The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1890-09-16

steps BEING Taken by the Treasury DE
partment 20 Relieve the Present Ssrin-
Esacy I'm the Money Market


Esacy I'm the Money Market
INV YoRK. Sept. I5.---Referring 10 the
conference With Secretary wsndom and
hnanciers, an evening paper says: The
question OF putting government money ON
deposit Ia national banks was brought mp.
secretary Window reiterated the position
of the government, and emphatically de-
clared such y proceeding Was impossible in
regard to the proposition of the government
paying years interest ON sg5, 600, 600 cur
rency Cs bonds Secretary Window stated
that congress would have 10 authorize It.
The proposition which met tho unanimous
approval Of those present. including the
secretary, was 20 suspend the payment of
customs duties from Nov l 10 Feb. /. Sec
rotary Window said tho present difflculty
in the money market, he believed, was
one that extended all over the country and
was not confined to Wall street or even
New York. He said IL would require n
great deal OF careful consideration 10 settle
upon the best method OF relieving the
strngency, and for that reason nothing
would be done hastily,
In regard 10 the scare. which Is based
upon the belief that large amount Of
money, according 20 many more than $780,
900 600, VIII be required Immediately 20 pay
duties 20 take goods out OF bond Ia case the
Mckinley bill goes into effect Oct. /, As
siStant Treasurer Robert says; IL might be
suggested In the first place that this amount
Is oyerstated. for the custom-house author
ities have estimated that the amount of
duty payable on goods now in bond does
not amount 60 more than $40. .000.0o0 Ia
the second place, II these goods are with
drawn Iva large amounts aud thrown
upon the market # will have
tendency to check imports, so the
amounts Of revenue received will be dimln-
ishcd. At any rate II should not Increase
the stringency. IL would be wise, however,
Ia my opinion, for congress to extend the
tune within which the goods now Ia bond
could be- withdrawn. This would tend 90
relieve the markets, but in any aspect of
the case do not think there l. any serious
ground for alarm.
- " White went Co Washington and has
been in conference with members of the
senate finance aud house ways and means
committees lie says; There Is no doubt
whatever that the time for the withdrawal Il
OF goods froIn bond viii be extended, The
treasury Is doing everything possible for
the relief of the money market and win
continue TO afford all relief which may be
found necessary. shipments OF currency
have been heavier this week than any
previous one this season. Nearly all the
currency shipped went west aud south.
There has been a heavy outward movement
Of gold s5oo,ee going 60 san Francisco. "
Secretary Window made statement re-
garding the amount of money tied up In the
treasury. lie said: Comparisons have re-
Gently been made OF the surplus now re-
ported la the treasury with the amount re-
ported year agu, from which nm erroneous
conclusion is drawn that the present adj
niInfstration has pursued policy t0whrd
contraction. In this connection the follow
Ing statement will~how the fallacy of this
beliefs The amount of net cash. fractional
silver and national bank redemption fund
In the treasury the ist OF September. 1889,
was about st4i ,o00, 900. Tho amount OF the
same Item on Sept 10, 1890, was 800, 500, ,22O.
which demonstrates that over 81 600, 900
more money has been paid out since
Sept. 1, 1889, than was received into
the treasury during that time. In other
words, every dollar received by the treasury
since Sept. !, 1850, has been paid out
and over s4i 900 OO0 besides. The apparent
surplus shown Sept, 10, $780, of s10,-
500, ,22e, ts3made up as follows: Ffactikhal
silver coins, about sa2, 00O,O unavailable
for the purchase OF bonds)G In the national
deposis is $4,000, 600. and now in circula-
tion. These two items, amounting GO S47,-
600, 600. reduced from 500, 600, 900, leaves
about So, ,ooo, 900, which represents the en-
tire available cash In the treasury. and that
sum Is part OF the s55, 600, 600 national bank
redemption funds made available by
recent act OF congress. There Il.
therercforo, not dbllar in the treasury
of the surplus which came there by
payment Of custom dues or interest taxes.
Hence there h not dollar which represents
xHy nUafuIhg of currency during the last
year. The s55,000,o0o above referred to has
been In tho treasury for several years and
this fund alone, during the last administra-
tion. amounted 70 sH0, ,o00,o 900. The above
statement Il not theoretical exposition OF
the condition OF the treasury, as IL Is an
actual fact that there was In circulation on
the ist day OF Sep tember over Si5. 600, 800
more than there was on Sept. /, 1889.
Secretary Window said he would probably
take steps at once 10 purchase some 4 per
cents, but how many he declined 10 state
He intends 90 remain III New York several
days and take oil necessa ny steps 10 relieve
the strlngency in the money market.