The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1886-01-07
THE LAST CALL.
Secretary Manning's Reasons for Calling L.
| Bonds-Agricultural Statistics

Secretary Manning's Reasons for Calling L.
Bonds-Agricultural Statistics.
WASHINGTON, December 3i.-Treasurer
Jordan said to-day that the Secretary of the
Treasury was moved TO issue yesterday a
call for $40, 600, 600 three per cent. bonds in
order to prevent any uneas;ness i'll business
circles touching the present movement Of
gold to Europe, and to give assurance that
the Treasury will use its gold to supply
drafts made upon banks for export. 1t is
not apprehended at the Treasury Department
that the foreign exchange will long remain
at the point at which profit invites the ship
ment of gold, but the department deemed
it prudent to give notice by the call of
bonds that the Treasury will do whatever is
demanded by the public interest TO prevent
needless alarm and panic over the tempo
rary advance in foreign exchange. This
may be one of the causes that
influenced the Secretary of the Treas
ury in issuing the call, but it is
not the main cause. 1t was known several
days ago, and before the export movement
had set in. that call OF bonds was being
considered, and it was stated in these dis
patches last Wednesday night that call
would be made early in January. The fact
is that the large and steadily accommodating
cash balance in the Treasury made call of
bonds imperative, and the action of the
Secretary was FASTENED by the discomfort
with his policy in this particular, which he
and the President daily heard uttered by
Congressman, and which was finally voiced
by BIZ. Beck in his recent speech in the
Senate. 1t is pretty certain that call for
bonds would have been made had Mr. Beck
not made his speech, but it is doubtful il
the call would have been issued until tie
condition of the Treasury after January
was ascertained. Upon that date nearly
$4,000, 900 became due and payable for in
terest, and it was originally determined not
to issue call for bonds until there should
be signs of the return to the Treasury of
this January output, but the public agi-
tatiOn alluded to, aud the steady accumula-
ton of the Treasury balance, and the pres
ent movement of gold to Europe, combined
to induce the Secretary totiissue the
call. Of the S194.O00,O00 of per cent
bonds now outstanding, the Treasury holds
for the National banks S144, 200, 900, so
that Of the bonds called fully seven-tenths
will be surrendered for redemption by the
UduhS, llluS HCCCSollhNilies ouOSlilhblOi VA
other bonds for these surrendered, or cor
responding reduction in their circulat-
ing notes. Secretary Manning holds
that the sinking fund requires for the
current fiscal year about SIS, 100000. In
conversation to-day the Secretary said that
it would not be prudent to call bonds for so
large an amount at one time and therefore
he concluded to make a call now. This
would indicate that the Secretary intends to
issue four calls of S10,O00,000 each in ad-
dition to that issued yesterday between now
and June l. The condition of the Treasury
at the close of business to-day, the last
day of the month and the year, will show
an Improvement of several million dollars
over December /. The receipts thus far
have exceeded the expenditures over S.
GO0,O and it is likely that the debt state
ment to be issued on Saturday, will show a
reduction, $50 called of at least $4,000, co.,.
AGRICULTURAL. STATISTICS.
WASHINGTON, December 31.-The esti-
mates of the Statistician of the Department
of Agriculture for the principal cereal crops
of the year are completed, and the aggre-
gate bushels are as follows, in round mil
lions: Corn, 1886, 900, 900; wheat, 357, ,00O,-
900; oats, 629, 000,O 900. The area of corn is
73 000, 600 acres; of wheat, 34,000,0O0; of
oats. 23,OOO,O0O. The value of corn
averages SO cents per bushel, and
makes an aggregate of $685., 600, coo,
S5.000,000 less than the value of
the last crop. The decrease in the product
of wheat is so per cent. and only II per
cent in valuation, or S275, 100000. The
valuation of oats is S1SO,OOO,OOO. The re-
duction in wheat is mostly in the valleys of
the Ohio and in California. The States of
Ohio, Indiana Illinois, Missouri and Kan
sas last year produced 170,G0O,000; this
year SO,0O0,000, a reduction of 90,O00.OOO
bushels. The production of all cereals is
53 bushels TO each inhabitant, and the az
gregate volume is larger than any former
year.
WASHINGTON December 31.-Treasury
officials express the opinion, founded on the
fact that the receipts have been very light
during the month, while pension payments
have been made to q considerable amount on
account of last month, that the public debt
statement will show an increase of nearly
S., 1000 during the current month.