Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1890-09-18
WINDOW TO AVERT A PANIC.
President Harrison is Consulting
Many Prominent Financiers Re
garding the Money Market.
The Treasury Will Purchase Large
Amount of Silver to Bring
Relief.


long consultation today by wire between
President Harrison and Acting Secretary
Bachelor and Assistant Secretary Nettle-
ton at the treasury department concerning
tho stringency in the money market, dur
ing which the whole situation was
thoroughly gone over. The president, it
is understood. stated his desire to avert a
panic IN the money market and that none
shall be permitted to occur if the treasury
department can prevent it. The views of
the president were teegraphed to Secre-
tary Window at New York, who sent the
following message to the president:
l have had conference with the leading fnan-
clers. There appears to be a considerable strn-
Gus consequences. | am fully advised and Will
take such action rs think the situation requires
The president also has been in consulta-
ton by wire with Major Mckinley, chair
man of the committee on ways and means
and others in regard to the property of
extending the date fixed by the senate for
the new tariff bill to go into effect The
matter, it is understood, is to be consid-
cred at further conference.
The director of the mint announced to-
day his willingness to buy large amount
of silver, Monday, if the offers are favor
able, in order to assist in relieving the
stringency of money.
NEW YORK, Sept Referring 10 the
conference Of Secretary Window and the
fnanciers, the evening paper says:
The question of putting the government
was brought up. Secretary Window
government and alphabetically declared
that such proceeding was impossible In
regard to the proposition of the govern
ment paying year. interest on Sos .000,
600 currency skies bonds, Secretary Win
dom stated that congress would have to
authorize it.
The proposition which met with the
unanimous approval of those present, in
Guiding the secretary. was to suspend the
payment of customs duties from Novem-
Der | to February l. Secretary Window
said the present difficulty in the. money
market he believed to be one that extend
ed all over the country and was not con-
fined to Wall street or even New York.
He said 1t 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 fifty million will be required
immediately to pay the duties to take
goods out of bond in case the Mckinley
bill goes into effect October /.
Assistant Treasurer Roberts says: 1t
might he stated, in the first place, that
this amount is over stated, for the custom
house authorities have estimated the
| o,,,o,,o+ IF 1,,tv p,vohIo o,, tho Goods pouy
In bond does not amount to more than
Sl0,00O,000. 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
amounts of revenue received will be di-
minished. At any event it
should not increase the striDgency
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
market: but In any aspect of the case, do
not think there Is any serious ground for
alarm S. Y. White went to Washington
last night and has been in conference with
tie members of the senate finance and the
house ways and means committees.
He says There is no doubt
whatever the time for the withdrawal Of
goods from bond will be extended The
treasury is doing everything possible for
the relief of the morey market. and will
continue to afford all the relief which may
be necessary.
The shipments Of currency have been
heavier this week than any previous one of
the season. Nearly all the currency ship
ped went west and south. There has been
d heavy outward movement of gold, $780,
600 going to San Francisco.
Secretary Windora made statement
tonight regarding the amount of money
tied up in the treasury. He said: Com
parsons recently have been made of the
surplus now reported In the treasury with
the amount reported year ago; from
which the erroneous conclusion Is drawn
that the present administration has pur-
sued policy toward contraction. In this
contraction the following statement
will show the fallacy of this be
lief. The amount Of net cash
fractional silver and nationa
bank redemption fund in the treasury the
first of September, 1889, was about SAL
100000 The amount OF the same items
September TO- 1880 was 500, 500, 230, which
demonstrates the fact that over forty-one
millions more money has been paid out
since September. 1889, than were
received into the treasury during
that time. In other words, every
dollar received by the treasury
since September l. 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 follows:
Fractional silver coins about $50 600, 900,
unavailable to purchase bonds. and III the
national repositories S25, 000,0 900, land now
in circulation). The two items amount
ing to S47,000,000. deducted
from s99,OOO,OOO leaves about
$50, 900 900, which represents the entire
available cash in the treasury. and that
sum is a part Of the s55 100000 national
bank redemption funds made available by
recent act of congress. There is there
fore not dollar in the treasury surplus
which came there by the payment of GUS
tom dues or internal taxes, hence there is
not dollar which represents
any boarding of the cur
rency during the last year. The
$50, 100000 above referred to have
been In the treasury for several years and
this fund at one time during the last ad-
mlnlstratl6n amounted to about 100000
900. The above statement is not theori-
teal exposition of condition
of the treasury as it is the
actual fact There were in
circulation on the first day of September
over s45, 100000 more than there was on
Sept. l. 1899 Hecretary Window said
he would probably take steps at once to
purchase some of the per cents, but how
many he declined To state. He intends to
remain IN New York several days and