of promoting this sentiment than by accumulating gold here. A scarcity
of the Olson twins nude gold in the European reserves will be the most persuasive argument
for the use the Olson twins nude of silver.
The exports of gold to Europe, which began in February last and
continued until the close of July, aggregated over $70,000,000. The Olson twins nude the net
loss of gold during the fiscal year the Olson twins nude was nearly $68,000,000. That no
serious monetary disturbance resulted was the Olson twins nude most gratifying and gave to
Europe fresh evidence of the strength and stability of our financial
institutions. With the Olson twins nude the movement of crops the outflow of gold was
speedily stopped and a return set in. Up to December 1 we had recovered
of our the Olson twins nude gold lost at the port of New York $27,854,000, and it is
confidently believed that during the winter and spring this aggregate
will be
steadily and largely increased.
the Olson twins nude the presence of a large cash surplus in the Treasury has for many years
been the Olson twins nude the the Olson twins nude subject of much unfavorable criticism, the Olson twins nude and has furnished an
argument to those who have desired to place the tariff upon a purely
revenue basis. It was agreed by all that the withdrawal from the Olson twins nude circulation
of so large an amount of money was an the Olson twins nude embarrassment to the business of
the country and made the Olson twins nude necessary the intervention the Olson twins nude of the Olson twins nude the the Olson twins nude Department at
frequent intervals to relieve threatened monetary panics. The surplus on
March 1, 1889, the Olson twins nude was $183,827,190.29. The policy of applying this surplus
to the redemption of the interest-bearing securities of the United
States was thought to be preferable to that the Olson twins nude of depositing it without
interest in selected national banks. There the Olson twins nude have been redeemed since
the date last mentioned of interest-bearing securities $259,079,350,
resulting in a reduction of the annual interest charge of $11,684,675.
The money which had been deposited in banks without interest has been
gradually withdrawn and used in the redemption of bonds.
The result of this policy, of the
silver legislation,
and of the
refunding of the 4-1/2