River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-10-24
VARIOUS MONETARY RU.HoRS.
Washington Special (oct. Ia to Chicago Il
hrnn ]

Washington Special (Oct. Ia to Chicago Tri-
bune.
Secretary Sherman, with United States
Treasurer Gilfllan, have gone to New York
to be absent four or five days. There are
some important financial rumors here aris
ing from the visit. Without vouching for
their accuracy, these rumors are herewith
given: The fact that the treasurer drew up
on the New York syndicate bankers for
$4, 100000 last week, and the rumor that
another draft is to be made this week for five
additional millions said to be due the gov
eminent, has caused a sudden and consider
able rise in the gold market. In connection
with this rise there are suspicious that
powerful combination has arranged to lock
up | 1gal tenders and to create panic in the
market. The National banks, too, in New
York are
FEELING VERY UNFRIENDLY
towards the treasury department. at present
on account of the action of the department
with respect to the order charging the banks
for the transportation of currency to Wash
ington for redemption. Indeed, it is stated
that the banks are SO much incensed that
they have declined to send any currency here
for redemption. The order making this
charge is regarded by the banks as unreas
enable, as calculated practically to defeat the
law organizing the redemption agency, and
as havi ne no real object except it be to lock
up SIC ,000, 900, possibly S15,000,000, of le
gal tenders In the 5 per cent. fund so that
they may not be presented Jan. LIST for re-
demption. Coupled with this is the belief
of many New York bankers that Secretary
Sherman intends to use his S20,000,o00 of
silver to
BARRIcADE HIS GOLD
on Jan. /, and to force the payment of silver
out first whenever legal-tenders shall be pre-
scented for redemption. These circumstances,
in view of the fact that redemption is but
two months and half off, have created such
conditions in the money market as the rise
in gold, increase in interest rates, and re-
duction of the amount of legal-tender re-
serve held by the banks almost to the
minimum, that the personal attention of the
secretary of the treasury has become neces-
sary.
The friends of the treasury here maintain
that the friendship of the national banks of
New York City, which alone have $50 600, 900
of legal tenders, is very essential to assist
the treasury department to resume. Should
these national banks alone be hostile, they
could effectually
BREAK DOWN ANY BARRIcADE
of silver, and by the presentation OF the Legal
tender which they hold absorb all the silver,
and on the first day draw from the treasury
S30,O00,0o0 of gold. Persons holding init
mate relations to some of the New York
banks say that these banks would certainly
take speedy steps to convert their legal ten
ders into gold, first disposing of the S20,-
100000 which they might be required to
take in silver to merchants for customs
dues.
These rumors may not have good founda-
ton, but there evidently has been enough IN
them or some of them to cause the secretary
of the treasury and treasurer of the Uni ed
States to visit New York with the expeeta-
ton of remaining there number OF days.
SQUARE silk neckercniefs. cream, white
or with dark centers and Scotch-plaid
borders, will be much worn around the
neck outside of wraps.