The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-07-22
NEW YORK BANKERS SEEKING
TO PREVENT THE OUTFLOW
THINK EUROPE HAS GOLD ENOUGH,
Hereafter They VIII Refuse to Pay Out
Gold Certificates to the Representa-
tlves OF Foreign Houses-BankeF
Chase's Views on thu Matter
A Serious Gold Shortage
W.. Imminent. @12

New YoRK, July ID, lin the last few
days several of the big bankers of the
Wall street district have taken steps to
do all in their power to hinder exports
of gold to Europe, acting or the be-
lief that the expectations have reached
point beyond which it is unsafe for
the interest of the country to 60
The exporters have been securing
their gold by getting gold certificates
at the banks, presenting them in turn
at the sub treasury and obtaining the
precious metal in exchange. The effect
of this has been, to all intents and pur-
poses, to take the gold out of The banks
and not from the treasury.
Hereafter the banks will refuse to
pay ont gold certificates to the, rep
resentstives of the foreign lIcuses,
Instead, they will pay out United
States notes and treasury notes, which
are payable in either gold or silver, al
the option of the treasury department.
So far gold has always bcea paid cat
fc4' them.
President Henry Cannon of the
Chase National bank, said that tho re-
fusal OF the bankers to pay out gold
certificates to the exporters WIS in
| tended as patriotic act, The bankers
thought that the time had come when
the United States SHOULD protect its
supply of gold as other nations
had protected thSirs and should
throw as many obstacles it the
way of exporters Of gold as possible,
especially in the present conditions
when the movement of gold abroad
did not seem to be a natural one THE
banks had taken the first step and NJ
, hoped that the treasury department
SO far as the law allowed woulC
erect other Barriers in the wa,
of gold shipments TO EUrope
The bankers estimated yesterday
that the free gold in the treasury a
} the end of this week would amount t,
shout $40 000, 900 and they think tina
is net by any means satisfactor,
amount. On January O., 1892, the FIRE
gold in tho treasury was SIS, sl9, so
! and on January 10, 1891, it is'nounte'
) tof45, s4s,c59.
The treasury notes being payable l.
either gold or silver the treasur
would be justified, Mr.. Cunuon held
: whenever shippers presented sue
: notes 10 get gold for shipmeu
: a5road, in paging Oht silve
\ on them, but he believed tha
for all domestic uses all kind
= 'of money should be interchangeable
when the shipments were going o.
last year-and before that movemcu
} stopped over $7,000,00O in gold wen
/ acrose the Ocean--the treasur
. department book ono step I
hinder the expert by refusin
to furnish gold bnrs to IL
= shiB7crs. Bars were NEST converter
} aHdgneant a ninimizing of the loss /
= abrasion. Shippers after that ruIin
took effect had to he content with cOi
and it is that form Of gold that hi
beer sent out this year.
President Cannon thought SeHato
, ShAcman's action in introducing bi
to SOP the purchase of 4, 800, 600 ounce
= OF silver month ia very Wit
move, especially as he understood
the senator had a financial schem
: TO present in connection with the e.
I peal of the act or to follow it. Their,
} peal would, ia his Judgment, be ben,
!. ticiEl to the prospects for successfr
q International monetary conference
e The Herald this morning says: "A
! though the difficulty may be safel
l. brioged over, and it probably will 10
I thefUnited States is just now menace
;. with a serious shortage of gOlt
Il Forthe first time in history Of gel
exports to Europe the yellow coin
Il have begun to come out of treasGc.
- Yauks and not from the hnnlts.n