Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1891-05-14
WASHINGTON LETTER.
From Our Regular Correspondent.l
WASHINGTON, May l, 1891.

From Our Regular Correspondent.l
WASHINGTON. May 1, 1891.
Secretary Foster does not believe in mys-
tifying the people as to the financial condi-
tion of the government, which is more than
could be truthiully said of some OF his pre-
decessors. He does not entirely agree with
the recent statement made by Director Of
the Mint Leach showing that the govern
ment has now on hand in available cash,
that is cash that can be used to make any
necessary payments, S25S, 100000 He
says on this very interesting subject: II
guess he (Mr. Leach) is about right in the
main, although think it is a matter that
may well be discussed. 1 should have
/ should have said that some OF the S25S,
900 900 of availa BILE cash might be regarded
as trust funds-might be. Isay. Itwould
be correct to say that about seventy mil
lions is unquestionably available cash;
that 10. about S2s. 900, 900 in the banks,
s21 900 900 of subsidiary coin, 81, 600, 900
in trade dollar bullion, S12, ,000, 900 of cur
rent cash and So, ,OOO, 600 in silver against
which no certificates have been issued.
As to the 500, ,OO0, 900 OF geld reserves.
1t is held against the $3.50, 900. 900 of green
backs to make the credit Of the government
impregna BILE. for one would be able to
get together enough greenbacks to take all
the gold out OF the treasury, and therefore
they do not take any. but these notes are
legal tender and the government can and
would use this gold reserve fit were needed.
1t should, therefore, appear in the debt
statement as available cash.
Now as to the redemption Of the AZ per
cent bonds. am thinking oftrying to sub
stitute per cents for them, AS Mr.. Window
proposed. II it can be done there will be
two advantages in it over the redemption.
To be able to float 2 per cent bonds will
demonstrate the extraordinary soundness
Of the government credit and the money
that would be required to redeem the AZ
bonds may be used for the purchase oil Is
at saving OF 2 per cent.
talk about these matters freely because
believe it to be "A good thing to have them
discussed well and well understood before
they are tried. / am getting good many
letters from bankers and Others; some OF
them are silly, but Others contain valuable
opinions. Some newspapers critcise every
thing in a partisan spirit but that makes
no difference. believe it is wise to talk
these things over with the public and get
the benefit OF the discussion.
1t need not surprise anybody for Mr..
Blaine to make public at any time a state
ment over his signature, positively forbid
ding the use of his name a candidate for
the presidency and announcing himself as
in favor OF the renomination OF the presi-
dent. Only two things have prevented his
doing SO before this. President Harrison
has not decided whether he wishes to again
become the candidate of the party and MIR.
Blaine has not considered himself as in any
sense or under any circumstances a candi-
date, in fact it is well known to his friends
that he does not wish to be president. Mr.
Clarkson, the newly elected president oil the
National Republican League, was in town
this week, and he expressed himself as be-
lieving that verything was tending toward
the denomination OF President Harrison by
:tcclamation, unless he should decline to al
low his name to be presented to the con-
vention.
Ex Representative Morey, OF Ohio, drop
ped into Washington On private business
this week. Being questioned as to the po-
litical outlook he said: "Well, in Ohio, we
have decided to elect Mckinley governor
and to re-elect Senator Sherman, this year,
and all OF our folks think that we shall
next year re.elect Benjamin Harrison pres
ident.