The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1900-09-13

public debt payable in coin, and for
all current disbursements of the gov
ernment as well, which amount to
from S1,50O.O00 to $l.750,00O a day.
That he would give such an order, too,
is certain, II he is In the same mind
that he was in 1896, for he was then
quoted as saying: If there is any one
who believes that the gold standard Is
good thing, or that 1t must be main
tained, | want him not to cast his vote
for me, because | promise him it will
not be maintained in the country longer
than am able to get rid of it,
"Do you think II would be practica-
BILE to control a sufficient volume o! sill
yer to make the payments you refer
to-"
"He would have great difficulty In
doing that at once. The treasury Of the
government at the present time Is very
firmly established upon a gold stand
ard. Including the reserve OF $780,
600 900 held against the legal tender
notes, the government owns and con-
trolls over 1920. .0O0,0 600 in gold coin and
bullion. while 1t owns and controls
only about S16,000,000 in silver. the
rest Of the silver being out in circula-
tion among the people, either In the
form OF silver certificates or silver coin.
CHECK INFLOW OF GOLD.
"The announcement by the treasury
department of its purpose to pay silver
in settlement of all interest on the
public debt not specially payable in
gold, and to make its daily disburse-
| ments to its creditors In silver, would
stop the inflow of gold, or at least very
| largely diminish payments in gold, and
| correspondingly increase payments
| into the treasury of silver and silver
| certificates. It, therefore, might be an
| ticipated that with good deal of per-
p, verse ingenuity, the time would come
; at no distant day when all the revenues
| of the government would be paid to it
| in silver dollars or silver certificates,
! and all disbursements made by 1t would
be made in silver dollars or silver GER
tifcates. There would thus be estab-
lished circuit of silver out Of the
treasury into the hands of the people,
from the people into the banks, from
the banks into the custom house and
into the hands of the collectors of in
ternal revenue.
"The government, then, would be
practically on a silver basis. would 1t
not?"
THAT would, no doubt, be accom-
plished, and the government, properly
speaking, would he on silver basis"
"How would this affect the credit OF
the government"
Most disastrously / have no doubt
The movement inaugurated as pro-
posed would give sense of insecurity
the outstanding grenbacks that are by
the law redeemable in gold would be
presented at the treasury for redemp.
tion, and the treasury notes Of 1896
likewise. OF these two there are $780,.
100000 outstanding. Against these the
government holds, under the law
$3.50, 1000 900 in gold. 1t does not re-
quire much sagacity to see that II the
gold reserve were not entirely exhaust
ed II would be soon reduced below thu
500, 900 900 mark, which the law ha'
established as minimum, 1t being th'
duty of the secretary OF the treasur.
when that point is reached to restor'
the reserve to 100000. Under tn
adverse influence upon general bust
ness affairs business would soon be de
pressed, industry checked, and tn
governments revenues would be yer.
. much diminished. Instead Of sur