The sun., 1890-09-14
WILL PROVIDE MORE MONEY.
sEcRErARK WINDOW LIKELY TO BUI
a LUT OF FOURS


Can ne Agreed Oh-coaEsronee OF the
Secretary with New York Bankers-
Ne Sees No Reasoa 60 APPrehsna tSeri-
ous COnsequenoes-A PostPonensat or
the ExaotIon OF the New Dutiss Likely.
Secretary Window arrived In town yesterday
morning, and. after breakfast at the Fifth Ave-
nue. HoteL went to the Treasury In Wall
street Tho Secretary was called here by the
disturbance in mercantile and financial circles
over the money situation. Early in the morn
ing Assistant Treasurer Roberts. at the Secre-
tary's request, called a conference OF bankers
TO meet .ho Secretary at IL O'Clock at the Sub
Treasury. There wero present Mr. Roberts.
President Perkins Of the Importers and Trad
ers' Bank, President Baker OF the First Nation
al Bank, President vermilye Of the Merchants
National Bank. Vice. President Garland OF the
First National Bank. President Cannon OF the
Chase National Bank, President Coo OF the
American Exchange National Bank President
John j. Knox OF the Bank Of the Republic,
Jesse Seligman, James B. Colgate. and. later.
eK-President Alexander Z. Orr OF the Produce
Exchange and W. IL. r. Hughes OF tho Ward
line Of steamships.
The conference lasted until nearly O'Clock,
and then tho Secretary seemed to be quite as
much In the dark as to tho plan OF relief which
should be adopted as he apparently has been
the last week or SO. In conversation later
he said that he was very willing to do all that
he legally and properly could to bring about an
easier money market He recognized. he said,
that 1t was not by any means a strirgency
which had been brought about by Wall street
methods but that It had been due to the legiti-
mate results OF trade and. possibly. the work
ings OF the Mckinley bill The Secretary ad-
mitted that the trouble was not local. but that
1t extended all over the country. He added
that he had listened to the suggestions OF
the bankers present at the conference. and
that while he was not prepared to say definite
ly whether he could adopt any measures to re-
lieve the situation Immediately, he did feel
that the workings Of the Mckinley bill would
be surely disastrous unless some postponement
In the collection OF the new duties on goods In
bond could be brought about On this point
he said. after reflection. that he would certain
ly recommend to the conference committee at
WashinRton-that is. the Finance Committee OF
the Senate and the Ways and Means Committee
OF the House-that the importers have until
Feb. next to pay these duties. instead Of Nov.
!. as called for by the bill.
1T was learned that some OF the bankers In
fact the majority, had suggested to him that
the purchase Of per cent bonds was the only
method by which immediate relief could be
obtained. The Secretary said on this point
that there had been certain suggestions OF
that character made to him in the conference.
but that he wanted time to think about it AS
he left the Sub-Treasury he said he would
pass most OF the afternoon in digesting the
euggestions made to him. and that possibly he
would issue q circular which would be consid-
cred satisfactory to all hands. Coupled with
this remark was an intmation to the effect
that he might buy fifteen or twenty millions Of
the per cents II he could got them at fair
price. He did not say what he consider
ed would be q fair price for these bonds,
for he seemed to wish to have further
communication with the President 1t will be
recalled that the price made Friday was 1875.
Concerning the price Of these bonds. It is inti-
mated in Wall street and elsewhere, especially
by the savings banks and big corporations
which own many OF them. that they will not
part with their bonds at less than 126. The
difference in these prices seems to be the nut
which the Secretary wished to crack. and on
His scheme OF prepayment OF interest on the
As had proved futile, and Just here 1t should be
grievance about this matter.
One OF his friends said that the Secretary
thought that he had scarcely been treated
fairly by tho owners Of these bonds. and re-
marked that they had simply pocketed the In
forest prepaid by the government. and had
marched home with it It IS dlfflcult to see
these bonds for doing as they pleased with
hsr tbs Then Gn 1t
chase OF As long time and thoughtfully before
making any decided steps or purchasing any
matter, it was said. is due to his belief that
there is syndicate Of Democrats who wish to
%en h seet said sRat
the Secretary has any such idea 1t Is positively
II was intimated that a number OF the bank
Presidents and others who attended the con
terence were quite willing 70 make up an offer
had 80 notified the Secretary. These 49, It is un-
derstood. were to be gathered up here and there
prtco which should be mutually agreed upon
between the b SRd ths Ss.srStary The
WON would dS come on from ON Wsshinstan eiiher P last St
thss EsSd 5sGs
mind what policy ne would pursue In his
efforts to relieve the money strtngeney. He
day. and he believes that he viii come to n a
decision some time about dusk. and that by
tomorrow light VIII come upon the situation.
purchase si5,O66,OOO or ,s2O.UOo 900 As which
are to be presented to him. Secretary Win
Comparisons have recently been made Of
the surplus as 1t ID now reported In the Treas
ury. with the amount reported year ago. from
the present Administration has pursued
policy tending toward contraction. The fol-
lowing authoritative statement will show the
falacy OF this belief:
"The amount OF net cash frActionAl silver,
and national bank exemption fund in the
Treasury on the LIST of september, lbSJ.
was .Sl4l 900 001
The amount of the same items Sept. IL
lsbO. Was sooos,22O
Which demonstrates the fact that over
forty one millions l$il 900 900 moro money has
been paid out since Sept. ]. 1889. than has
been received Into the Treasury during that
time. In other words, every dollar received py
the Treasury since Sept. l. 1889. has been paid
out; and over forty-one MILLIONS (siiOoo'OOO'
:" The apparent surplus shown Sept. TO- 1890.
OF 995u9.220. is made up as follows
"FEactionRl silver coins unavailable for pur
chase OF bonds about. ......,.... 500 600 900
In national depOgiloTies (And now IN crcu'
IaIionL 2aDoOJo
Total OF these Two oiems,.............. St5oooOIO
Deduct this from tho..................... GluOoOoU
Which represents tho entire available cash
In the Treasury and that sum is a part Of the
$55,UJO. 900 OF national bank redemDtion funds
made available By recent act ot congress.
There is therefore. not dollar In the Treasury
surplus which came there by tho payment OF