The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-29
AT UNCLE SANS DISPOSAL.
The Savannah Bankers Say Their
Gold Can Be Had

In Case It is Needed by the Govern
ment and a Call is Made-They Look
With Little Favor Upon the Sher-
man Law and Hope That It Will Be
Repealed-It Amounts 70 Buying
Silver With Gold-Some Views of
Savannah Bankers Expressed.
The question as TO the probable outcome
of the gold situation at Washington and
what exact line of policy the government
will ultimately adopt with regard to the
redemption of its promises has during the
last few days become one Of unusual in
terest
The policy which may be expected was
outlined to some extent, at least, in yes
terday's dispatches from Washington, in
which Secretary Carlisle states that the
revision of the currency laws should start
with the repeal Of the Sherman silver
law. The secretary also states that an
issue of bonds will be the last resort.
Savannahans who have watched the
situation from New York standpoint
say the utmost anxiety prevails there
with regard to what policy the govern
ment will adopt the opinion being that il
should redeem its obligations in gold at
all hazards. Columbus (Ga.) bankers, as
stated in the MORNING NEWS, made an
offer of their entire gold reserve amount
ing to S54, 600. to Secretary Carlisle a day
or two ago, and offers are numerous from
all parts of the country The opinion of
several Savannah bankers on the subject
will show the condition of feeling here
with regard to the situation.
VICE PRESIDENT CRANES VIEWS.
Vice President Crane Of the Southern
Bank said that if the government needed
any gold from Savannah it would prob
ably be an easy matter to get whatever
supply Savannah has on hand.
Il don't know positively what we
should do in case call was made, as that
would depend on the action of the direct
ors. But, as a matter of fact, gold often
becomes a drug on our hands and we often
make strenuous efforts to dispose of it,
Our customers in the country much pre-
fer other currency, and we generally find
it hard matter to get rid of it. So as a
general thing, we keep only small
amount of it on hand.
Il think the Sherman law should by all
means be repealed, and Secretary Car
isles efforts in that direction will be APP
preciated. As it stands at present it
amounts to nothing more nor less than
the purchasing of silver with gold, as the
government rcdeems the certificates it is
No good can come from the piling up of
silver in the treasury at such a cost.
MIR. CUNNINGHAM's VIEWS.
Mr. r. M Cunningham, cashier of the
Central Railroad Bank, said there had
been no mention made of the financial
policy of the government among the
bankers here, at least so far as the gold
supply was concerned.
Il think the Savannah banks, however,
sl.Ng \
ment in case a call is made for gold, and
have no doubt but that the Central Rail
road Bank would furnish what gold they
could toward the amount. There is one
trouble, however, and that is the govern
ment is very strict in its charge
for light weight. When we ship gold
to the treasury it is not taken at its face
value, but according to weight, and de-
auctions are made for all abrasion the
coin has suffered since it left the treas
ury.
Il have kept up very little with re-
gard to the financial policy of the govern
ment, and am not prepared to say any
thing in regard to Carlisle's views on the
subject
President J. D. Weed of the Savannah
Bank and Trust Company said he thought
that the situation demanded an early
repeal of the Sherman law which
amounted TO direct exchange of gold for
silver 1t was in this way, he said. that
much gold had been drained from the
treasury. He thought Savannah banks
would be ready to respond in case their
assistance was needed to keep up the gold
reserve, though he thought their action
would depend great deal upon the cir
cumstances.
CAPT. BLUN's IDEA
Capt. Henry Blum, president of the
Germania Bank, when asked in regard to
the financial policy, said yesterday:
Nothing has been said among the Sa-
vannah bankers that 1 know of with re-
gard to rendering to the government their
gold reserve, but the bankers here are
as patriotic as you will find them any
where, and have no doubt that when it
is needed Savannah will be among the
first to respond. In regard to the inter
view between Secretary Carlisle and the
bank presidents of New York, Capt.
Blum said he viewed the matter in a
different light
1--WE import more than we export, that
is the whole gist of it." he said, land
neither President Cleveland nor Secretary
Carlisle can alter the facts. We have
now the odious Mckinley bill, bill to
restrict. imports. Cleveland is bound to
have tariff reform. Lower the tariff and
we will stimulate imports to a greater ex-
tent than ever. Balances against us will
be greater-where is the gold to come
from2 The repeal of the Sherman silver
act viii not bring it, and the issue of
bonds Will be but temporary expedient
We cannot go into the issuing bond bust
ness TO suit Wall street and London, Ber-
lin, FTankfOrt-on-the-M ain-we must look
this thing squarely in the face and unless
our merchants can exchange our products
Tor imports we must soon stop"
BARRELS FOR STREET TRASH.