Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-21
NO ALARM Is NEEDED
In Regard to the Furry Caused by
the Spectators in Stocks.
THE EXCITEMENT is ABOUT OVER,
And 1t is Thought 1t Was Raised for
Its lffect on Congress.
FOSTER on THE MONETARY CONFERENCE

WASHINGTON, Dec. 20.-Informatiou
was received at the Treasury Department
to-day to the effect that the financial
the present, and that there is no longer any
prospect of a panic. Money is reported
easy, and exchange has fallen below the
shipping point so that the heavy exportages
OF gold are not likely to continue.
Secretary Foster said this morning that
$4,000, 600 in gold has been taken out of the
Treasury this week, and that about 81, ,5OO,-
600 more would probably be lost before the
week was ended. He Is confident, how
ever, he said, that this gold will soon be
returned with interest, through the regular
channels of trade He said that there is
really nothing alarming in the situation,
and that stocks apparently unsettled now
will readily adjust themselves.
No Occasion at All for Alarm.
Mr.. Hepburn, Comptroller of the Cur
rencv, also said there was really no occa-
sion for alarm at the state of affairs In Wall
street, and that he would be surprised if
the apparent stringencyo was not intended
solely for its effect on Congress Mr.. Hep
burn said that while there may be some
sentiment in the situation, he was con-
WINGED that the interests of the country de-
manded the repeal of the Sherman silver
bill
81 think there is popular misapprehen-
sion in regard to the results, so lar, of the
international Monetary Conference" said
Secretary Charles Foster to reporter at
the Treasury Department this afternoon. "1t
is a grave mistake" he said, ''to assume
that the conference will prove to be tall
ure. The taking of q recess till May was
expected by the administration when the
American delegates left this country.
There is every reason for expecting the con-
terence to reassemble at the date fixed
upon.
''The fact that Mr. Rothschild made any
proposition for the increased use of silver,
coupled with his declaration that unless
something was done to insure its better use
among the nations very serious conse-
ouences would follow, is in itself very
hopeful indication that the prominent bank
ers of the world feel the necessity OF reach
ing an agreement of such a nature as will
secure approximate uniformity the world
over in dealing with the question.
All Done That Was Expected.
$50 far as nv personal connection with
the conference is concerned, all l expected
OF the preliminary meeting has been ac-
complished. The general feeling of the
conference is even more favorable than We
anticipated"
Secretary Charles Foster makes no secret
of his purpose OF repairing, so far as possi-
bic, within Legitimate bounds, the serious
inrOads on Government gold holdings re-
sulting from the recent heavy shipments of
that metal to European countries To that
end he has renewed the policy so success
Iully employed bv him a. earlier periods of
his administration, when the gold balance
II the Treasury was similarly menaced by
foreign influences.
This policy, in brief, is to disburse cur
fency of any character and denomination
desired at any point in the United States,
when IL may be needed, in exchange for
gold deposited in any sub-treasury except
that at San Francisco.
Actual Transportation Seldom Needed.
When it is necessary to ship money to
make payments the dealer is given the ben
eft of Government rates of transportation.
The dealer desiring money at Chicago, New
Orleans, or elsewhere, deposits his gold at
New York, and receives its equivalent, less
transportation charges, at the sub-treas-
ury nearest its point of use. As it sell
dom happens that anv large amount of
money is suddenly required at non-sub-
Treasury points, it can readily be observed
that actual transportation of the money is
rarely necessary.
1t was learned at the Treasury Depart
ment this afternoon that several bankers
have taken advantage OF Secretary Fosters
plan OF domestic exchange, and have al
ready added S800,000 to the Government
gold balance in exchange for an equal
amount of currency, and further. that there
is every Indication that the Treasury will
speedily recoup nearly the entire amount
of gold recently surrendered to foreign
dealers.