The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-09-14
Government Omcials Are Work.
ing Very Hard to Head
OF the Result.
Tho President, Secretary Window and
Others arc Badly Scared Over
the Financial Situation.

would take, but would announce plan this
evening. He said the suggestion was made
to deposit government funds in the nation
al banks, but it was rejected. He is in fa-
vor of extending the time for paying duties
on goods now on hand at the present tariff
until February l, and will take every possi-
BILE step to relieve the press of stringency.
He believes he has ample resources to ef'
feet the purpose. The general idea is that
he will decide to purchase large emount
of government bonds.
Referring to the conference an evening
paper says: 1.-THE question of putting gov
eminent money on deposit in national banks
was broughtup Secretary Window reiter-
ated the position of the government, and em-
phatically declared such a proceeding was
impossible. In regard to the proposition OF
the government paying years interest on
$65.OOO,OOO currency six per cent bonds,
Secretary Window stated that congress
would have to authorize it. The PROPOSE
tion which met with the unanimous ap-
proval of those present, including the secre-
tary, was to suspend the payment of GUS
toms duties from Nov. to Feb. l. Secre-
tary Window said the present difficulty in
the money market he believed to be one that
extended all over the country, and was not
confined to Wall street, or even New York.
He said it would require great deal of
careful consideration to settle upon the
best method of relieving the stringency,
and for that reason nothing would be done
hastily"
In regard to the scare which is based upon
the belief that large amount of money,
according to many. more than $4,000, GOO,
will be required Immediately to pay the
duties to take goods out of bond in case
the Mckinley bill goes into effect October
l, Assistant Treasurer Roberts says: TT
might be suggested in the first place that
this amount is over stated, for the custom
house authorities have estimated that the
amount of duty, payable on goods now in
bond does not amount to more than $1O,-
OOO, 900. In the second place, If these goods
are withdrawn in large amounts, and thrown
upon the market, it will have tendency to
check imports. So the amount of revenue
received will be diminished. At any rate,
it should not increase the stringency. 1t
would be wise, however, in my opinion,
for congress to extend the time within
which goods now in bond could be with
drawn. This would tend to relieve the mar
ket; but in any aspect of the case l do not
think there is any serious ground for alarm.
The surplus shown Sept. 10 of $99, sos, 22O is
about $22, 100000 unavailable for purchase
of bonds); in national repositories. S25. .OOO.-
900 (and now in circulation). These two
items, amounting to $47 ,O0O, 600, deducted
from $99, ,OOO, 600 leaves about $52.OO0, 600,
which represents the entire available cash
in the treasury, and that sum is part of the
$55, 100000 national bank redemption
funds made available by the recent act of
congress. There is therefore not a dollar
in the treasury surplus which came there by
the payment of custom dues or internal
taxes. Since there is not dollar which
represents any boarding of currency during
the last year, the $55, ,0OO, GOO above referred
and this fund at one time during the last
administration amounted to about $780,
100000. The above statement is not a
theoretical exposition of the condition of
the treasury, as it is an actual fact that
there were in circulation on the first day of
September over $45, ,0OO. 600 more than there
were on the first of September. 1885,"
take steps at once to purchase some four
per cents, but how many he declined to
state. He intends to remain in New Yorh
several days and take all necessary steps to
relieve the stringency in the money market.
The secretary made statement tonight
regarding the amount OF money tied up in
the treasury. He said: Companions have
recently been made of surplus now reported
in the treasury. with the amount reported
q year ago. from which the erroneous con-
clusion is drawn that the present admins
tration has pursued q policy toward con-
traction. In this connection the following
statement will show the fallacy of this
belief: The amount of net cash, fractional
silver and national bank redemption fund
in tho troo aurv ~, the first of Sonknmhar
1889, was about $141, 900, 600; the amount Of
the same items September 10, 1890, was $685.
sos, 200, which demonstrates the fact that
over forty-one millions more money have
been paid out since September l, 1889, than
received into the treasury during that time.
In other words. every dollar received by
the treasury since September L, '89, has
been paid out and over forty-one millions
besides"