New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-14
FOR TREASURY RELIEF.
SECRETARY WINDOW IN CONSULTATION
WITH BANKERS AND MERCHANTS. .

HE ORDERS THE REvooATroN OF THE TRDADU11
REGULATION IN RneAaD TO THE PAYMENT
OF ADVANCE INTEREST on REGIS.
TERED -FOUR PER CENT BONDS
The cries Of financial distress that have n
Gently gone up from Wall Street. and in smalls1
degree from the business interests Of the whei
country, brought Secretary Window to this city
yesterday. He devoted the entire day to oare<
full study Of the situation, and in conference With
leading bankers and prominent merchants and tms
portes. lie sought information about the needs
Of the financial and mercantile community and
suggestions as 10 the methods Of Treasury relief.
To all he expressed his earnest desire to do every.
thing in his power to allay apprehension and -
prevent financial disturbance. Some Of the sus.
sestisns that were made to him were imprsctioa-
BILE. or likely to be Intellectual and were quickly
dismissed, while other recommendations were
adopted without hesitation.
He Immediately ordered the revocation Of the
Treasury regulation. in regard to the payment o1
advance interest on registered 4 per cents, which
prevented the payment on part OF the bonds
standing in one name. The injustice that might
be caused by the ruling was clearly
apparent, and he directed that it should
be discontinued. The appeals for 81
extension Of time for the payment Of duties under
the new tariff were Listened to. and he promised
TO urge on Congress postponemcnt Of the date ID
February /. lie caused official notice Of his aps
proval Of this delay to be conveyed to the meme
hers Of the Conference Committee Of tho tive
houses Fle declined the suggestion that b
should increase Government deposits in Nattonat
banks, not on political grounds, but because the
relief would be slow and inadequate. There 70.
manned the alternative Of buying round lot o4
per cents, and as to the efficacy Of this relief
the Secretary entertained some doubt. He had
advanced his price per cent, to l25. on Friday
and had received few bonds. He was inclined Il
doubt il any large amount was for sale at prices
which he would he willing to pay. He has 10.
ceived no intimation to that effect. and he is 70.
solved not to be forced into paying an exOrbitaA1
figure.
GIVING OUT A STATEMENT.
The Secretary was at the Fifth Avenue
Hotel last evening. While he had not
fully decided on his course, he said I'd
Tribune reporter that he should take
some action toward the relief Of the money
market 1t is probable that the Secretary will
ISSUE circular early tomorrow. inviting tenders
of per cent bonds. Whether he will ask for .
fixed sum or not could not be learned. lie will
probably name an early day, perhaps Wednesday.
on which the Treasury will receive proposals. but
he will reserve the right to reject any and al
offers if the prices should be beyond his views.
Secretary Window said, in regard to criticisms
Of his policy:
Il wish to say that the Treasury has not bssn
boarding money. Comparisons have recently
been made Of the surplus US II is now reported
in the Treasury, with tho amount reported .
year ago, from which the erroneous conclusion
is drawn that the present Administration has
pursued . policy tending toward oontractionI
In this connection the following authoritative
statement will show the fallacy OF this belief:
The amount Of net cash. fractional silver and Ne
tIonal Bank redemption fund in the Treasury on the
The amount Of the same items September 10. 1890.
was soV 500 22O which demonstrates the fact that
september l, 1852 than has been received into the
rS,ry dnns that time. In other other S1Td; sve
$50 has been paid out and over s4l 900 600 besides
The apparent surplus shown september 10. 1890. q
.Dons sAe Y s. 'iiSMs &:
purchase Of bonds Sst!ons 0sa Sep0ss
s s.' ss sSS1Ss $ssss;ss
and s'tsss"s tsa. sum s"t t part Of the S
il5nal bank redemption funds made available b. 70:
In the Treasury surplus which there BY the pay
ment q custom: due; or Internal svenue t tsxs3:
ing OF the currency during the last year.
The s53OoO.oo0 above referred to have been IN ~
daring the last Administration amounted to sooos
Of the condition Of the Treasury, as it is an actual
fact that there In circulation on the lst day o.
on september l. 1889.
STILL" said the reporter. business men axs
clamoring for the circulation OF more money!
TIE PUBLIC MONEY NOT HoARDED.
II know" replied Mr.. Window. but what
am merely showing you is that there is no hoard
ing Of the public money in the Treasury. Now
| frequently hear it sad Why don't the Treas-
uv do somcthing?' and I beg to tell you. In
answer to that. from the foundation of tho
Government until the present time. no such
radical measures have ever been adopted have
lsrn adopted during the last thirty days; and let
me state further that as result 1874 600, 600 have
been paid out for the purchase Of bonds and the
payment of interest within twenty-three days.
and during that time $l9000.000 have been
paid out in pensions. making 1853. 100000 paid
,u, for these three items alone within twenty.
three days The receipts in the same time have
bsrn over S2o.0OO,ooo, and may have been
s25. 100000. | was looking over the record
lown at the Custom House to-day, and think
hat the receipts have not been much more than
81 100000 q day at this port. and they aro
hlee- -fourths Of the whole
Have you not been little disappointed -
hc redemption OF lbs under your second
iotice?'
They have been slower than expected but
We have got $O,OO0,O00 Of them in
iou must bear in mind. however,
hat the time is not yet expired. and
think that will probably get the whole
mount. Under the previous call bonds came
much more rapidly last week, and il the same
clativc increase is maintained think they will
all get In. The interest on the -
ONES in slowly. have changed the Treasury
uling in regard to registered bonds. 1t involves
vast amount of work for the Department
About the purchase Of per cents, what actisa
ave you taken?'
Il haven't really taken any action so far; nor