was realized something more than $58,000,000 in
gold. Between that issue and the succeeding one in November, comprising
a period of about ten months, nearly $103,000,000 in gold were drawn
from the Treasury. This made the second issue necessary, and upon that
more than fifty-eight millions in gold was again realized. Between the
date of this second issue and the present time, covering a period of
only about two months, more than $69,000,000 in gold have been drawn
from the Treasury. These large sums of gold were expended without any
cancellation of Government obligations or in any permanent way
benefiting our people or improving our pecuniary situation.

The financial events of the past year suggest facts and conditions which
should certainly arrest attention.

More than $172,000,000 in gold have been drawn out of the Treasury
during the year for the purpose of shipment abroad or hoarding at home.

While nearly $103,000,000 of this amount was drawn out during the first
ten months of the year, a sum aggregating more than two-thirds of that
amount, being about $69,000,000, was drawn out during the following two
months, thus indicating a marked acceleration of the depleting process
with the lapse of time.

The obligations upon which this gold has been drawn from the Treasury
are still outstanding and are available for use in repeating the
exhausting operation with shorter intervals as our perplexities
accumulate.

Conditions are certainly supervening tending to make the bonds which may
be issued to replenish our gold less useful for that purpose.

An adequate gold reserve is in all circumstances absolutely essential to
the upholding of our public credit and to the maintenance of our high
national character.

Our gold reserve has again reached such a stage of diminution as to
require its speedy reenforcement.

The aggravations that must inevitably follow present conditions and
methods will certainly lead to misfortune and loss, not only to our
national credit and prosperity and to financial enterprise, but to those
of our people who seek employment as a means of livelihood and to those
whose only capital is their daily labor.

It will hardly do to say that a simple increase of revenue will cure our
troubles. The apprehension now existing and constantly increasing as to
our financial ability does not rest upon a calculation of our revenue.
The time has passed when the eyes of investors abroad and our people at
hom