if we could look to our gold
receipts as a means of maintaining a safe reserve, the amount of
our revenues would be an influential factor in the problem. But,
unfortunately, all the circumstances that might lend weight to this
consideration are entirely lacking.

In our present predicament no gold is received by the Government
in payment of revenue charges, nor would there be if the revenues
were increased. The receipts of the Treasury, when not in silver
certificates, consist of United States notes and Treasury notes issued
for silver purchases. These forms of money are only useful to the
Government in paying its current ordinary expenses, and its quantity in
Government possession does not in the least contribute toward giving us
that kind of safe financial standing or condition which is built on gold
alone.

If it is said that these notes if held by the Government can be used to
obtain gold for our reserve, the answer is easy. The people draw gold
from the Treasury on demand upon United States notes and Treasury notes,
but the proposition that the Treasury can on demand draw gold from the
people upon them would be regarded in these days with wonder and
amusement; and even if this could be done there is nothing to prevent
those thus parting with their gold from regaining it the next day or the
next hour by the presentation of the notes they received in exchange for
it.

The Secretary of the Treasury might use such notes taken from a
surplus revenue to buy gold in the market. Of course he could not do
this without paying a premium. Private holders of gold, unlike the
Government, having no parity to maintain, would not be restrained
from making the best bargain possible when they furnished gold to the
Treasury; but the moment the Secretary of the Treasury bought gold on
any terms above par he would establish a general and universal premium
upon it, thus breaking down the parity between gold and silver, which
the Government is pledged to maintain, and opening the way to new and
serious complications. In the meantime the premium would not remain
stationary, and the absurd spectacle might be presented of a dealer
selling gold to the Government and with United States notes or Treasury
notes in his hand immediately clamoring for its return and a resale at
a higher premium.

It may be claimed that a large revenue and redundant receipts might
favorably affect the situation under discussion by affording an
opportunity of