Savannah morning news. [volume] (Savannah) 1868-1887, 1885-07-16

An Important Conference.
The conference which took place be-
tween United states treasurer Jordan
and the New York bankers, relative TO
the gradual disappearance OF gold from
the Treasury, indicates pretty clearly the
fears OF the best informed tnanciers OF the
country that the government, at no very
distant day, may be forced 70 pay It's
maturing obligations in silver.
The conference was not sought by
/ Treasurer Jordan. 1t was suggested by
( the New York bankers who, for year or
more, have shown uueasiness at the pros
pect that the currency OF the country
would be forced 10 a silver basis, and VINO
are now more alarmed than ever before
with respect TO this matter.
The gold Of the government is steadily
decreasing while the silver is steadily IN
creasiug. on July / there was IN the
Treasury $500, Dos 900 in gold. On July ] 1
this amount had been reduced by
$1,000 600 The government is bound
to maintain a reserve OF 100000 0o0 OF
gold. There was on hand at the beginning
of this week, therefore, only 81 900, 900 OF
gold that was available.
This condition Of affairs would not
cause any uneasiness if it were not for
the fact mat silver and not gold is
flowing freely into the Treasury.
Customs duties are being paid
LARGELY in silver. over 100000 600
in silver certificates are outstanding, and
more than S67 900. coo in silver is piled up
in the Treasury vaults. On last saturday
at the sub-Treasury in New York over
100000 was received, and Of this sum
only $1,000 was IN gold coin. 1t
can be seen readily from this one
days receipts at the principal sub
Treasury that at the present rate at
which gold is received and paid out the
day il not distant when the surplus gold
in the Treasury will have disappeared.
The interest coupons of the outstanding
bonds are, of course, paid in gold, and so
is the silver which, to the amount Of
100000 per month, is purchased for
coinage purposes. The call on the Treas
ury for gold. therefore, is quite heavy.
The New York banks have plenty of
gold. The amount at present in their
vaults is about SIP, 100000 They are
willing to part with seine of it If they can
by that means maintain the gold standard
1t is reported that at the conference
they offered to loan the government $l0.-
000, 600, or even S20,0O0,0 900 if necessary,
to assist il in continuing to pay gold. 1t
is believed that Treasurer Jordan de-
clined to accept help in the shape OF
loan, because the government is fully
able To meet all it's obligations, though it
may not be able to meet them in the near
future in gold but it is said that he sug-
gested to the bankers that they could
assist the government by furnishing
their customers more freely with
gold to pay their customs
dues, In that way the gold which the
government needs would find its way into
the Treasury. 1t is thought probable
that the Treasurer's suggestion will be
acted upon. The wisdom of furnishing
the government with loan OF gold is
very doubtful. A prominent official OF
the New York sub-Treasury said that the
moment it was known that such a loan
had been made gold would be held at a
premium.
The New York bankers, it seems, think
that as soon as Congress meets the COM
pulsory silver coinage act will be re-
pealed. That is the reason they are will
ing to help the government to preserve its
gold reserve. The repeal of that act will,
Of course, allay all fears about a silver
standard. The New York bankers may be
right in thinking that Congress will stop
the coinage of silver. 1t certainly ought
to be stopped, but there is no doubt that
the silver coinage act will not be repealed
without a struggle that will attract the
attention of the whole country. The sill
yer men want to force the country to a
silver basis, and 1t is certain that they are
supported by some of the ablest men IN
Congress.