, 1890-09-18
WINDOWS DILEMMA.
How to Relieve the Finan.
cial Situation.
SEVERAL MEASURES PROPOSED.
The President in Communicates,
With the Socretary-No Sc.
rious Results Anticipated.

wAsuIsGroN, Sept. 13.--Thero was ,
onsultation to-day by wire between ths
president, ut CressoL, and Acting Sec.
retary Batcheller and Assistant Secretary
Nettleton, at the treasury department
concerning the stringency In the money
market, during which the whole situa.
ton was thoroughly gone over. The
president, IL is understood, stated hi,
desire to avert q panic In tho money
market, and that none shall occur it thu
treasury department can prevent IL,
The views Of the president were tele
sraphed Secretary Window, at New
York, who sent the following message to
the presidents: "Have had u conference
with leading financiers. There appears
to DO considerable stringoncy, but no
reason to apprehend serious conse.
ouences. / am fully advised, and will
take such action as 1 think the situation
requires"
Tho president has also been In con-
sultation by wire with Major Mckinley,
chairman of tho committee on ways and
means, and others, with regard to the
propricty of extending the date fixed by
the senate for the new tariff bill TO 20
into effect. The matter, It Is under.
stood, is to DO the subject Of further con.
ference.
The director OF the mint announced
&c day his willingness to buy largely oil
silver. If the offers were favorable, in or.
der to assist In relieving the stringency
in money.
con ference between Secretary Window
and the iinanciers, an evening paper
says: The question Of putting govern
ment money on deposit in the national
banks was brought up. Secretary Win.
dom reiterated the position of the gov.
ernment, and emphatically declared
that such proceeding was impossible.
In regard to the proposition OF the gov.
ernment to pay years interest on $85..
o0O, 900 of currency skies bonds, secre-
tary Window stated that congress
would have to authorize it, The prop
osition, which met the unanimous ap-
proval of those present, including the
secretary, was TO suspend the payment
of customs duties from November TO
February /. Secretary Window said
that the present difficulty In the money
market lie believed TO be one that ex-
tended all over the country, and was
not confined to Wall street or even New
York. lie said 1t would require great
deal of careful consideration to settle
upon the best method of relieving the
stringency. For that reason nothing
would be done hastily.
In regard to the scare, which
is based upon the belief that a
large amount of money, according TO
many more than $50, 600, 600, will be re-
quired Immediately to pay the duties to
take goods out of bond, If tie Mckinley
bill goes into effect October /, As.
sistant Treasurer Roberts said: 1T
might be suggested, in the first place,
that this amour, iS overstated, tor the
custom house authorities have estimated
that the amount OF duties payable on
the goods now in bond does not amount
to more than $40, OOo, 600. In the second
place, If these goods are Withdrawn in
large amounts ana thrown upon the
market II will be likely to check imports,
so the amount OF revenue received will
be diminished. At any rate, 1t should
not increase the stringency. IL would
be wise, however, in my opinion, tot
congress to extend the time within
which the goods now in bond could be
Withdrawn. This would tend to relieve
the market, but in amy aspect OF the
case do not think there is any serious
ground for alarm"
Secretary Window made q statement
tonight regarding the amount OF
money tied up in the treasury. lie
said: Companions have recently been
IN taH in
tho treasury with tho amount reported a
year ago from which the erroneous con-
clusion is drawn that the present ad-
ministration has pursued n policy to-
ward contraction. In this connec-
ton the following statement will show
the iallacy of this belief: The amount
of net cash, fractional silver, and ma
,ionul land redemption funds in the
treasury the LIST of September, 1889, was
about Sl4l, Ooo,O0o. The amount OF the
same items September, /, 1890, was S99,-
oOJ 20. This demonstrates the fact that
over iorty-ono millions more money
has been paid out since September i,
1888, than has been received into the
treasury during that time. In other
words every dollar received by the treas
ury since September /. 1850. has beon
paid out, and over SAL 10000 besides
The apparent surplus shown September
Fractional silver coins, about x22 COO 900
unavailable for the purchase OF bonds
National bank deposits, $25. 90, 00
These two items, amounting to Si7 OO, :
900, deducted from 500, 900. 900 leaves 80, :
OOO,O which represents the entire
avail able cash in the treasury, and that
sum is a part of the S55, 00O, 0OO national
bank redemption funds, made available
by the recent act of congress. There Is
therefore, not dollar In the treasury
surplus which came there by the pay
mcnL of customs dues or internal taxes,
since there is not a dollar which repre-
sents any boarding OF currency during
the last year. The S55, 600 900 above re-
ferred TO has been in the treasury for
several years, and this fund ut one time
during the last dministration amount
ed to about $ll0 600, ,000."
The secretary said ho would probably
take steps at once to purchase some ol
the four per cents, but how many le
dec lined to state. lie intends to remain
in New York several days and take all
the necessary steps to relieve the strin'
gency in the money market.
ADvICEs FROM MEXICO.
celebration OF tho Anuiversa'y OF
Independence Congress Opened.
CRY ar Mpvt.n laa, ia -Tha anni.