Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1890-12-08
a DROP IN THE BUCKET.
Relief Money from the Treasury
Soon Swallowed Up.
THE SECRETARY INTERVIEWED.

The Treasury Has Paid Out Over $780,
600. 900 in Nineteen Months, He Says,
but This Immense Sum Has Apparent
" Made the Money Market No Easier.
NEW YORK, Dec. s.-The SUMS Washing
ton correspondent reports the following
interview with Secretary Window on the
financial situation; 1.-THE treasury depart
ment is doing all it can to relieve the pres
ent unfortunate condition, and il will
continue to do so on the same line of pol
icy as that which has been followed up TO
the present time,n said the secretary.
"The money stringency is not a result Of
contraction of the currency. There never
has been a time in the history Of the gov
money has been flowing out of the treasury
into the country. During the nineteen
months that have been at the head of the
department the amount Of money in cir
onlation has been increased over hun
dred millions, and during the five months
Of this fiscd year the increase has been be-
tween seventy-five and eighty millions.
to put out, but it's effect has been scarcely
appreciable. It has become absorbed with
out apparently leaving any trace of its
existence
Where the Millions Went.
Il think that for the greater part Of the
hundred millions which have been expend-
ed by the treasury in the purchase OF bonds
you must look in the private tills and in
the vaults Of the safe deposit companies,
and until confidence is restored and those
who are now boarding money can be in
duced to let 60 OF 1t an enormous amount
oil money would be required to give ade-
quate Relief
Could Only BE Done by Congress.
ut has been suggested, Mr.. Window,
Chat your call for 100000 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 MS
seventy-five or a hundred millions"
"That could only be done by action OF
congress-" replied the secretary. "The
treasury is doing as much as It can do
under the circumstances. / do not pro
pose to let the treasury become bankrupt,
whoever else may become so. There is In
the treasury at the present time enough
money 20 pay out about 81, 900, 900 for bonds
offered in response to my call Of Saturday
evening, and a little more.
"Then there is about s17, 500O 900 in frac-
tional currency, which might be paid out
In the purchases of bonds, but suppose il
that was done it would be offered next day
10 exchange for greenbacks, so that green
backs might just as we'll be paid out at
first, although there Is a lack OF small cur.
rency all over the country. But IL would
not be possible to pay out the amount OF
money you mention.n
Hands or the Legal Tender Reserve.
There is the hundred million dollar
fund in gold held as the legal tender re-
aerve. Why not place that with the ma
nonal bank depositariesfn suggested The
Sun representative.
THAT will never be done with my con
sent" said Mr.. Window with emphasis.
Congress might order IL done, but GER
tainly would never recommend il. That
would be the worst possible remedy in my
opinion.
zone thing might be done. and that is to
call in the S24, 100000 held ia the national
bank Repositories, but do not think that
that would be very popular proposition
at the present time. That is one q the
beauties Of the deposit system. When the
treasury needs the money it dare not call
for it. 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 MS the
financial condition OF the treasury will
warrant such action