The morning call., 1890-12-17
MONEY And TRADE.
Silver Legislation Suggested to Provide for
the Present Financial Crisis.

WASHINGTON, Dec. 16. - Window is
quoted as saying: 1.-THE finances are bright
ening, and II nothing is done in the Way of
legislation calculated to unsettle confidence
being restored, it will not be long before
matters have assumed their natural con-
dition."
SILVER LEGISLATION.
NEW YORK, Dec. 16.-Heury Clews has
addressed an open letter to the Secretary of
the Treasury in which he makes one or Two
novel suggestions about silver legislation.
Mr. Ciews says: Congress ought to amend
the present silver law-by inserting clause
giving the Secretary of the Treasury au-
thOrity to change at his discretion the period
of the purchase of silver. At present the
law provides for the purchase of 4,5OO, 900
ounces each month. which is absolute. In
place of this propose to provide for the
present money crisis substitute, at the
Secretary's discretion, giving him authority
to purchase double the amount in Decem-
Der. equal to 100000 ounces, and the same
for January, February and March, and to
suspend the purchase entirely for the same
in the months of April, May June and
July next. What is important for the
people OF the country to know for a
certainty is that thoy can rely upon
the present law being permanent and not
subject to change at the convenience OF every
Congress. When the present law has been
in existence year, it will bring out new
silver money aggregating in amount about
GOO, and each year thereafter an
equal sum, and in ten years from the date Of
the passage of the act the amount of this
money will be about $500, 100000 This
annual increase, am of the opinion, will be
ample for that class of money, and it woul d
be unwise to increase it. 1t certainly will be
sufficient if Congress will also pass at an
early date Sherman's bill, which provides
for national bank bills to be issued up to the
par value of United States bonds. This will
increase, that class of money about $15,-
000,00O."
THE LONDON MARKET.
Kiernan's Agency has London special
which says: The principal feature of the
speculative market is the firmness shown by
securities dependent on the price of silver
due TO the prospect through proposed legisla-
ton of the absorption of the entire surplus
stock OF metal in the United States. The
discount rate has stiffened materially in con-
sequence OF another demand from Germany
for funds. 1t is rumored the Bank of France
has Informed the Bank of England that she
will need the gold borrowed from her last
month during the Barring troubles to enable
her to meet the new French loan.
MORE FAILURES.
CLEARFIELD PENN. Dec. 16.-The Clear
field County Bank closed its doors this
morning. The depositors are made safe by
mortgage on the real estate for three times
the amount of deposit. The owner of the
bank is eX-United States Senator William
A. Wallace The liabilities are $3.50, 600 and
the assets are $780, COO. The excessive tight
ness of the money market caused the fail
ure. The Clearfeld County Bank was a
private concern. 1t was several years ago a
State institution, but now does collecting
and exchange business. The depositors
have been secured by judgment bond and
mortgage of valuable coal lands in this
county. The deposits aggregate $4,000.
The security doubles the entire indebted
ness. Senator Wallace's interest is S400 900
and his assets are placed at 100000.
MINNEAPoLIs, Dec. 16.-The Journals
special from Huron, S. OAK, says: The
Home National Bank suspended this morn
ing, because of the withdrawal of sec, 600 of
the deposits. The bank officials declare
that provision has been made to pay every
dollar due creditors and depostors.
The depositors have been steadily with
drawing their money for month past, evil
IDENTIFY scared by the financial stringency
down to less than $4,000, and certificates
for deposit in the same ratio. The bank
could not stand the strain. There is general
confidence in tho bank being able to carry
out the promise to make good all deposits.
No statement has yet been made.
NEW YORK, Dec. 16.-Receiver Seidler of
the Lorillard Brick Company, whose failure
was announced yesterday, says the firms
liabilities will probably reach S2,OO0,OOO,
with assets anywhere from 81, 500, 600 to
S2,000,000.