The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1900-12-07
THE TREAsURER's REPORT.
Retiring GreenBacIzs by Paying Out Gold
They Are locked Up In the Vaults
of the Treasury Department.

The daily press gives an abstract Of
the annual report Of the treasurer
OF the United States, submitted to
Secretary Gage for incorporation in
his report to congress. The abstract
Is an unsatisfactory one In many re-
spects, and therefore it is difficult to
ascertain anything definite from it.
We viii, therefore, have to await the
full report befOre-it will be possible
to comment upon it. There are, how
ever, some items that can be noted
now. For instance, the treasurer says
that up to October 1, 1900, under the
provisions Of the gold standard act,
50, 530,854 in United States notes were
redeemed in gold out Of the reserve
fund of sI5O,0OOOOO.
Each day the notes so redeemed are
exchanged for gold from the general
fund, so the gold was kept intact in
amount and character. Nearly twenty
two million and odd dollars in green
backs are now in the treasury and are
counted as a part Of the cash assets Of
the government. Under the provisions
of the law above mentioned, these
notes must remain IN the treasury,
unless gold is presented for them.
Under such circumstances, these notes
are only an asset of the government,
available for use, on the books Of the
treasury. They cannot be put into
general circulation, for it is beyond
the power Of the treasurer to do so,
unless he can find some bankers who
will be kind enough to give him gold
for notes. They act precisely like gold
certificates and are still san endless
chain"
Only one year Of declining revenues
will be necessary, if our fund of the
sO-called balance in the treasury be
changed into greenbacks, and then, if
there come a demand for gold for ex-
port, the gold In the reserve will be
reduced below the 15Omillion mark
and the secretary Of the treasury,
under the provisions Of the act, must
issue more bonds. This bond cOndi-
ton is inevitable 1t is as certain to
come as night follows day. It would be
in the hands Of the banks right at this
moment, If they deemed it advisable,
to drain the treasury Of every dollar Of
its available assets. They do not do it
because they do not deem it advisable,
at present. When it is remembered
that there is estimated. to be s336,O0O-
600 in circulation, less the amount
recently redeemed, the danger can be
understood.
The report of the treasurer also
shows that highwater mark in govern
ment revenues has been reached. On
June 80, 1900, the cash balance Of the
treasury was s8,6632T3 greater than at
the end Of the quarter following. The
revenues from internal duties, war
stamp tax, and the tariff, are abnormal,
owing to conditions, as everyone &C
quainted with government finances
knows. When they fall to normal,
either there must be an increase in
taxation or a deficit in the revenues.
In the face Of their pledges to reduce
taxation, the republican party leaders
viii hardly dare to increase it. 1t is,
therefore, most probable that before a
year has elapsed the Mckinley admin
istration viii be fsce to face with the
problem OF a constantly enlarged def
cheney in receipts, as compared with
observation-disclosures Advocate.
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