St. Paul daily globe., 1891-04-28
1t Is in Hard Cash and Avail
able for Any Legitimate
Expenses.
The Walla Walla Lynehing
Party Of Soldiers Receives
Official Attention.
Sundry News Notes Gathered
at the Capital and Put on
Wires.

OtoA 1cpOllcI tlllS dlltIuOOu dSheU LII
rector of the Mint Leech for an explain
alton of the statement made by him on
Saturday that there was an available
cash balance of S25S, 900, 900 in the treas
ury. Mr.. Leech said: Il hold that the
treasury owns some s25S, 900, 900 of hard
cash available for any legitimate ex-
penses. The money in the treasury,
which amounted to s751, 100000 on the
1st of the month, consists of two
classes: That which the government
holds as trustee, and that which it
owns. 1t cannot consist of any other
kind OF money. The gold and silver
certificates, amounting Including cur
rency certiticates) to S493, 900, 900, repre-
sent trust money; that is, the coin has
been deposited by individuals. and the
government has issued a certificate to
pay back the same upon demand. Pos
sibly the fund of S5,0OO,OOO placed
with the treasury by national
banks for keeping their currency
in good condition is trust money; but
as congress just ordered the money
placed here by national banks for the
retirement of their circulation to be
covered into the general balance of the
treasury, it is difficult to conceive why
this money is any more sacred. The
remainder of the money in the treasury,
some S25S, 600, 600, is money which be-
longs to the government as absolutely
as the treasury building belongs to it.
Prior to 1885 the available balance in
the treasury was always shown as the
amount of money which actually be-
longs to the government. The 100000
600 in gold, purchased by the sale of
bonds for resumption purposes, was al
ways included as portion of the
available balance in the treasury"
prior to that date by all of the secre-
tarles OF the treasury. Mr.. Sherman
never set this apart as liability or
any special reserve. The law does not
say it shall be so set apart, and there is
no reason why it should. Nor is there
any reason why the legal tender notes
issued in the purchase of silver bullion
are any more a current liability against
the cash in the treasury than the other
greenbacks are. They are the same
class of legal tender money. only bet
ter money, and the credit of the govern
ment would be Just as much injured if
the treasury should fail to redeem one
OF these notes or any other obligation in
gold, as it would be if it should fail to
redeem one of the greenbacks in gold
upon demand. These notes are not sill
yer money, as people generally suppose.
They are issued, in the hrStinstance, in
the purchase of silver bullion, butas they
come back into the treasury, are re-
Issued for all purposes, and are simply
and purely new issue of the old green
back. The fact that the secretary is
anxious to convert all the assets of the
government into the most available
form of money is no indication that
there is any shortage in the treasury
funds. SO far as the coinage of the
trade dollar bullion is concerned, the
coinage of that bullion into silver dol
lars was ordered by act of the last con-
greSS, aud it is the intention 10 coin it
into dollars after the first of July,
whether the treasury is low or full of
money. SO, too, in regard to the recon-
age OF the subsidiary silver coins; con-
greSs made an appropriation of $150,000
TO pay the loss on such recOnage, and
just as soon as we get some new design
for our coins it is my intention to
set the mints at work on such recon-
age as far as the appropriation
will extend. But neither of these mat
tiers has anything to do with relieving
any shortage in the treasury. Whether
the secretary should decide to extend
cent would simply be business prop
Osition as to whether it wonld be more
profitable for the government to use it's
monsy in buying bonds bearing per
interest at the current rate, Il problem
which the secretary in his wisdom will
doubtless solve at the proper time. But
| imagine that the recent order suspend
ing the purchase of bonds, and the policy
of the secretary in regard to the AZ
bonds. arises more from the considera-
tionS of the fall money market than from
any present VI any anticipated lack of
funds. AS matter of fact some S23,-
100000 of the AZ per cent bonds are in
the treasury as security for national
banks, and the treasury would only
have to provide 10 per cent of the cash
required to redeem them, as the banks
themselves would have to provide the
rest of the money, unless they should
decide to purchase As to replace the AS
which, at the present price, is not very
probable. 1t must be remembered that
when the banks pay this money to re-
deem their notes, the money paid in un-
der recent act of congress becomes i'm
mediately an available asset of the gov
ernment, while the national bank notes
themselves would come in very slowly
for redemption"