| Show THE TREASURY THe T-He i Content Sccurdinr tho Criticisms Made on t l Branch of 6overninant Referring to tho administration of the treasury department the president says I There are any who still think that the surplus should have been kept out of circulation circu-lation by hoarding It in the treasury or by depositing it in banks without interest while the government continued to pay the very banks Interest upon the bonds deposited as security for tho deposits or who think that the extended pension legislation legis-lation WES a public robbery or that the duties upon sugar should have been maintained main-tained I am content to leave the argument argu-ment where it now rests while we wont to see whether these criticisms will take the form of legislation The public confidence in tho purpose and ability of the government to maintain the parity of1 our money issued whether coin or paper must remain unshaken Tlie demand for gpld in Europe and the I r consequent calls upon us are in a considerable consid-erable degree the result of the efforts of some of tho European governments to Increase In-crease their gold reserves and these efforts should be met by appropriations upon our part The conditions that have created this drain if tbo treasury gold are in any t degree political and not commercial In view of the fact that a general revision of our revenue laws in the near future seems I to be probable it would be better that a j changes should be I part of that revision rather than of a temporary nature II During the last fiscal year the secretary purchased under the act of July 14 1S90 54335743 ounces of silver ana issued In payment thereof 51106608 in notes The total purchase since tho passage of the act have been 120479681 ounces nnd tho aggregate ag-gregate of notes issued 1167835 Tha average price paid for silver during the year was 9 cents per ounce the highest price being 1C2 and S102K on July 1 1891 and the lowest S3 on March 21 ISPS In view of the fact that the monetary conference con-ference Is now sitting and that a conclusion has as yet not been reached I withhold any I recommendation us to the legislation upon I this subject |
