The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-22
BOYDS MUST BE ISSUED.
BAssIsON DOING BIS BEST TO
DODGE THE RESPONSIBILITY,

ssoretsry Foster Points Out the Mar
rowness and Unpatriotic Nature of
HIS Course-Heavy Exports of Gold
Sure to Continue for Several
Months-The Treasury Looted.
WASHINGTON, Feb. 21.-The issue of
bonds to replendish the gold reserve is now
admitted at the treasury departments to be
only question of time. The President has
not vet been convinced that the time has
come but he is wavering as to the wisdom
Of waiting longer. He might find it pos
Hble to worry through the remainder of his
administration, but Secretary Foster of the
treasury department insists upon his view,
that it is not broad nor patriotic to endeavor
10 turn the finances of the country over to
the new administration on March In a
shipwrecked condition. He urged his view
at the cabinet meeting to-day, and, as be-
fore, had the strong support Of Secretary
Tracy in favor of making contracts for the
delivery of the bonds. The President was
not ready. 1t was decided that no con-
tracts should yet be made. The President
has an excuse for delay from the fact that
the Sherman amendment, reducing the in
terest on the bonds to per cent has NOS
yet become law. There would be no diff
Guilty, however, In the opinion Of the treas
ury officials in making arrangements
10 place the bonds at alternative
prices based upon the possible
eDactments Of the Sherman amendment
The amendment is not likely to become a
law until very close to March 4.
TELLER WANTS MORE DEBATE.
It is the intention OF Senator Teller to re-
open the financial debate when the sundry
civil bill has been disposed of by items and
the question is put upon its final passage
This may keep the bill pending for several
days yet and make more difficult than ever
the passage Of the other appropriation bills
and escape from an extra session. The
conviction that bonds must be issued Gin
order to keep the gold reserve inta t is due
to the fact that the exports Of gold are
certain to continue for the next two or
three months and large part Of them will
come from the gold In the treasury. The
past seven months have already witnessed
an excess of exports of gold over imports
Of S37, 767, 372 and the heaviest exporting
months are yet to come. 1t is probable that
one Of Mr.. Csrlisle's first acts will be to
negotiate an issue OF bonds to be paid for
10 gold under the authority of the Sherman
amendment to the sundry civil bill.
THE TREASURY LOOTED.
The danger that an extra session will
become necessary il congress continues to
make needless appropriations is strikingly
shown by the treasury statement for to-day.
The declared balance has dropped to
$3.50 ,S0l, the lowest point known for a
decade, and only a small fraction of this
balance consists of available legal tender
money. The sum of S11, ,238 800 is on de-
posit in national banks, Sl1,O4l, ,542 is in
subsidiary silver coin, and $5l3,477 is in
minor coin and fractional paper. The de-
duction Of these three items from the de-
clared balance would leave the treasury
with the paltry sum of 1886 All scattered
through dozen sub-treasuries to meet its
ordinary obligations. The latest statement
of the gold balance is S107, ,228 ,46S, but this
includes the $3,500,000 which was taken
yesterday. The warning which Senator
German uttered in the Senate yesterday
against extravaganza appropriations was
due to long talk he had the day before
with Secretary Foster on the actual situa-
tiol.
DISCUSSED BY THE CABINET.
By the associated Press.
WASHINGTON, Feb. 21.-The question of
Issuing bonds to keep intact the gold reserve
Harrison and his cabinet at the meeting
held this morning. The result OF the CON
ference is stated ON good authority to have
been decision not to issue bonds at this
time. 1t cannot be learned that any alter
native course of action was decided upon by
the cabinet in case the free gold in the
treasury became exhausted. The feeling
seemed to be that the emergency should
not be met before il actually
arrived. It is said that President Har-
rison is convinced that no necessity will
arise for the sale of bonds to maintain the
parity of the two metals. He has repeatedly
declared that he will maintain that parity
by every means in bis power This con-
vlction is said to be based upon his OBJ
servance OF the fact that while
he was on his hunting trip at
Bengies there was a subsistence OF
the talk about issuing bonds, which
was renewed Immediately upon his return.
The President is credited with the belief
that the demand for gold export is not only
artificial, but that it is part of scheme,
International in its scope, having for its OBJ
lect the issue of bonds. When it becomes
apparent that no bonds will be issued his
opinion is said to be that heavy drafts