Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1890-09-17
THE PRESENT STRAIN.
Steps Being Taken by tho Treasury dc.
partment 10 Relieve the Present Strin.
gency in the Money Market

gency in the Money Market.
NEW YoRK, Sept. 15.--Rcferring to the
conference with Secretary Window and
financers, an evening paper says: THE
question of putting government money on
deposit in national banks was brought up
Secretary Window reiterated the position
of the government, and emphaticalIy de-
clared such proceeding was impossible In
regard to the proposition of the government
paying years interest on sos, 900 900 cur
rency 6s bonds. Secretary Window stated
that congress would have to authorize it,
The proposition which met the unanimous
approval of those present, including the
secretary, was to suspend the payment of
customs duties from Nov. / to Feb. L. Sec
retary Window said the present difficulty
in the money market, he believed, was
was not confined to Wall street or even
IeA, MeM Mafi tafrr tafr fyaiad vi
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 or
money, according to many more than S5o,-
600. 900. will be required Immediately TO pay
duties to take goods out of bond in case the
Mckinley bill goes into effect Oct l. AS
sistant Treasurer Robert says: 1t might be
suggested in the first place that this amount
is overstated, for the custom-house author
ities have estimated that the amount OF
duty payable on goods now In bond does
not amount to more than s1o.000,000. In
the second place, IL these goods are with
drawn in large amounts and thrown
upon the market 1t will have a
tendency to check imports. so the
amounts of revenue received will be dimin-
ished. At any rate it should not increase
the stringency. 1t would be wise, however,
In my opinion, for congress to extend the
time within which the goods now in bond
could be withdrawn. This would tend to
relieve the markets, but in any aspect OF
the case do not think there is any serious
ground for alarm.
IS. V. White went to Washington and has
been in conference with members OF the
senate finance and house ways and means
committees He says: There is no doubt
whatever that the time for the Withdrawal
OF goods from bond will be extended. The
treasury is doing everything possible fo'
the relief of the money market, and vii
continue to afford all relief which may bs
| found necessary. Shipments OF currency
| have been heavier this week than any
| previous one this season. Nearly all thu
| currency shipped went west and south
There has been a heavy outward movemen
of gold, S5o0,o0o going to San Francisco.
Secretary Window made a statement re
garding the amount OF money tied UP in tn
treasury. He said: Comparisons have re
Gently been made of the surplus now re
ported i'm the treasury with the amount re
ported year ago, from which an erroneou
conclusion is drawn that tho present ad
ministration has pursued policy towar
contraction. In this connection the follow
ing statement will show the fallacy OF thi
belief: The amount of net cash, fractiona
silver and national bank redemption FUN
in the treasury the 1st of September, 1sss
| was about &l41 ,00O, 900. The amount Of tn
same item on Sept. 10, 1890, was S99, 9,5o9.22'
| which demonstrates that over $i1,00 00.00
more money has been paid out sine
Sept. 1, 1889. than was received Int
the treasury during that time. In otht
words, every dollar received by the treasur
since Sept. 1. 1880, has been paid ou
and over Sal .O00, 900 besides. The apparer
surplus shown Sept. 10. 1890, OF 500
500, ,220. Is made up as follows: Fractions
silver coins, about see, 000,0 900 (unavailab
for the purchase of bonds); in the nationi
deposit is s25. 900. .000, and now in circuls
tion. These two items. amounting to S41
O0O, 900, reduced from s90,000,000. lcav'
about $52, ,000.0 which represents the ei
tire available cash in the treasury. and TN
, sum is part OF the s55. 900 600 national bar
redemption funds made available
: recent act of congress. There
therefore, not dollar In the treasn
OF the surplus which came there !
payment OF custom dues or interest take
Hence there is not a dollar which represer
any boarding OF currency during the La
wear. The s55, 600. 600 above referred to n
been in the treasury for several years al
? this fund alone, during the last administr
t,cn, amounted to Sl10.000,000. The abo
statement Is not theoretical exposition
the condition Of the treasury. as It y
: actual fact that there was In circulation
the 1st day Of September over A5,ooo,t
more than there was on Sept. !, 1889.
Secretary Window said he would probaf
take steps at once 10 purchase some
cents, but how many he declined TO sta
Il He intends to remain in New York seye
y DAYS and take all necessary steps 70 relic
= the stringency In the money market.