New-York tribune., 1891-04-30
on deposit for Beloneing 70
SECRETARY FOSTER TALKS ON FINANCE
MR. LEIGH Is RIGHT ABOUT THE TREASURY
BALANCE OF s250,00 000

Washington. April Ca reporter had talk today
with Secretary Foster relating TO the statement made
by Edward o. Leech, Dlrecor of the Mint. that the
Government had a surplus available cash baltkce
OF some S25O,OO0,OOO and to make this amount he
counted in the socaed gold reserve of S1oo,o000 0oo
and about $34,OOOOOO of silver which was purchased
by the issue of legaltender coin certificates
The Secretary said in substance L Mr.. Leech's
first statement and said he might give it out did
not see the second before it was printed"
"DO you agree with him ?'
al guess he is about right in the main. think II
is matter that may well be discussed. should have
stated it little differently # had been writing it my
self; should have said that some of the S25OOOOOOO
OF available cash might be regarded as trust funds
might be- say. II would be correct to say that about
$7OO0O00O Is unQuestionaby available cash-that Is
about $2S,OOO,OO0 in the banks, S21 100000 Of sub
sidary coin, 100000 in trade-dOllar bullion, Sl2-
900 OF current cash and So 900 600 in silver against
which 70 certificates have been issued AS to the
800 100000 Of gold reserve 1T is held against
the $350,000O00 greenbacks to make the credit
OF the Government mpregnablc, for no one would be
able to get together enough greenbacks TO take all the
gold out Of the Treasury and therefore they do net
take any. But these notes outstanding are legal
tender, and the Government and would use this
gold reserve if it needed to on a pinch 1t should.
therefore, appear in the debt statement available
cash."
ado you regard the silver purchased under the new
act against which certificates have been issued, as
available cash that may be used by the Government
at any time 2"
"No, do not agree with Mr.. Leech there. The
certificates issued against that and 1t IS In the
nature of trust but the pros the silver purchases
which now amount to some 81, 100000 may be nsed
l am in different position from that Of my predeces
sors, who have had large surplus. presume that
during May and June there will be extraordinary eX
penditure for pensions coming in June-extraordlnary
in that it will be probably "a 100000 larger than last
year. Now 10 the redemption Of the l-2 per cent
bonds / am thinking of trying to substitute per
cents for them. Mr. Window proposed. If IT can
be DONE there will be two advantages in 1t over the
redemption. To be able to float per cent bonds VIII
demonstrate the extraordinary sOundness Of the Gov,
ernment credit and the money that would be required
to redeem the los, may be used for the purchase
of As at saving Of per cent OF the interest," UIit
would be paid on them up to the time OF maturity.
u talk about these matters freely, because l be
leve II 10 be good thing 10 have them discussed wei
and we'll understood before they are tried 1 am
getting a good many letters from bankers and others.
Some of them silly, but many Of them contain
valuable opinions. If some papers cr1tcise In merely
a partisan spirit 1t makes no difference believe II
is wise to talk these things with the public ana
get the benefit of the discussion"