The morning call., 1890-06-20
GOLD And SILVER.
Continued Demands on New York fer the
FOrmer-Free Coinage.

NEW YORK, June 19.-The stock market
continues to be affected by further talk
about gold shipments. 1t is stated that still
another quarter of million is ordered Tor
Saturdays steamer, which amount may be
increased to half a million. Exchange on
London at Berlin yesterday fell below the
gold-importing point A banking firm here
which is engaged in the shipping movement
says that there is small profit in selling
sight exchange on London, sending gold TO
Berlin and covering at that center with bills
on London. The Imperial Bank of Ger.
many makes the necessary advances in or
der TO increase its hoard of precious metal.
Wall street is much disturbed by the ship
ments. which have recently reached over
S2,5000O0. a leading banker said this after
noon that he was creditably Informed that
the German Government is boarding gold.
The Bank Of France now holds 5000, ,000,o 600
gold, while the Bank of Germany has only
S145,0 000,0o0 During the past year the Bank
of France increased its gold holdings by
$4,000, Geo. while the Bank of Germany lost
$10.000,GG0. This was discussed by the Ger
man Cabinet and Withdrawals from London
and New York resulted. II is estimated
that S10,000,000 will be taken by Heidel-
bach, Ickelheimer & Co. ON present orders
from this city. English bankers it is said,
report sterling exchange on Paris just at
the gold-shipping point, and any further
advance of rates would bring out large eX-
port orders. Gold bars in the assay office,
which two years ago amounted to $50, 0O0,-
000, have decreased to S32, 900. III they
should be all absorbed drain on double
eagles in the Sub-Treasury will follow, and
the banks will lose part Of their specie
holdings.
The Financial Gazette says editoriaIly:
The fact that our coinage is 8 per cent
heavier in silver than that of the Latin
Union is sufficient guarantee that coin
cannot be thrown upon the United states.
The demands of business of this country re-
Qulre steadily augmentlng volume OF cir
culating medium. The increase calls for
from S50,000.00O to $50, 600, 900 each year. If
we fill this void with silver we shall in no
way endanger the stability of the currency.
The Journal of Commerce. in an editorial
on the Silver Bill, says: Gold Will be at
premium. Silver and the certificates repre-
sented by it will take the place of paper
currency occupied during the war. If this
is to come at all, it may as we'll come at
once, as the country will never be better
prepared for the experiment.
local paper says: The recent ship
ment of So coo in gold to Germany,
S750,00 of which went on the steamship
Columbia this morning, has been followed
by the circulation in banking circles of
SeFeTdl ulSQultbluE TuLlOIs, one TcdCHlUE
Government officials to the effect that the
shipments are on direct orders from the
German Chancellor. One Of the leading
bankers here said The recent advance
in exchange in Berlin ana the low rate Of
sterling exchange in Germany arose from
business and at the same time placing
such restrictions on imports as to practi-
cally prohibit them The reason for this
policy is the German Government is hoard
L L \ al,
banker acting as its agents may make, 1t is
well understood where the order comes
from and where the gold goes to-
The opinion on Wall street is freely eX-
pressed that the law allowing the with
drawal of gold bars for export should be
amended, and Treasury officials should
insist on paying all checks in coin. This
would limit the shipment of gold to a small
figure, tor it would take wide differences in
exchange for shippers TO realize profit in
shipping coin. Gold bars are of 4 known
fineness and charged for accordingly On
the other hand gold coin often falls per
cent below the standard of fineness, and
in addition there is always a loss by
abrasion.
The Tribune thus concludes an editorial
on the coinage craze: The House has as
sented TO the purchase Of bullion enough to
take all the silver from the American mines
for the monetary use Of the United States.
A step beyond that is dangerous. There
is no excuse whatever for making
perfectly sound paper legal ten
der for the payment of all debts; no
honesty whatever in giving that power to
any paper in an absolute public necessity.
On that solid footing of honesty and JUS
tice the House and President can appeal
without fear to the sober Judgment of
Americans"
Following is an extract from Herald
editorial: 1t is, of course. impossible for
this bill to become law. At least it should
be in country in which common
sense prevails everywhere. LegisIa-
tion by trickery and legislation
for a single class, as against the
interests of all other classes. may win a
victory now and then, but in the end it will
beat a masterly retreat The silver men
hunted bear and had good time, by and
by the bear will hunt them and then they
will be e wrapped i'll dismal thinking"
CHICAGO, June ia Washington spe-
cial to the Herald says: While nine-tenths
of the members of the House of Represen-
tatives are expecting n fight over the ques-
ton OF reference to the Silver Bill, the bill
is rep0Sing calmly In the custody of the
Committee on Coinage, Weights and
Measures, and no one knows when it will
be reported. AS the committee is said to
be nnfavOrable to the measure, 1t may be
presumed that the bill will not be reported
in hurry. The Speaker. under one Of
the, new, rules, quietly referred the bill
without laying it before the House. Mr..
Reed is opposed to the bill, but he made a
careful canvass of the House yesterday
and declared free coinage W ould carry.
WASHINGTON, June l9.-Secretary Win
dom to-day applied to the eAt.orney-General
for an opinion as TO whether he has author
ity to place premium on gold bars with
drawn from the New York Assay Office for
export.
BUENOS AYRES June 1q-Gold 1874.