New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-20

4
greenbacks which are now in circulation at
premium and the Treasury notes at a discount |!
Assuming that the order should be issued, the
grcenback. one form of currency, would have one
advantage over the other. in that you could get
| gold at the Treasury for tho grecnback, while you
could not get II on Treasury note. Would not
/ the greenback become the more valuable form
! OF currency? Would not that be a discrmlna-
! tion between the different kinds Of currency
What, then. becomes of the established policy OF
! the United States 70 maintain parity between
/ gold and silver? Such action by the Govern
mcnt would in practice work 30 as to prevent
( the payment Of all dues TO the Government IN
! anything but the inferior currency thus stopping
all flow of gold into the Treasury. and defeating
the object Of the order. II would be the helsht
Of absurlity for the Secretary of the treasury 10
I suspend gold payments on any one form oil cur
rency when he has Sl00,000,0o0 gold In the
Treasury It is his duty, il forced TO do 80, 70
nav ont gold so long "a he has any. If ho were
to refuse gold class of note issues 1t woulu
probably excite disrust as to the security OF the
other class the greenbacks and then the conse-
quences could not easily be foretold
Tho president of large National bank. a Demo-
crat who has warm personal relations with several
prominent Government officers at Washington
/ sad: Il cannot cr"ult the TePoT'S '""' w
| Treasury cOntcmplatcs redeeming the Treasury
notes IN silver alone 1t would be wrong. Look
at il from a viewpoint of Government morals
! The Government buys and pays Tor its silver
bullion on the gold basis. If 1t should thcn urn ~
to the seller of the bullion who has been paiu L..
| Treasury notes and offer to take them back Oniy
in "a lvcr dollar worth some u: cents, would that
! not be nm9ral-a swindle Could respect lot me
Government he maintained under sucn an oprla.
| tion? Yet that Ia precisely what REFUSAL 20 pay
gold the Treasury notes would mean. l can, M
not believe that Mr.. Carlisle Will take this
step because it would instantly deprive MIN Oh
! Government dues. As the Treasury note Is d
lcgal-tcndcr for public dues, it would be the only
currency used in settlement of them should ,a tEa'
! currency be discrcdited By governmental acuo,l,
| We're | in Mr.. Carlislc's place, should greatly
prefer TO let this gold export movement have t its
way Before the danger P9lnt was rcached IN tr ~,
gold reserve the evil would probably he cured oy
| tight money. The remedy might be painful. Dut
strng,ncy In money would dissolve the specula-
tions in commodities and release the tide OF our .
exports It was tight money, which checked ths
outflow of gold in March, and believe it would
solve the problem now.'
DOUBT ABOUT A BOND ISSUE.
Jacob r. Schin. Of Kuhn. Loeb & Co.. said
! that he did not believe bond issue would re-
ievc the situation except temporarily, and 1t
would aggravate it greatly six months hence
Mr.. Schin thought that the Government would be
justified. in order 10 protect its gold supply; as
the foreign banks do, if it should refuse gold on
Treasury notes when the gold was intended for
EXPORT To this extent he considered that the re-
| ported policy of the Treasury might be advisable:
George g. Williams, president OF the Chemical
| Carlisle will not issue an order directing that
no more Treasury notes be redeemed in gold do
not think that the Secretary contemplat,e such
an action. and it is rather hard to foretell what
the result would be if he did stop the payment
| Of Treasury notes In gold. | should Judge, how
ever, that if such an order were issued the
| financial situation would become much more dis
turbcd than at present II would no doubt send
gold to a small premium. II were advising the
Secretary ! should say issue bonds | see nc
reason for alarm At the present financial condition o
| the country. The banks have had such long warn
that they are fully prepared for anything that
! may turn up, and they will not let panic occur
/ The situation. of course, is somewhat serious, but
think tlat the large shipments Of gald to
! Europe will he discontinued by the amount
e gold which Europe will soon have TO send to
! this country
THE RESULT WOULD BE BAD.
Robert " Galloway, president of the Mer
| chants National Bank. said Yesterday that he
would regret to see the Secretary OF tho Treasury
issue an order directing that more Treasury
notes he redeemed in gold The result OF such
an order would he bad" he said. but have
sncl confidence in Secretary CarlSEle that don't
! think he would make such an error as that Mr..
| Galloway would not give opinion on what
might happen if such an order were issued other
than what is quoted above. He further said that
! be saw no reason for special alarm the present
! financial outlook Like tn" other bankers, Mr..
galloway said that the banks Of this city were
! in readiness 10 meet any crisis.
| Conrad y. Jordan las not received his COM
mission as Assistant Treasurer Yet, and lie de-
clncd yesterday to discuss the financial situation.
| The Sub Treasury received $4,000 in gold ccrtiii-
Gates from tn" Lincoln National Bank In exchange
! for yreenblcl<s. At the Custom House il was
! said that in the last few days there had been a
trnng incr asr in the proportion Of gold certifi-
Gates used in the payment Of customs dues.
| GOLD REDEMPTION NOT TO BE STOPPED.