Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1890-12-08

Secretary Window Talks of
the Financial Situation.
WILL MAKE NO CHANGE IN POLICY.


Than Ever Bcfore-Where II Is Hoard
cd and Will Stay Until Confidence Is
Restored--Thc Gold Reserve to Remain
Where II Is-Fiye Petition. Contain
Ing the scheme OF an Unknown fSnsn-
ciai Genius.
WASHINGTON CRY, Dec. S.-Secretary
Window, in conversation last evening on
the financial condition and the prevailing
nneasiness in monetary circles in New
York, and in fact all over the country,
said: s.The treasury department is doing
all it can to relieve the present unfortu-
nate condition. and it will continue to do
80 on the same line of policy as that which
has been followed up to the present time
The money stringency is not result OF a
contraction of the currency. There never
has been time in the history Of the gov
eminent in an era Of peace when so much
money has been flowing out Of the treas
airy into the country.
Amount of Money Put Out.
During the nineteen months that have
,een at the head of this department the
amount Of money INTERPOLATION has been
increased over 500, 0oO, 900, and during the
five months Of this fiscal year the increase
has been between SIS 10000 and $1,000
900 That is an enormous amount Of
money to put out. but its effect has been
scarcely appreciable II has become alb
sorbed without apparently leaving any
trace OF its existence. OF course when bust
ness is lively ala brisk. as il has been re-
Gently, in nearly all branches. il produces
a scarcity of money, but the present con-
dition of affairs cannot be accounted for
on that ground.
Where the Money Has Gone.
81 think that for the greater part OF the
sl0o,00,0oo which has been expended by the
treasury in the purchase Of bonds You
must look in the private tills and vaults Of
the safe deposit companies, and until con-
fidence is restored and those who are now
boarding money can be induced to let go
OF II an enormous amount of money
would be required TO give adequate re-
lief"
1T has been suggested, Mr. Window,
that your call for &, 600 900 of the per
cents. will have no appreciable effect upon
the situation, and that TO do any good the
treasury should adopt heroic measures and
put in circulation at once as much as s.5,-
900, 900 or sl00, 10000"
VIII Not Bankrupt the Treasury.
THAT could only be done by the action
of congress- replied the secretary The
treasury is doing as much as IL can do I'M
der the circumstances. What may do In
the future i cannot say, because have not
yet decided, but do not propose to let the
treasury become bankrupt, whoever else
may become So while am at the head Of
the department. There is in the treasury
at the present time enough money to pay
out about 5000, 600 for bonds offered in re
Spouse TO my call of last evening and a lit
tie more
No Playing with the Reserve.
There is the 500, 000,0O0 fund in gold
held as the legal tender reserve. Why not
place that with the national bank depos-
itories.'
That will never be done with my con
sept,' said Mr.. Window, with emphasis
Congress might order it done. but GER
tainly never would recommend it being
done. That would he the worst possible
remedy, in my opinion. There are several
Others which would be better, but would
not like at this time TO discuss them for
publication One thing might be done,
and that is to call in the s24, or, 900 held in
the national bank repositories now. but !
do not think that would be very popular
proposition at the present time
Anonymous Advice.
THAT il one Of the beauties of the de-
posit system. When the treasury needs
the money it dare not call for it. re-
ceived the other day broad and compre-
hensive scheme which. il il were adopted.
would undoubtedly afford a great deal of
relief. don't know where it came from.
as the communication was not signed, but
1t took up q. series OF i've petitions. Each
one Of them was printed, evidently for the
purpose Of circulation, and bore at the top
in large black letters: Stop Robbing the
treasury
Twas q Brilliant scheme.
"The first of the series was addressed to
the secretary of the treasury, calling upon
him to stop robbing the treasu ~ by pur-
chasing bonds at a premium, and COM
handing him to buy them at par. The
second was addressed to the president and
requested him to call upon the secretary
Of the treasury to purchase bonds at par
without paying premiums. The third was
addressed to the supreme court and de-
lnanded that that body should mandamus
the president and call upon him to call
upon the secretary to the same effect.
Didn't Forget the House.
"The fourth was directed to the house of
representatives and requested the impeach-
ment of the secretary for robbing the
treasury for this payment Of premiums on
bonds, and the fifth was addressed to the
senate and house in congress assembled to
pass bill issuing legal tender notes to the
extent OF SO, 600, 600 for the purchase of
bonds at par. That is a pretty compre-
hensive scheme, isn't it, And how well il
would work if adopted
Will Continue to Purchase Bonds.
But so far have not heard of the SUI
preme court taking the action desired, and
have no doubt that should be able to
offer good defense IL the impeachment
resolution was to be passed by the house
No. the only thing that can say about
the future policy of the department Is that
as occasion presents itself shall continue
TO purchase bonds so long as the financial
condition of the treasury VIII warrant
such action -