Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-12-20
WE ARE ALL RIGHT
Secretary Foster Says There
Will be No Panic.
GOLD WILL NOT GO ABOVE PAF
Until After the Expirasion Of the Fiscal
Ysas-New York Brokers Are
Unduly Excited

wAsHISarox, Dec. ls.-The treasury
department waskeptf fully and promptly
advised Of the stock market IN New
York today, and secretary Foster was
in conference with his sssistants sev-
eral times upon tho situation. After
the department closcd the assistant Sec
retArys, Messrs. Gear. Spaulding and
Albertsou gathered In the secretary's
roam and discussed the events Of the
day.
The secretary said. in answer to
question based on report printed in
New York stating that he was much
exercised over the matter and intended
to como over to New York 10 consult
New York bankers: "I am not going
to New York to confer with bankers or
any one else about the financial situa-
tion. There is nothing in it to warrant
such action. The idea has not prevI-
ously even occurred to me-"
"You have not heard of the engage
ments for gold shipments tomorrow
and the panicky feeling reported on
the stock exchange"
ooh yes but there was q most
comfortable condition Of things at the
close you know. As TO the gold sltua-
ton IN the treasury" continued the
secretary. 1--WE are all right. Last
month the exports from tins country
amounted to 81 ,00o. 900 but the treasury
lost half million only. The reserve
limit is 500, ,0O0. 900. and l have S24.-
500. 900 moro than that. The resources
of this country are greater and more
varied than most people know and the
money that 10 paid to the treasury for
gold can be used for replacing the
amount sold. The money is needed
west and south 10 buy grain, provisions
and cotton, and if can save man
five or ak hundred dollars on a million
he does nOt stop at giving me gold IN
New York for currency laid down for
him wherever he wants it. If they get
US down in this matter it will he only
after . long tight and . hard one."
Secretary Gear sanEuine.
IA man bet me box of cigars to-
day" observed Assistant Secretary
Gear, "that gold would be- alta premium
in New York today, and ! expect to
find the cigars On the table when ! get
TO my ROOM"
"Don't believe you WILL" observed
the secretary.
''If they are not there I'll go cunning
after them.'' said Secretary Gear.
But" resumed Secretary Foster, eff
it were not for the scare that seems in
evitable in connection with the ship
ments of gold abroad it would not he
such bad thing after all. The bal
ance of trade is in our favor at the rate
of $50. 100000 q month and the gold
will certainly find its way back here.
Last mouth we shipped more provisions
abroad than ever bef re and believe
the showing for December will be as
good. For every million of dollars we
send out OF the country we get in ex-
change o million dollars worth of our
indebtedness"
"The best paper on earth, !" interjected
Assistant Secretary Gear.
Continuing the secretary said: 1--WE
have nearly 5000, ,000. 900 in gold in the
United States treasury. If $500. .000. 900
were to 60 out it would result in the
reduction OF our public debt to that
extent with tho accompanying saving
of interest on that amount. ] am not
at all uneasy regarding the situation
and II Secretary Gears friend wants to
renew his wager that gold will be at a
premium before the 4th Of March, I'll
take it and double it afterwards for the
remainder OF the fiscal year ending
June 80 next"
A Little Land Deal.
Then Secretary Foster and Mr.. Gear
fell to exchanging observations on the
prosperous condition of the country as
shown in the purely agricultural por-
tons, notably Iowa, Governor Gears
own state.
Pork is worth a cent . pound more
now than 1t was year ago." said the
secretary.
eyes," assented Mr.. Gear" Tt was
quoted ut $40 hundred in my state
the last time l noticed the reports.
That's a higher p-ice than tho farmer
when IL was paid for IN 40 cent cur
renew"
ave held piece of land in Jones
county," said the secretary. "for
twenty years. Never could get an offer
for it until this fall. and I've just sold
il for S25 an acre cash."
wei. you tPot yourseit pv Sio an
acre" remarked Mr.. Gear. ats
worth at least $40 an acre. Up in the
northern tier of counties Of cur state.
located quarter section of land
thirty-two years aao. Never could
have sold II for $500 until this fall.
Got an offer of $42 500 and lot II 60"
With these comfortable and consol-
ing reflections fresh IN their minds. the
secretary aud his assistant separated.
the former reitsrating his statement Of
Yesterday. that he intended To manage
ths affairs of the department as the
active head until his term expired and
that he had no doubt OF his ability tn
maintain At its present figure the gold
reserve 10 the treasury.