New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-10
,fp UJVDOVS POSITION.

In an interview published on Monday. Secre-
tary Window takes manly and WISE POSITION
regarding certain of the modes of financial re-
lief which have been suggested. lie holds that
removal of the bullion fund from the Treasury
70 the banks would only increase the distrust,
which is now the chief financial difficulty, and
would therefore cause further curtallment OF
credits and Withdrawals of gold from actual
use He states that no such step Will be taken
with his consent while he remains secretary OF
the Treasury and all reasonable men should
heartily approve that decision Nor does he
think good could be done by calling IN the de-
posts already remaining with the banks LOT
some years past. This money was most I'M
wisely advanced by Secretary Fairchld re-
mains unpaid, and cannot be called at timc
Of commercial embarrassment without incrcas-
ing that embarrassment. But 1t Is obvious
enough that resort 10 the same eApedlent,
which resulted i'll loss OF available resources by
the Treasury without any real advantage 10 the
public could not be wisely tried AGAIN
The money nominaliy III the Treasury no"
consists in part of fractional silver, ; l9,2l6,'3o
in amount which could not be used 10 any adj
vantage because il would at once be returned
in exchange for legal tenders, and Of the bal
anccs in the banks which, a, above stated, can
not now be withdrawn, and are presumably III
actII3l circulation already. There rcmaIL"l
December only Sl5.s22, o66, which Is all that
is left of the 500. 100000 bank redemption
fund transferred TO the Treasury by the Act OF
July II. Even this slender margin Is to Nomo
extent mortgagcd. so TO speak, by offers 10 take
bonds or prepay interest upon which the De
partmcnt has not yet been called to act. In
proposing to buy $4,000. 600 moro of the four
per-cent>. the Secretary has done about all that
he can safely do at this time in view OF Tho
other large dsbUrs mentS which are presently
to be made.
Additional issues of currency are suggest
ed and the Spcrtary j disposed - look VITA
favor upon a bill offered hy Representative
Tay!or. providing for immediate purchase 81
the Accumulated silver bullion in the mar
kctS. estimated at about 1900, 900 ounces,
and conhnnG future purchases OF SILVER bullion
10 meta! of American production The latter
provision as has recently been shown, not
wisely emitted from the Silver Bullion Act
having been a prominent feature OF Mr.. Win
dom's plan. The immediate purchase Of the
bullion which faS been accumulated and is now
held on speculation would be more difficult to
Justify The theory j, that, if this incubu,
were removed, the purchase OF 1000 600 ounce,
per month Of American silver would suffice 10
sustain the price which j. now depressed, many
believe Only by this speculative accumulate n.
When Spectator, of any other sort err IN their
calculations they arc not able - call upon IA"
Government 10 take their stocks. or grain. ol
cotton off their hands at such prices aS they
may choose to fix. But as a mode Of getting
more notes into immediate circulation. this plan
nevertheless meets with some favor.
The addition Of even 500 coo, 900 more ~
/ the circulation through purchases Of bonds and
! silver would give only temporary relief in the
! money markets, but il is reasoned that tenn
porary relief only is needed, because after Jan
uary / the large Disbursements will bring great
err ease. lnhappy, a difficulty Of greater mag
nitude rcmain>-the disposition 10 hoard gold
| in apprehension Of free silver coinage and all
! is consequences. Nearly all competent fnan-
! ccr> and business men observe that thi, dis
! position has been exceedingly potent since the
| elections IN November. and II has probably
| taken ont of the markets moro money than the
! Treasury has power 70 add to them. If the
modification Of the Silver Act could be carried
under circumstances which would make it clear
| and certain that unlimited silver coinage would
! not aftorward follow, this great source Of en-
| barrassmont might be removed. But il does
| not yet appear that the action AT Washington
! will take that form