The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-04-25
A GOLD CONFERENCE.
Treasurer Jordan and Bankers
Discuss the Situation
eoTu PARTIES ARE ReT,cENT.
0ov York BaaAoFs Trying - Besoo
L>.,. b.s Boston and the Wsss
Nay Block Then

INV YORK, Apt1t z4.-SOuIoo Ns Soi'
dan. United States sub-treasurer, took
poesession Of his Office this morning. and
. conference with the bankers began at
noon after indications that there was TO be
no let up in gold shipments and that
probably over g. 0o0, 900 would 90 ont to-
morrow. All those present at the confer
ence, as they left the sub-treasury after
adjournment, declined to say what they
had done or what the conference had been
about. They referred oil inquiries 70 Jor.
dan. He said:
can only say that We had discussion - 70
the best way to relieve the sitoation. both -
regards the banks and the government II re-
suited. as usual, in delay. You cannot know
anything further from me Until the dslay no
Longer existA
Jordan, in reply to further questions.
said the delay would last until something
IL heard from Washington City. 6ecre-
tary Carlisle, it Is affirmed from another
source, sent to Jordan a communication
As to how to raise from So. 600, oO0 TO $50
600 900 Of gold, and this was submitted to
the meeting. Among the plans discussed
were the issue OF bonds and . temporary
loan. Each plan had some advocates
among the banks. Carlisle preferred
10 ODbdiu TIC TOtu suppiy " c&thahSS AoA
greenbacks, but the bankers did not wish
to give it in that way. According to Satur-
days bank statement, it Is asserted, tho
banks Of New York held $72.250 00O in
specie. Probably more than $50. coo, 900 Of
this is in gold. The bankers views here
tofore have been that while they would
su bscribs to the issue Of bonds to tide over
the interval before legislation can be ac-
complished, they are unwilling to give
gold in order that the export to Europe
might be facilitated. A striking event in
today's business was a break in domestic
exchange. Along with this incident came
the news Of gold tenders in Boston. whore
the banks had decided to part with one
half Of their 50. 000, OO0 With the gold re-
sources Of the interior banks unlimited,
there can be little doubt that these double
transfers would force the hand Of New
York banks and that in defense of their
own reserves. II for no other reason. they
would omen their own gold boards to the
government The exports of gold tomor-
row will aggregate "a, 2O0. 600. OF this
amount II, 1905 was withdrawn from the
sub-treasury today. of which 81 .O00, 900
Was paid for in treasury notes and the re-
mainder in greenbacks.
The authoritative statement Of President
Cleveland yesterday. in which he an
nounced the present and future action of
the administration in relation to the use
of the gold reserve. has taken the edge of
the excitement that followed the act of the
secretary Of the treasury dipping into the
reserve fund. II there has been any
danger Of financial furry that danger ap-
pears now to have passed. Under the in
depreciation of Cleveiand's statement, the
reserve 10 to be treated simply ~ 30 much
cash In the treasury. and whether the az.
gregate rises or falls few millions q day
becomes . matter Of little concern. 18th.
present demand for gold abroad con-
tinues, point will probably be reached
where the banks will no longer give I'D
gold unless they get bonds for il, and be-
fore issuing bonds. Secretary Carlisle will
probably make quite q hole in the reserve.
How long he will let the amount of gold in
the treasury fall before be takes steps TO
replenish II by the sale Of bonds is not
known, but his reluctance TO the issuing
of bonds is 30 we'll understood that it
would not be surprising il he allowed fully
hall Of the reserve, or even more, to be
exhausted before resorting to the sale of
bonds. President Cleveland, on the other
hand. 1t Is understood, favors an earlier
issue Of bonds, and the matter will be one
Of the principal topics of discussion at the
cabinet meeting on Tuesday.
IL IL understood that certain Democratic
senators have advised against the issue of
bonds. for political reasons. thinking that
the administration would lay itself open
TO the accusation Of unnecessarily increas-
Ing the bonded debt Of the country. On
ths other hand, il is urged by others that
the early issue Of bonds would DO q good
stroke Of policy politically, on the argu-
ment that the condition of the finances
which necessitated . resort to the sale of
bonds was the result Of Republican mis-
management. especially during the Reed
congress, when they had both houses of
congress and the presidency. and passed
the Sherman silver purchase law, which
1t Is alleged. has caused all tho present
difficulty.
Shortly before the passage Of the gher-
man law the treasury held in round num-
hers SIT. 600 ool. or $1,000. eco more than
the reserve fund. The Sherman law was
approved 10y Harrison on July IL. 1890. and
immediately after the amount of gold in
the treasury began TO be reduced, until on
January 81, 1891, 1t had fallen to SAL. OOo.-
600. while on January 81, Is92. the figures
were but Sis. ooo. 900. and on January 3 of
the present year but Sl0s 000, Ooo only
$s,oG.ooo over the reserve. Since that
time the amount has been maintained AZ
about the full amount of the reserve only
by strenuous efforts on the part of the OIL
Gals in the treasury department. The
present condition of the treasury has led
To the revival of talk OF an extra session of
congress 10 act on the Sherman law. But
the president has not had anything to say
on the subject 10 any of his congressional
callers As yet. However. 1t is probable
that there is 20 be an extra session before
September !. when il is understood that
congress may be called 10 consider the ad.
ministratIon's plan for the revision OF ,ha
tariff. The president Will doubtless az the
came time take occasion IN his message To
urge immediate action on the monetary
question, and will, IL is said. advise the i'm
mediate repeal OF the sherman act.
BosToS. April 24.-The clearing house
met today and decided 10 turn over 10 the
government half the reserve gold Of the
banks in exchange for legal tenders. This,
81 is said. will amount 10 betweeA s. oyo. 600
snd 81. ooo.ooo
ROANOKE. April 24-An the banks in
Roanoke united today in offering the
treasury ali the gold in their vaults in e1-
change for treasury notes a: New York,
and Secretary Carlisle has accepted the
offer.
PREPARING FOR NAVAL REVIEW.