Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-12-17
Plenty OF 1t to BE- Had in New York
Yesterday On Call at 4 Per Cent
Five Million Dollars IN Gold TO Arrive To-
Day by sta.m-r- $500. 900 of Loan Ger
tlficates Cancelled Yesterday.
Special TO the Gazette.

icy of currency based on silver bullion
aud the nearer prices of silver stands &c
parity with gold the safer and better
with parties concerned. II is believed
that there is comparative little foreign
silver likely TO come upon the market,
that moderate increase in the amount
purchased would taxa care of home pro-
ductionr and thus raise the quotahie
value OF the stock already existing in the
form OF bullion and standard dollars. OPP
orators here believe the proposed pur-
cheses will put the price OF silver above
81 20. The clearing house loan commit
tee cancelled $500, 900 of the loan GER
titicates to-day. No certificates were
issued to-day, and the amount therefore
now outstanding is Sl4. 695, 600, of which
amount only about one-half has been
used. Money was plenty on call TO-DAY
at about per cent. About So, 600, 00C
in gold is expected tomorrow by the
steamship Majestic. or that amount
about 500 600 will go to the Fourth ma
tionai bank.
WINDOWS SCHEME.
Secretary WinIOm Yesterday laid his
inter- convertible bond scheme before the
senate. The plans, briefly stated, pro-
pose the issue of equitable amount,
SAY from $500 200, 900 10 $500 900 900 of
tHctv-yeer per cent coupon bonds
caAvertible on demand into cash, and to
sEaassled again in exchange for cash
81 u money for their redemption, in case
th@Surplus In the treasury proves insult
cieHk is TO lie supplied by special Issue
Of IfAfes, similar TO those now issued for
hullR8n purchases. The arguments Of
feredGIy the secretary in favor of his
plan were that the power to increase the
volumeSpf currency in circulation By
cashine those bonds would itself relieve
the financial striugeucy, either appre-
hended or lctual. 1t should prevent an
undue advance in rates OF interest, be-
cause such tendency would induce the
cushing of bonds and the pouring OF this
money into the market. The action of
this mechanism would be automatic,
thus relieving the secretary of any dan
gerous and undesirable discretion, and
would take the power of
EXPANSION AND CONTRACTION
out of :he hands OF the DHnks, where it
Is rarely used. The new treasury notes
would have bonds behind them, which
could he sold for gold in case note hold
ers demanded gold for their notes.
To the argument that the circulating
medium wuuId be too much expanded,
the secretary answered that even If all
the bonds were turned into cash the
amount of currency per capita would he
increased only about 81 so, aud that as
the national banks were liable TO retire
under the law $50 900. eco of their notes
o wear the increase per capita through
the issue of these new notes would not in
that event amount to more than 90
cents.
As il is intended Is far as possible to
substitute new bonds for these now out
standing at n higher rate of Interest, the
secretary claims that the new bonds
would do no harm. even if entirely abb
sorhed by investors and kept out.
The argument made by Mr.. Window
was listened TO very Gtteutively by
the senators Yesterday. Mr.. Plumb,
il is said, was the only one who
OFFERED ANY CRITICISM,
and his complaint WAS that If the ma
tioual banks were restricted In their use
TO new bonds, and the state banks were
not the latter would be given an unfair
advantage over the former, fact which
coming from such q source was regarded
with astonishmeut. as Mr. Plumb has
hitherto rot posed Is Il champ of the
national banks.
Alta caucus Inst night the bond scheme
was talked over To some extent, but wGS
not regarded fAyorabiy. II was looked
ut aslluuce by the silver men rs designed
TO block the way for the legislation they
are demanding. aud the next meeting,
ii is said, will positively settle both the
financial policy of the party and its
course with respect 10 the force bill.
LONDON MARKET WEAK.
The London market for American Sc
curities was weak Our markets opened
Mt declines ranging 10 per cent in ac-
tive stocks. The explanation for this,
some thought, was that rs harmonious
action OF the railway presidents was
practically foregone conclusion, any
one who had wished TO buy stocks would
have done go before the formal au-
nouncement of the results OF the meet
ing II Is now apparent to all that the
men who were instrumental in jumping
through important measures OF yester-
day were not trying TO profit
by their acts through market
manipulations. The sugar trust
was very weak feature OF early deal
inEs. The general MAJ ket closed weak
and dull. The net result OF tne DAY s
business was II material decline in prices
important net declines were: Atchi-
son 21o; Cleveland, Cincinnati, Chicago
and St Louis q Canada southern. IL,
Chesapeake and Ohio Is preferred |,
Chicago, Burl ngton aud Quincy 2la,
Chicago gas |, ST. Paul 2R, Rock
Island 214, Northwestern II, Lacka-
wnna Il illinois Central q. Lake Shore
i lead trusts "a, Louisville aad Nash
vile 25S, Missouri Pacific rs, Jersey
Central . New York Central =, New
IL North American g. North
eru Pacific preferred X, Pacific mail
IL, Reading u, Richmond terminal
preferred II. silver certificates 24.
Union Pacific =, Union Pacific, Denver
and Gulf y, Wabash preferred q;
Western Union q Wheeling and Lake
Erie preferred SIS sugar trusts SO.