New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1889-04-10
FROM WASHINGTON.
Probable Policy of Secretary Win
dom in the Matter of Further
Bond Purchases.
Vague Talk of the Government Re-
yiving the Notion of an Inter
national G. Conference.

WASHINGTON. April 4.-There are intima-
lions ahead that this administration may
soon seek to revive the old notion of an
international conference to agree upon q
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
cusson 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 United
States. Nothing came of either but volumin-
GUS reports. Since the last of these confer
ences the convention of the Latin union in
1885 has given 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
tanned, though with closely limited
power of new coinage. The Cleye-
land administration did nothing towards
the settlement of the information al
silver question except to send Manton 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 rumored movement for con-
ference on the part of the United States is
still nebulons, 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 conference during the recess
of congress. If suitable encouragement were
received from the nations of Europe, author
lty to appoint delegates might be asked of
congress in the annual message next Decem-
Der, and the conference might be held some
time during the winter. If an international
nfot n
good by demonstrating anew the impossi-
bilitv of bringing other nations to our point
OF a bimetullic 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 for 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
1t is especially unlikely that 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 100000 to So, 100000 of
silver per month. For ten years the coinage
has been Kept as near the minimum as pos
sibe. There will be no change in the policy
of the department in this respect There is
certainly no reason for change in the con-
dition Of the treasury balances. To-days
statement shows $16,OOO,OOO silver lying
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 accommodating surplus and the pur-
chase of bonds The treasury has bought no
bonds since the 4th of March. The daily Of
ferings are small aud all at prices above the
maximum fixed by the secretary. This is
los for 412 per cents. The treasury is buy
ing 40 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. /. is not believed that
this obstacle to purchases would be over
come by inviting offerings of as instead Of
4l2s. To-day's offerings were a little more
than !. 2. 900, 900 of digs at 1882 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 i'll the treasury
is creeping up. At the close of business to-
day it was something over $54, 100000
F. A CARLE.