Sacramento daily record-union., 1890-09-14
The Government win Endeayor to Avert
a Financial Panic.

The Government viii Endeavor to Avert
a Financial Panic.
WASHINGTON, September 13th.-There
was a long consultation TO. day by wire be-
tween the President, at Cresson, and act
ing Secretary Bachelor and Assistant Sec
retarv Nettleton, at the Treasury Depart
ment, concerning the stringency IN the
money market, during which the whole
situation was thoroughly gone over.
The President, it is understood, stated it
to be his desire TO avoid panic in the
money market, and that money shall be
permitted to prevent, if the Treasury De-
psrtment can prevent it. The views of the
President were telegraphed to Secretary
Window at New York. who sent the fol-
lowing message to the President:
Have had conference with leading
financiers. There appears to he consider
able stringeney, but no reason to apprehend
serious consequences. | am fully advised
and will take action as | think the sltua-
ton requires"
The President has also been in consulta-
ton by wire with Major Mckinley, Chair
man of the. Committee on Ways and
Means. and others. Ii regard to the pro-
priety OF extending the date fixed by the
Senate for the new tariff bill to go into
effect the matter, ii is understood, is to be
the subject of further conference.
The Director of the Mint announced to-
day his Willingness to buy largely of silver
Monday, if the offers are favorable, IN
order to assist in relieving the stringency
in money.
HOW TO RELIEVE THE MARKET.
New YORK, September 13th.-Refering
to tie conference of Secretary Window and
the financers, an evening paper says: The
question of putting Government money on
deposit in national banks was brought up.
Secretary Window reiterated the position
of the Government and emphatically de-
clared such process of proceeding was
impossible. In regard TO the proposition
of the Government paying wears interest
on sos. 600, 900 currency sizes bonds, Secre-
tary Window stated that Congress would
have to authorize it. The proposition
which met the unanimous approval of
those present, including the Secretary, was
to suspend the payment of customs duties
from November 1st to February lst.
Secretary Window said the present diff
Guilty in the money market was believed to
be one that extended all over the country
and was not confred to Wall street or
even to New York. He said 1t would re-
quire a great deal of careful consideration
10 ScLll6 upOH tuc Dtol ihCthONi " ASAAS' - b
the stringency and for that reason nothlng
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 Soo,-
100000, will be required Immediately to
pay the duties to take the goods out OF bond
in case the Mckinley bill goes into effect
October 1st, Assistant Treasurer Roberts
saws. 1T might be suggested, IN the hrst
place that this amount is oVerstated, for
the Custom house authorities have estl-
mated that the amount of duty payable on
goods now in bond does not amount to
more than $10,000000 In the second place,
if these goods are withdrawn IN large
amounts and thrown upon the marker II
will have tendency to check the imports
so that 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 the goods
now in bond could be withdrawn. This
would tend to relieve the market. But at
any aspect of the case do not think there
is any serious ground for alarm"
S. V. White went to Washington last
night, and has been in conference with
members of the Senate Finance and House
Ways and Means Committees. He says
"There is no doubt whatever that the time
for the withdrawal of goods from bond
will be extended. The Treasury is doing
every thing possible for the relief of the
money market, and will continue to afford
all relief which may be found necessary"
SHIPMENTS OF CURRENCY.
Shipments of currency have been heavier
this week than any previous one this
season. Nearly all the currency shipped
went West and South. There has been
heavy outward movement of gold, $500, 900
going 20 San Francisco.
SURPLUS IN THE TREASURY
Secretary Window made statement to-
night regarding the amount OF money tied
up in the treasury. He said: "Compari-
sons have recently been made OF the sur
plus now reported in the treasury, with
the amount reported year ago, from
which the erroneous conclusion has been
drawn that the present administration has
pursued a policy toward contraction. In
this connection the following statement
will show the fallacy of this belief:
The amount of the net cash, fractional
silver and national bank redemption fund
in the treasury on the 1st of September,
1889, was $l41 100000. Amount of the
same items on September 10, 1890, was
s99, 500 800, which demonstrates the fact
that over forty-one millions more money
has been paid out since September l, 1889,
than received into the treasury during the
time. In other words, every dollar re-
eeived by the treasury since September 1,
1889 has been paid out. and over forty-one
millions besides,
"The apparent surplus shown September
10. 1890, of 500, 500, ,220, is made up as fol-
lows. Fractional silver coins, about S22.-
600, 600; unavailable for the purchase OF
bonds, in national repositories, $25, 600 QUO.
These two items, amounting to SAT 900 600,
deducted from 500, 600. 900, leaves about
$50 600 900. which represents the entire
available cash in the treasury, and that
sum is part of the $50 000,0 600 of national
bank redemption funds, made available by
a recent Act of Congress. There is, there
fore not dollar in the treasury of surplus
which came there by the payment OF Gus
tom dues or internal taxes. Hence there is
not dollar which represents any boarding
of currencv during the last year. The
S55. .OOO. 600 of currency above referred to
has been in the treasury for several years,
and this fund at one time during the last
administration amounted to about Sl10,-
600, 600.
"The above statement is not theoreti-
cal eXpOSlt1On OF the COuulLlOu Ol tue
Treasury, as it is an actual fact that there
was in circulation on the 1st day of Sep
tember over $45 1000 coo more than there
was on September l, 1882
Secretary Window said be would prob
ably take steps at once to purchase some
per cent bonds, but how many he de-
clined to state He intends to remain in
New York several days, and will take all
necessary steps to relieve the stringency in
the money market.
ADVANCE INTEREST ON BONDS.
SAN Francisco, September 15th.-J. P.
jackson, of the United States Sub-Treasury
of this city, has been notified by the au-
tnorities at Washington to prepay interest
on 4 per cent. bonds for one year, regis
tered and unregistered. The bonds must
be presented, in order that one years inter
est received may be stamped upon them.
RECIPROCITY.
Views of Pacific Coast Representatives
on the Subject.
PHILADELPHIA, September 1Sth.-A spe-
cial dispatch from Washington to the Press,
tol 1.roa hor r,f Hon of,