these
bonds?
The State OF Nevada has about 81.
COCOON its school fund. Would it
be right for the State Government to
keep that money locked up in the
Treasury vaults while borrowing
money, and paying interest on the
debt, to run the public schoolss Who
among the taxpayers OF tho State
would sanction such a proceeding,
and yet it is the method iu vogue at
Washington? During Cleveland's
administration $3.50. 100000 in bonds
were issued for gold. Now the avail
able cash balance III the Treasury is
s225. G33 .2I5 and there is Sli5,306. go
in gold, but not a bond is being re-
deemed.
Senator Stewart proposes to fix the
Treasury reserve fund at $4,000 900.
When there is more than TINT in the
Treasury the surplus shall be used in
purchasing United States bonds. thus
reducing the interest bearing debt.
When there is less than $50, 000,WD in
the Treasury. Government non.inter-
est bearing legal-tender notes shall
be issued to make up the deficiency,
and to supply all deficiencies in coin
sufficient Of the bullion now storel
III the Treasury shall be coined to
discharge all coin obligations present
ed.
Is not that n rational. common
sense proposition, and yet there is not
the remotest doubt OF its being OPP
posed by every gollbug in the Con-
gress Of the United States. lts pas
sage would incur the hispleIsuro OF
the gold trust. as it would deprive the
members OF that patriotic organiza-
ton OF the opportunity they nov ell
joy to increase their wealth ut the ex-
pense OF the public and cause them
to realize that their contributions to
Mr.. llanna's campaign fund, 10 elect
Mckinley and a gold Congress, we're
expended in vain.