New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-14
TIE PRESIDENT AND THE SITUATION
ANXIOUS TO PREVENT ANY MONf|' AMI
rnoupLEs-THE MINT WILLING TO
DrY Largely OF SILVER.
my TELEGRAPH TO the ThIBCNE.f


wa,hinston Sent 13-There was long consui"'-
tIon today by telegraph between tile l1psldcn'. DIV
rc.son and Acting Secretary Batchcllcr ana ASSISTANT
Secretary Neitleton at the Treasury DEP" t"o"" WV
corning the stringency in the money marke'' uu'ie
which tho whole situation was thoronsnN so"o WV
The President, 10 IS understood s'a'"o mat " va ~
6c,Ire 10 avert panic in tho money market ana 'nd'
none .hould 10 permitted 20 occur " the treasury
DEPARTMENT could prevent it, Tine views 81 the fIes'
dent were telegraphed to secretary Whoom' a' Ne"
york who at noon sent the following mess 'se To the
President:
Have led conference Nth leading nnan , no rsoT
TO SSprehend serious consequence. ain iuii! ,, ~
vised and will take such action ~ THINK t"e si"s
Tho President has nlso been In consultation py
wire with Major Mckinley. the Chairman OF the COM
mIttee on Ways and Means. and Others IN regard 10
inc p:oprjety Of extending the date fixed by the
senate for the new Tariff bill to 50 into effect The
r.A,cr II Is understood, is u DO the subject OF
further conference.
. 1harc has been no marked change OF feeling here
sho,,t the predicted ughtness Of tho money market
which is to follow early enforcement OF the new
Tariff law The Ways and Means Committee OF the
House nouc oncurrcd today formally In The senate
amendment fixing October as the day on which the
nsx law shall 20 into eject. and the whole question
will be left for the Conference Committee to deal win
Tina lest opinion at both ends Of the Capitol Is that
the danger Of financial squeeze has been largely
exaggerated and unless general business interests are
likely to suffer little will 10 done to help merchant
who have tried nuify the effect OF the new law b!
excessive imporatons out Of the dlmculties In whch
they NAV have Involved themselves At the Treasury
Department too the likelihood Of crisis in the money
market is REGARDED "a less and less imminent
SpcaAing about the general situation this morning,
Mr. Batcheer, the Acting secretary, said I'VE would
like t. have the public understand that there by
no mean. y scare Q panic o tghtness prevails,
but It will soon be relieved. i am sure 1t Is the
result Of number Of causes. the main one being the
fact that the business OF the country has increased
fully 25 per cent and good deal Of the capital thus
demanded is tied up. The banks. II would sceni'
want 10 heighten the pancky feeling. but am con-
WINGED that the whole movement has the uitlmate
object OF nakine money so much easier that tho
street will have all It wants for speculative purposes
Iut VIC are quite Of the situation here ana
have no fesr for the outcome OF 1t. There Is belief
that Il will take $50 900 release the goods that
are at present bond for the payment OF customs
duties on account Of the action OF the Mckinley DILL
but this Is not true. II will not take more than
sl7.O00,0O0. Indeed, think that the whole. valuc
OF tho goods now In bond that will have to be re-
moved and the duties paid do not aggregate IN valoe
more than elO.O0O.0oO7
General Nettleten. tho Second Assistant Secretary
said that the Departments stood rcady to put ont
S32 900 900 and above ts present obligations In
order to relieve tho market. When asked how much
thinss out. he replied I'VE had promised the pay
ment of about $50 900. and Of this sum VIC have
now paid out e3O,0OGUoO. l canno: say in what
way tho remainder will 60 out fhe secretary VIII
pFobably announce his course In Now York today II
hos boon determined to prepay years interest on
currency SKIES (PAcihc Railroad bonds, which Will
amount to about q 900 but this Will be only enc
Of the details of tho general scheme
= ii has been part Of the Departments policy Of
relief 10 buy silver in large quantities ct tn masxet
into circulation but tho price Of silver has steadily
TIE Director Of the Mint said this morning that ne
did not care. In view Of the present speculative
tendency OF the market to express any opinion as to
tho causes Of this dcc1c. He said howeve. that he
would buy as heavily the offerfnRs would warrant
next Monday the regular day for purchases lie has:
daring the last month. exceeded the Iesal limit OF
whsn the recent oct only specified 100000 This
M done at tho instance OF the secretary, n oNcr
70 well the total output Of money and resulted In
to freeing Of shout e6000.QO0.
A. additional cid to tho money market. the treasury
Department today decided TO waive the rule hitherto
enforced requiring that oil bonds be presented WON
~ payment Of Interest Is desired. The owners Of
bOpls may present part Of their holdings.