New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-06
CLOSING PRICES OF PHILADELPHIA STOCKS.
TREASURY AFFAIRS.


The offer of the Treasury, under circular OF
August 80, to redeem $40 100000 Of l-@ per
sent bonds at par and interest to date Of maturity
or in othe. words, to pay the full value with
interest to maturity without rebate, as yet is
not meeting with general response. II Is non
doubted that before the expiration Of the option.
which will fall on September 20. two weeks from
Tomorrow, there will be o grand rush for it's
acceptance Nevertheless it seems opportune TO
call direct attention Of the managers Of financial
Institutions end of trustees Of estates holding
l-2 per cent Government bonds to few facts.
Az the end Of ono year tho bonds will cease To
draw interest. and reinvestments will become
compulsory. Practically $40, 900, 900 of the l-2
Der cents already have ceased oo draw INTEREST,"
because the Government offers to redeem that
amount, with interest to date of maturity with
cut rebate. Owing to purely local speculative in
Auances. The Wall Street markets at this time
ere peculiarly depressed, affordlng opportunities
for REIMBURSEMENT that con scarcely be expected 10
exist one year hence, when the legal currency OF
tho country will have been expanded over
$4,000 900 by tho issue Of new legal-tender
notes fresh from the printing press in payments
fos Silver purchased Under the act Of July Is.
Seemingly the efforts Of spectators to depress
values are giving TO holders Of l-2 per cent
honda an unusually favorable opportunity tn
make their reinvestments And with the large
CONSIDERATIONS which are pending, and which .oon
Viii beein to make extraordinary drafts on the
Treasury surplus, it is BY no means certain that
bond redemptions beyond the present call will
be made.
The text Of the Silver Act Of July 10 Is so
clear that there Is no possibility Of failing 10 COM
prehend its terms fully. 1t requires the purchase
Of $500, 900 ounces Of silver, or SO much thcreoi
as may be offered at market price, up to parity
Of gold, and that for the vail OF every ounce pune,
so purchased there shall be issued a new legal
tender note. The said note, when once issued, Is
fun legal tender Tor all debts pnhiic ana prlNde
and becomes q permanent audubon 10 thc c'huuH
circulation Of legal cash, whether IN or Out ul tic
Treasury. After once being issued 1t is cash. III
the Treasury holds any of them. it holds them ~
lieu OF other money which 1t would nae heiu ~
the new notes had not been issued 10 TAX 81
their redemption is silly twadde. As well
might il he said Of year ago that The Treasury
had redeemed $50 100000 of the old ercenDacks
because it held that amount IN it's cash, Inc per
mancnt issue of the old greenbacks IS hAeu ny
statutory law. In the course OF bushes year
they had accumulated TO the sum mr %, NO. last
wear the Treasury holdings have decreased TO
about 81 O. 900 900, and there has been no re
no, ,h new ,e1 1sspss effort of an
was hurled at the stock market at a time wien
it might do the most good 1t Las Iee1 Openly
the new Treasury notes issued IN payment Tor
silver bullion. In a word, the idea WAS 10 keep
the notes out Of circulation by red'en'ing them al
once This has been done as is shown by the
statement of money in the country September !,
1890. The Treasury notes 1aao ,'SnG' ""T dSr
bullion, and all issued FROM August II. 1900 10
August 81. or eighteen days, were S36%9' oOo
snmabIy in gold, leaving only $l,373,9oo in cir
The figures here given are the same as were
in The Trcas,rers monthly statement trait WIS
i ise total S' issue U1 OF full 10
August 80 $500 300, AMI that The : ,n.n rE
mvenne' etc. s:.s5s, 90, which in rs cash
e.a.tly as 20 much gold or grcenlacks wond
They are not redeemed, hut arc Icing paid out
for Government debts, exactly as any o'h'f 20
money in the Treasury Is nsN. me l"ea %,
"discrcditine" a Government promise to pay tha'
Is backed by it's market value in silver bulon'
while the SS44 ,0OO, 900 old gmcnhmk legal
tenders that have nothing behind them except
a proposition too ridiculous for comment. a
recent explanation OF the effort TO "discrcdit'
was printed hut none was necessary Inc
original statement was Tie w"rS' "oSh ever
Il is probably true that the Secretary of the
Treasury has concluded 10 even up tnr silver pur
chases 20 AK 10 stand on October with purchases
Of 1900. 900 ounces in'each calendar month. THIS
does not change tho situation, except that II" my
uake larger purchases during ,mr cary p' oo %,
ounces due September 30-that Is. OF ttc rcmain-
ING 3.O7I 900 ounces to bc purchased On or hefof"
n nurchnaes in that limit before, as well as
after September II.
The new silver notes-full leyol tendcr-takc no
money out of the Treasury. TIL" printing press
furnisbes tho note and Treasury officials Sig
natures certify to tho purchas" of the silver snd
The holding Of it against the issue IL IS an ID,
Cation OF over 100000 year. Win 'hU s'" IT,
silver back Of the Government credit. we neg
pardon for devoting so much space to 50 simple nh
proposition: hut when Conqr's>mcn ASK cam
surplus il allowances have been made for the
money with which 10 buy, the silver nrder .hc
Act Of July 10. we may he excused. ire pnI-
chase OF the silver provides for its own payment
WHAT WAS DONE IN STOCKS.
Neither did the important failure OF ycsicrday
In the speculative circles connected WIN the
products Of the country. that WONDERFUL iet"r VI
: New-York correspondent Of q London edition OF
. NewtYork paper concerning the affairs Of the
ianghts Of local bear leaders. prove to be much
q factor IN to-dey's stock market. except 70