St. Paul daily globe., 1893-04-22
NOT FAVORABLY RECEIVED.
New York Bankers Comment on
Sacratary Co.I;SIa'S Stotamant

New York Bankers Comment on
Secretary CarlisIe's Statement.
New YORK, April 21.-Secretary Car
isles statement on the gold situation
was the general topic OF conversation in
Wall street this forenoon. 1t was not
favorably received, on the ground that
it was found to be indefinite. Most OF
the bankers seen prOfessed themselves
unable to comprehend the secretary'S
exact intention with reference to the
treasury notes. }. Edward Simmons,
president Of the Fourth National bank,
said:
''Mr. Carlisle has announced no pol
icy: his words mean nothing so far as
any solution of the question Is con-
cerned."
Some of the foreign exchange dealers
were again allowing premium of one
eighth of l per cent to those paying for
their remittances in gold. Russell Sage
said this morning:
Il believe that if people do not lose
their heads, we shall weather the storm,
and that tile currency question will
eventually be arranged satisfactorily.
1t is a pity, however. that Secretary
Carlisle does not take bOld-Stand upon
the subject, and give us an idea of
what he intends to do"
President j. II. Parker, of the United
States National bank, said that it was
impossible to see what the Intentions
OF Secretary Carlisle really were. On
some of the most important points he
had left everybody completely in the
dark in his statements. For instance,
in reference 10 a possible supply of
gold from the West, the secretary gives
no inkling of what the amount of that
possible supply is. Until it becomes
known what arrangements were in
progress, and how much gold was avail
able in the West, it was impossible to
draw any conclusions whatever from
the Secretary'S statement. SO far as he
saw, the statement could have very lit
tie influence on the situation i'll the
direction of reassuring anybody.
Manager Sherr. of the clearing house.
said there would be no meeting of the
committee today, so far as he knew. to
take action Ewith regard to the gold
situation. Il don't think any action is
necessary" he said. las no artificial re-
striction that could be placed upon the
export of gold would mend matters in
the least, or check the outflow. The
situation is simply this: We owe money
abroad. and it mas got to be paid. The
obligations are on a gold basis, and
must therefore be paid in that kind of
currency. The fact that we now owe
more large balances abroad, of course,
aggravates the situation temporarily,
but do not anticipate any dam
ger. We are simply coming to
silver basis in the natural course of
events, and if the present mode of finan
ciering continues we will have no gold
IN the country, but will have plenty of
silver. l naturally would take Secre-
tary Carlisle's statement that he will
continue to pay gold for the purchase
of silver bullion, as long as he has gold
legally available for that purpose to
mean that he would stop paying gold
when the limit of the reserve in the
treasury was reached. However, he
may mean that he will take advantage
of that clause in the law which gives
him discretionary power to adopt other
measures for maintaining the parity or
gold and silver and encrOach upon the
$1,000 600 reserve fund"