The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1889-04-11
FROM WASHINGTON.
Probable Policy of Secretary Win
dom in the Matter of Further
Bond Purchases.
Vague Talk of the Government Re-
Viving the Notion of an Inter-
national Conference.

WASHINGTON April 4-There are intima-
soon seek to revive the old notion of an
international conference to agree upon
general restoration of the coinage of silver
and its use as money in connection with
gold There have been two such confer
ences since the beginning of the silver dis
cussion IN the United States, that of 1878,
which met upon the invitation of this
country alone, aud that OF 1881, held upon
the Joint invitation of France and the Uniied
States. Nothing came of either but volunin-
GUS reports. Since the last of these confer
en1es the convention OF the Latin union in
1855 has given u slight check to the threat
ened complete extinction of silver coinage in
Western Europe. That is TO say, the union,
threatened with destruction, has been main
tained though with closely limited
power of new coinage. The Cleve-
land administration did nothing towards
the settlement of the information al
silver question except to send Mauton Mar
BILE abroad to observe and report upon the
proceedings of the Latin union. His admir-
able report is the freshest literature on the
subject The rumoTed movement for a con-
ference on the part of the United States is
still nebulous, but there is excellent reason
to believe that it will take definite form in
due season. The executive is certainly i'm
powered to take the preliminary step
towards such n conference during the recess
of congress. If suitable encouragement were
received from the nations of Europe, author
ity to appoint delegates might be asked of
congress in the annual message next Decem-
ber and the conference might be held some
time during the winter. If an international
conference had no other result, it might do
good by demonstrating anew the impossi-
bilitv of bringing other nations to our point
of bimetallic coinage.
There has been some newspaper discussion
of the domestic policy of the new admins
tration in relation to silver, as though 1t
were in any way unsettled or subject to
change. definite and uniform policy has
been pursued by the treasury fer ten years
past, through fonr different administrations,
and the rule of two different political parties.
1t is unlikely that any secretary of the treas
ury would change it without good reason.
It is especially unlikely that n change would
be made by Mr.. Window, who approved the
uniform policy of the department by his
course when at the head eight years ago.
The law gives the secretary discretion to
coin from $2,OOO00O to $4, 100000 of
silver per month. For ten years the coinage
has been kept as near the minimum as pos
sible. There will be no change in the policy
of the department in this respect. There is
certainly no reason for a change i'll the con-
dition of the treasury balances. To-day's
statement shows $16,OOO,O0O silver lyirg
idle in the treasury vaults besides that which
is represented in the circulation by silver
certificates.
more urgent question awaiting the de-
cisive action of the secretary is that of the
policy to be adopted in relation to the
rapidly accumulating surplus and the pur-
chase of bonds The treasury has bought no
bonds since the 4th of March. The daily Of
ferings are small and all at prices above the
maximum fixed by the secretary. This is
1OS for 412 per cents. The treasury is buy
ing no 4 per cents, though pressure is brought
upon the secretary to induce him to do so.
There is pretty clear evidence of a concerted
| purpose on, the part of holders of bonds to
keep the price fraction above the depart
ment's maximum. 1t is not believed that
this obstacle to purchases would be over
come by inviting offerings of 4s instead of
412s. To-days offerings were little more
than 2, 100000 of 4l2s at 1OSl2 and above.
The opinion prevails at the treasury that
some new steps or different policy will have
to be adopted to stimulate offerings of bonds,
unless the entire plan of reducing the sur
plus in this way is to be abandoned. In the
| meantime, the cash balance in the treasury
| is creeping up At the close of business to-
day 1T was something over $54, 100000
f. A CARIE