The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-12-09
PAYING OUT MIL1ioSs.
WINDOW Buys More silver and Bonds, 4
Pursuance of His Policy.


WINDOW Buys More silver and Bonds, In
Pursuance of His Policy.
WAsHISeros C1rY. Dec. s-The treasury
department. TODAY purchased 6s5. 600 ounces
Oh silver at from $1.02S 10 sL035.
The amount # 4per cent. bonds accepted
today was s.. SOL 600. for which a disburse.
ment of ABOUT $5.550.G00 in money will be
made. The secretary of the treasury said
this afternoon that in view of the conditions
he would accept an additional offer OF IS
at reasonable price of a sufficient amount
to make the total purchases ss00o.000. for
which. he said. the expenditures would be
nearly $l00o0,00O.
The secretary said further that il was
manifestly impossible under existing condi-
tons for him to use the fractional currency
now IN ,hetieasury in the purchase OF bonds
for the reason that it would at once be re-
turned to him in exchange for greenbacks
and leave him with deficiency instead of
surplus. There is now about $1Y 900. 900
IN fractional currency in the treasury, of
which all but s. ,000, 600 is in silver half dol
lars. As it is legal tender to the amount
OF $40 only, it is not regarded as part of
the cash balance. The secretary said he
would like very much TO get it iato circu-
lation. hut certainly should not do so at
the expense of the limited available sur
plus.
Bland today introduced bill authoriz-
ing the secretary of the treasury to prepare
new series of legal tender notes or green
backs. which, when the ordinary revenues
OF the government are not sufficient to
meet requirements, he is to pay out in suf-
hc'ent sums to meet all demands and dues.
New YORK, Dec. S-The Sun prints
report OF an interview on the financial
situation held by its Washington City cor
respondent with Secretary Window. The
secretary saws:
The treasury department 10 doing all IL can
to relieve the present stringency. and will con-
enue OIL the same line of policy followed This
time the stringency is not the result of contrac-
ton OF the currency. and there has never been
time in the governments history In an era
OF peace when 20 much money is flowing out
OF the treasury into the country. TIE tress-
ury has put QUE over sl00. oo0lo within the last
nineteen months with no apprecianle effect,
and think tae money has been hoar led.
Secretary Window says the $l00,00o 900
in gold held as legal tender reserve will
never be disturbed with his consent. He
might possibly call on the 24.000 900 de-
posted in the national banks, but he does
not think this would be very popular
proposition at the present time. In con-
clusion, he says that whatever he may do
toward allying the uneasine.s in monetary
circles. he does not propose to let the
treasury become bankrupt.
The opinion on Secretary Windom's
circular calling for proposals for the sale of
10000 per cent. bonds, as expressed
this morning, is favorable as Offering relief
in itself to the monetary stringency, but
still more so from WINDOWS statement to
the New York Sun correspondent. pub
iished today. Wall street regards this as
an intimalion of future early action in this
direction on the part of the secretary of
the treasury. The improvement in the
opening prices this morning is attributed
as much TO this anticip pated action as to
the circular calling in per cents.
Nathaniel Page, who has just returned
from Europe. says, concerning the financial
panic:
1t vas inst about % tight squeeze az London
could stand without going under. for had as
aistance from the Bank of France been withheld
another twenty-four hours the Bank of England
could not have tax \ up the Barings' obligations,
and scores Of smaller houses would inevitably
have followed a collapse of the Barings. Toe Bar
than have been made public. for 1t r, quiIed
tremendous Line of credit am informed that
English capitalists have 10 ne rly 1900, ,0O0 600
in South American speculations in the ast five
years, so on can appreciate what drain there
has been on the coff.rs of London banking
houses. This money was about equally divided
between government and industrial invest
ments. and II looks as il the bulk
of it were q total loss The insta-
btlity of the Scush American governments
and the unscrurulous sen, mes of some of their
politicians espsEstble or this wreckage of
capital. There must be lqu 'dstlon and a foot
ing up of balances before confidence can be
fully res ored. This will require many months
of inquiry and scrutiny. Tne crisis mas helped
US in this respect: 1t has demonsiratsd 10 the
world, and to no country more than to England.
u q, we can take care of ourselves over mere
The way New York withstood the crash was
surprise TO Londoners. II opened the eyes
of foreigners and raised this country consider
ably in their estimation as a money centre