Daily independent. [volume] (Elko, Nev.) 188?-1915, 1897-05-22

Aho COuSut1Ou III Iuo OuALSu othIo6
Treasury, as officially given out for
publication, contained at the close OF
business last Thursday an available
cash balance of s228, 633.2l7, with
@l45, 306, 230 IN the gold reserve fund.
1t has occurred to several that III
these times Of general depression it is
almost criminal to keep so much
money locked up in the Treasury
vaults. where it dra We no interest and
is of no more benefit to the country
than if it was buried in the deep bus
ON Of the ocean.
To remedy this evil Senator Stewart
has given notice that he will offer an
amendment to the tariff bill providing
for keeping at all times a reserve
fund Of S50.0OO,0O0 in the Treasury;
that when the available cash balance
exceeds S5O,OOO,OO0 the Secretary shall
invest the surplus in United States
bonds, and when there is less than
$5O,OO0,000 in the Treasury the Sec
rotary shall issue legal-tendeI nom
interest bearing notes (greenbacks)
to make up the deficiency.
The amendment further provides
that the legal-tendering notes be made
payable cut of any surplus over $780,
100000; that if 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 it shall be the
duty of the Treasury to coin sufficient
of the silver bullion purchased under
the law Of July IA, 1890, to supply all
the deficiencies in the supply of coin
to meet and discharge all the coin
obligations presented.
What do. our Nevada goldbugs
think Of that? Are they opposed to
it, and, if not, have they the manliness
to say so? Why keep three or four
hundred millions of dollars lying idle
in the Treasury when the greater
part OF it can be put in circulation by
buying bonds with it and SAVING the
people from paying interest on these
bondsP
The State of Nevada has about $1,-
10000 in 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 schools? Who
among the taxpayers of the State
would sanction such a proceeding,
and yet it is the method in vogue at
Washington? During Cleveland's
administration s13O,OO0,OOO in bonds
we're issued for gold. Now the avail
able cash balance in the Treasury is
$228, 633,2J5 and there is $145, 306,23O
In gold, but not bond is being re-
deemed.
Senator Stewart proposes to fix the
Treasury reserve fund at S5O,000,OOO.
w hSh OlShO 40 hlOlO UlluLl Uu6
Treasury the surplus shall be used in
purchasing United States bonds, thus
reducing the interest bearing debt.
When there is less than $4,000, 900 in
the Treasury, Government on.inter.
est bearing legal-tender notes shall
be issued to make up the deficiency,
and to supply all deficiencies in com
sufficient OF the bullion now stored
i'll the Treasury shall be coined to
discharge all coin obligations present.
ed.
Is not that a rational, common
sense proposition, and yet there is not
the remotest doubt Of its being OPP
posed by every goldbug in the Con
gress OF the United States. Its pas.
sage would incur the displeasure of
the gold trust, as it would deprive the
members OF that patriotic organiza-
ton OF the opportunity they now ell :
JOY to increase their wealth ut the OK
pense of the public and cause them