BRYAN SCOR
Tells the Journal
Framer's Theor;
plain the Drs
Gold R
John J. Ingalls Assert:
Has it(.> Right to Pi
ury Greenbacks n
( i 11
I I v ill
I
to <';? 'mtrnnli
"Where there is revenue ^w 1*1 cient
to pay the current t'xpmi -e^
of the Cloverument aiul K ivo a
small surplus, and a run takes
place upon iin Tiva ury reserve
L,> the prcseutatii n of pi. enbacks
for redemption, these notes do
not have to bo paid out to meet
deficiencies, and are held in the
Treasury either for exchange for
gold or for tiie payment of bonds.
The difficulty of the past four
years lias been that we have had
a constant deficiency, amounting
to over two hundred million of
dallars, or fifty millions per annum,
and to meet this deficiency
the greenbacks presented and redeemed
have immediately been
paid out again, thus placing them
in a position requiring a second
and even a third redemption.
Thus, as a matter of fact,while wt
have borrowed about two hundred
and ninety-three millions of
gold by issuing bonds during the
past four years, ostensibly to!
maintain the gold reserve, yet, as
a matter of fact,over two hundred
millions of that has in the last
analysis been borrowed to meet
the deficiency of revenue, and
only ninety-three millions to
maintain the gold reserve. The
result has been th: r .vo have had
the endless chain of which Secretary
Carlisle has spoken, and this
endless chain is possible so long
as there is insufficient revenue to
meet current expenditures.
"While a deficiency of revenue
may not of itself have created the
distrust which caused a run on
the Treasury, yet it greatly
strengthened the distrust and
made it chronic. If we had had
sufficient revenue to meet the
current penditures of the tiov-j
eminent mi the fiscal year begin-j
ning .Inly 1, Is'.W, unquestionably j
a sale of fifty millions of bonds |
would have been sufficient to j
maintain the reserve, as in that j
case the redeemed greenbacks!
have been lie; ; in the Treasury,
an 1 before fifty million- had been
redeemed tle-re would have been
such a scar ity o( legal tender
notes that the holders of gold >
won! 1 have bet a glad to present '
if to the I reasury and obtain the
m< r conv niei.t greenbacks for
u 'This m ith' r a theory nor
a -pr tl !- ?t;; -e from ! ^ 7' 1,
when we resumed specie pay
nit >II , i | ID i during which
period we had an abundant reve-1
nuo, there were comparativolv'
few I riiti'il States iv tes presented ;
for redemption in gold, every one
recognizing the fact that tlio (iov- j
eminent had it in its power to j
hold those notes in its reserve to >
any extent because none of them '
was required to meet current ex-J i
penditures.
" I'nqnestionoblv if we can now']
secure abundant revenue to meet 11
all expenditures and leave a small I
surplus to gradually reduce the <
principal of the war debt, there <
wit! bo little danger of any sen- i
ous prolonged presentation of <
greenbacks for redemption. Not
ES DINGLEY.
I That the Tariff
y Does not Exlin
Upon the
eserve.
I
s That the President
le up in the Treasicant
by Law for
ation.
only because the fact that we
have a solvent Oovecivment will
aid in maintaining confidence and
i
the credit of the <Jovernment, but
also because every one will recognize
the fact that the (Jovernment
will be able to hold greenbacks,
redeemed so lung as there is a,
tendency for a run on the Treasury.
It is for this reason that'
the revenue legislation now pending,
designed to secure sullicienti
revenue to carry on the (lovernment,
is of itself a funamvntul
step in niaintaing the credit of
the (Jovernment and averting any
danger of a depreciation of the
currency.
"In reply to the objection that
it was from 1*7'.* to 1*'.*.'}/'
II j William J < ii I ii k*> llrj mi.
Lincoln, Neb., May 10.?Chairman
Dingloy, of the Ways and
Means Committee, in his interview
prepared for the Journal,
reiterates the charge frequently
made by the llepublicans during
the four years?namely, that the
bonds were issued because of a
delicit in the revenues, and he
liolds out the hope that the drain
upon the gold reserve will cease :
v\ lien the delicit ceases.
1 do not believe that his theory
will explain the drain upon the
gold reserve, nor do I think that
Ins hope- are well founded. W bile
it is true that a large part of the
money received from the sale of
the hotels was used in making
the delicit in the revenues, yet at
no time did tie* deficit ciiiiic the
issue of bonds.
Ili-tlrit n ll? in-Ill TIii-ii.
Instead of heio^ an injury, the
deficit wan during that period a
benefit, because the money which
accumulate)! from the pale of
bonds could not have returned
into the channels of commence
but for the deficit. If, as is pro-',
Itahle. the jrold would have been
drawn out, even if the revenues;
>f the Government had equalled 1
. . i i
its expenses, thon that money
would have been held in the j |
Treasury, and business would <
me noiuing 01 greenbacks in oust* ^
of a run on the Treasury, except i
for the purpose of exchange in j
gold, would tend to contract the
currency, it is only necessary to
say that every dollar of greenhacks
redeemed and temporarily
held lets out a dollar in gold, and,
therefore, that the amount of
money outstanding is not disturbed.
If, for example, we have
one hundred and fifty millions of
gold held in our reserve and fifty
millions of greenbacks are presented
for redemption, there goes
out at the same time fifty millions
of gold. In ordinary times,
when conlidence reigns supreme,
business is good and the revenue
sufficient to meet all expenditures
and leave a considerable surplus,
there will be no run upon the
Treasury and no necessity forholding
greenbacks to protect our reserve.
Then the surplus will be
used to reduce the principal of
the interest bearing debt iust as
Potash
is a necessary and important
ingredient of complete fertilizers.
Crops of all kinds;
require a properly balanced
manure. The best
O
Fertilizers
contain a high percentage
of Potash.
All about I\>ta*h?the result i f its rs by actual < rpcrunent
i.i\ the best farms iti the I lined Stat??i? i?
t- Id in i Utile book whit ? wo \?ibltt an I will idly
:nadIi? e to any farni'r i a \mern ? \* ^
GERMAN KAI.I WORKS,
vj Nassau St.. New V'jrli.
have been crippled more than it
was.
The fact that mid withdrawals
begun before there wa.-. a deficit,
and ceased while the deficit was
increasing shows that there is noj
necessary or intimate connection |
between the revenues and tlie j
withdrawals. If gold is -needed
for export it will he drawn out,
110 matter whether there is a current
deficit or surplus so long as
the Treasury stands ready to fur- j
nisli gold on demand. The recent j
withdrawals of gold took place j
just at a time when, for the lirst'
time in several years, the reve- j
nues exceeded the expenditures.
All ItfNln With I lie Sccrclnrj.
The press dispatches did not
attribute the late withdrawals to,
a deficit, nor did they attribute I
tlietn to a loss of confidence. The!
reason given was that a new de-;
mand for gold had sprung up nij
Japan and Austria.
I .,^1,1 e? I !- -
>1 ^uiv? ir? ucmicu nir iiuarning. |
or for the purpose of forcing an
issue of bonds, it will be withdrawn,
whether there is a suplus
or a deficit, unless the Secretary
protects the Government by
exercising his option and redeeming
in silver. When fallinir prices
make ordinary loans unsafe and
ordinary investments unprofitable
the holders of idle capital arej
apt to advocate an issue of bonds j
for the purpose of securing a safe:
investment, and when the desire
for bonds becomes strong enough
they can draw gold from the
Treasury by presenting greenbacks
and Treasury notes and
HOW TO FIND OUT.
Fill a bottle or common water
ghies with urine and let it stand
twenty-four hours; a sediment or
settling indicates a diseased condition
of the kidneys. When
urine stains linen it positive
evidence of kidney trouble. Too
frequent desire to urinate or pain
in tiie back, is also convincing
proof that the kidneys and bladder
are out of order.
n il it to int.
'1 lioro i j / ..??. ... 4 I. . 1 1
. ii< iu j- wuiiiiui i ill lllf K1IOW1edge
su oft* ii expressed, that 1 >r.
Kilmers Swamp-Knot, the kidney
remedy fulfills every wish in relieving;
pain in the hack, kidneys,
liver, bladder and every part of
the urinary passages, it corrects
inability to hold urine and scalding
pain in passing it, or bad
effects following use of liquor,
wine or beer, and overcomes that
unpleasant necessity of being
compelled to get up many times
during the night to urinate. I he
mild and the extraordinary effect
of Swamp-Hoot is soon realized.
It stand* the highest for its wonderful
cures of the most distress- i
ing cases. If you need a medicine
you should have the best. Sold
by druggists price fifty cents ami 1
one dollar. For a sample bottle
and pamphlet, both sent free by
mail, mention the Kntkiiprisk and i
'end your full post-oHice address j
to Dr. Kilmer tV Co./lfinghamton,
N. V. The proprietors of this
paper guarantee the genuineness 1
:>f this offer.
then use the gold to purchase the
bonds issued.
I'owvr of FiiiauriorN,
That such a plan has been contemplated
by No v York financiers
cannot be doubted. Some
three or four years ago one of the
New York dailies de?dared that,
in case Congress refused to retire ,
the greenbacks with an issue of
gold bonds the people who want-;
ed greenbacks retired should
systematically present them for j
redemption until they were all
locked up in the Treasury.
That the New York financiers
have used their power to discredit
(.iovcrntuoiit paper is evident
from the fact that when an at-,
tempt was being made to repeal
tin' Sherman law they presented
Treasury notes for redemption.
When they desired to force a retirement
of greenbacks they presented
t hem lor redemtion. So long
as the Secretary of Treasury surrenders
t<> the holders of Government
paper the right to choose
the coin i.i which payment is to
he made, so long will it he possible
for the financier.; to present
either Treasury noius or greenbacks
and draw out the gold.
.Mr. l>liiKk') In llrrur.
Mr. Dingley is in error in supposing
that the redemption of
fifty millions of greenbacks or
Treasury notes would make such
a scarcity of small notes as to
prevent, further withdrawals of
gold. We have sometimes had
during the last four years considerably
more than tifty millions
of these notes locked up, and yet
gold has been withdrawn.
There has been a well-founded
suspicion that much of the gold
drawn out by the presentation of
greenbacks and Treasury notes
was drawn out for the purpose of
forcing a retirement of all Government
paper. If the financiers
conclude to bring their inllueuce
to bear upon the present Administration
as they did upon the
last they will hive no dilliculty in
forcing an issue of bonds, unless
the new Secretary of the Treasury
shows more power of resistance
than the last one.
If the national banks succeed
ill uD/'iirnur t \\ 1? * L - l- 11
... uvvmi ii*^ mo ia w WHICH uiey
have advocated for some years?
namely, the law permitting the
\ssue of bank notes up to par and
reducing the tax on circulation
from I per cent, to a quarter of 1
per cent, they may become interested
in having more bonds
issued to furnish a basis for bank
notes. If they do, the process
is very easy. All they have to
do is to present greenbacks and
Treasury notes and draw down
the gold reserve, then raise the
alarm and proclaim that tho
credit is in danger.
<'nn I'.a l < ali?<uii(! it.
If tho Secretary of the Treasury
yields, as there is no reason to
doubt he would, they could buy
the bonds with the gold drawn
out, and then issue notes upon
the bonds purchased. I5y this
simple process the banKs would
be able to secure a safe investment
for their money, and then
by issuing notes up to the face of
the bonds would be able to iiho
the money besides.
It is difficult to conceive of a
more advantageous transaction
than that. Usually a man can
Bither eat his cake or keep it ; it (
is left to the national hanker to
hoth eat his cake and keep it.
While others must be content to
use their money, or if they invest
in bonds must bo satisfied with
the interest on the bonds, the j
national banker can, by investing
in bonds, enjoy the interest upon |
J#
the bonds and then by issuing ^
notes enjoy the use of the money
also.
<>ol?l fiivi'll (O llll}
"I have referred to the fact
that gold may be withdrawn ex- J
pressly for the purpose of purchasing
bonds. The records of
the Treasury Department show
that eighteen millions were withdrawn
lor the purpose of paying
for the first fifty millions of bonds
issued, and the proportion has K
sometimes been greater than that.
No one except a gold standard
financier has been able to see the
wisdom of a policy whereby bonds
are issued to buy gold and then
gold furnished to ;he purchasers
to be returned to the Treasury in
exchange for the bonds.
It" th Dinglo In'!!, as finally
pa sed, yield - i considerable surplus
over and above the expenditures
of th (Jov< rnrneiit, that
< oiitiiiucii on Seventh 1'ilge.
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