The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1893-04-27
MILLIONS SHORT. 'tIsilj ri
Troubled is the Financial World
About Gold.
Bonds VIII Probably BE Issued Soon-Ths
Scarcity of Gold with superabundancs
Of Silver Will Make . Disparity
Between the Two Metals.

WASHINGTON, April 24.-The gold re-
serve of 100000 900 in this treasury
has been broken and the shipments of
the yellow metal Saturday to Europe
leave IL several millions short. This Is
a state of affairs that the republicans
carefully avoided, though the Harrison
administration feared it's coming ever
since the beginning of 1892.
1t was easy to understand that If the
reserve were broken the scarcity of
gold could not be concealed, and the
gold dollar would command premium
at once. This with the superabund-
ance of the deprecated silver, would
make great disparity between the two
metals.
The refusal to issue gold certificates
was tried last week and effected but q
temporary halt. 1t was then proposed
to refuse to pay gold for treasury
bullion notes. This would have made
big barrier against the advance on
the reserve, but it would only have
been a partial stay. A third plan was
proposed, and that was to buy gold
with United States notes and to pay
premium for transportation If necessa-
~. 1NclUlCI Vi bllo bWo ldbuUCl PAoPooh-
tions had a chance of trial, for the
reason that the avalanche of foreign
shipments overleaped the s1Oo,O00,000
point and made any action on the part
of the government appear almost
useless.
Thus far, in actual practice, the par
ity of gold and silver has been main
tained, even at the sacrifice of the re-
serve In the notes presented to the
treasury in exchange for gold, includ-
ing treasury notes and United States
notes, all were treated alike and none
Disseminated against. But few be-
lieve this artificial relation can be sue
cessfully maintained. Carlisle does not
want to issue bonds to get more gold
indeed he doesn't believe in it at all
| He contends that if bonds were issued
to obtain gold 1t would be onlya matter
of time when the gold would again dis
| appear aud he would have to issue more
bonds to get more gold, so long as the
process of exchanging treasury notes
for gold is continued process which,
as Secretary Carlisle himself stated
Friday, is equivalent to taking silver
coin to the treasury and exchanging it
for gold.
At the cabinet meeting at which all
the members Of the cabinet were pres
ent with tho exception of Secretary
Herbert, of the navy department. the
financial situation was almost the ex-
elusive topic of discussion. The meet
ing lasted for two hours and half.
Secretary Carlisle found that the
orders for gold up to about o'clock
had wiped out the free gold, and in
vaded the gold reserve to the extent OF
$2,557 900. Asfar as it can be officially
ascertained, this is the amount taken
out of the gold reserve for export Sat
urday, although 1t is unofflcially stated
that s7OO,00O in gold, had been with
drawn from the sub-treasury at Boston
for export to Canada.
If so, this would make about $6,000,'
600 in gold taken out of the country fol
shipment, and leave the gold reserve
invaded to the extent of $4,OO0,0OO, OF
the total gold in the treasury at $685.,
0O0,O
1t is believed that this invasion is but
temporary, and that within few days
the depleted reserve will be restored tc
it's original figure 800, 900.