New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-15
THE SITUATION.

The desire of the Administration to DO all
that can properly be done to prevent monetary
preSSurc and facilitate business has been aOun-
dainty proved. Secretary Window still iiahkF
avows that desire. But he shows that inc
Treasury. instead of boarding money as some
imagine or falsely report, has actually pa'd ont
SAL 600, 600 moro than it has taken in during
tbc last wear. and has offered to di>burse nearly
the whole of it's available surplus. Nor have
disbursements been deficient Of late, since fall
trade began to call for more money. Since
July o6, Treasury disbursements have exceeded
receipts by nearly $19,O0O,0O0. Large pay
mcnts at the end of July were Immediately
absorbed in grain. cotton, stock anu other spec
Nations, and by the middle of August the
banks showed deficiency. From August IS
the cash in the Treasury and the New lork
banks has declined thus:
Cash in Urea Sury. In y. y. Ranks
August 90 e....... $.2O,6sG.13:; S.n -!3,IW
AnluSt 20 :; 1900" i9I33.:;:, 81 i.,S 700
sep,emIcr 10. 4o3.33..5iO o.5o3;''O
Instead of boarding money, the Treasury has
paid ont in three weeks Sl5.334, 900 moro than
it has taken in, and the banks have also lost
$o.370.OOO cash. having meanwhile lcsscncd
their loans S4.7OO,0OO. But in addition to
net disbursements of cash formerly in the
Treasury there has been paid ont $4,000, 600
in new notes outstanding for silver bullion pur-
chased. and Sl.SOO,OOO new gold coin. Thus
$40. 600. 900 has been added to the circua-
lion in three weeks. and yet the banks show
deficit nf $4,000 900. About H23,0oo,Ooo
has gone t. the interior. largely to purchase
products which spectators expect to rise, ana
which are held at such prices that they 40 not
90 forward with natural freedom to consum-
ers. The unfavolabto crop report has IN
creased The desire to hold or To- buy, and has
nut ND prices again during the last week,
though want of money for Legitimate business
had previously caused some liquidation and de-
cline.
The Treasury has not caused trouble by
boarding. but has already offered t" PM out
nearly all the surplus il has left. About
II u0O. 400 of the J.: per cent bonus az"
vet I, h,. delivered under MI NndomS la>'
,ir,rllor an. about $4,000. 900 Of tho interest
offered OH the 4 per CENTS 50 that these oilers
would take out more than S30.0O0.0oO OF "A
SURPLUS which now includes only So 100000
oyailallc The unavailable remainder is either
already in circulation. so. 100000 deposited
in the banks or about So 10000 fractional
silver The expectation that revenues Will ""
enormously swced if the new tariff goes into
cffcc: November is not sensible for heavy
Withdrawals prior TO the enforcement Oh Ia"
administrative law reduced the amount hi
dutiablc goods i'm warehouse materially, white
at th, season last Year. ont OF goods valued al
>39. o00. 900 in all United States warehouses,
about SloOOO. 900 WAS OF sugar or of goods
already flc,, and 50, 5000 more Of a few
classes only on which duties are certain not To
lie raised. On probably more than half the
rcmlin Ter. or ~. 0UO.Oo0 worth. the chang" III
duties will be insignificant Hence il may he
Inferred that not more than $1,000. 600 to
80 900 600 can be required TO pay duties on
the goods which would he withdrawn from
warehouse in six weeks on account OF III" farm
ILL., hut meanwhile other customs receipts Will
undoubtedly hc much smaller than usual be-
| ,auSc the markets Lave been 80 heavily oyer
.tJc,cd with foreign goods.
II the Secretary should decide to 60 even
further. ly paying out nearly all Of the >canty
remaining surplus for bonds, it Is necessary
that tho country should understand in advance
that his power in that direction will be sub
.tan,iallv exhausted, and business will then
have t, get on rs best il can without hope OF
| further exceptional aid if another emergency
| comes For it is only too probable that the
money which may thus be pvt ont would be
| ouickIy absorbed as the $4,000, 900 discussed
within tho last three weeks has been. and
then prices would have to adjust themselves
and tn" current speculation to get liquidatcd
without further relief.