St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-16
ONE DAY MORE.

of the act of 1882, authorizing the issue
OF gold certificates, always to retain IN
the treasury for the redemption OF these
certificates the specific gold coin depoS-
tied at the time of their issue. Any
failure to do this would be a violation
of the statute, and the treasurer has no
right to substitute gold bars or bullion
for the gold coin deposited and ordered
to be retained. 1t is true that the gold
certificates issued under the act OF
March 3, 1862 could be issued on deposit
of either gold or bullion, and that GER
tifcateS under this act might be issued
to the extent of 20 per cent in excess Of
actual deposits; but there are probably
none of these certificates now in uSe.'
Maurice Muehlman, the acting assist
ant treasurer in charge Of the subtreas-
ury, said:
"This step on the part of the secretary
of the treasury simply means that he is
carrying out the provisions of the law.
1t does not mean that the government
will receive deposits of gold coin and
refuse to pay back in kind. Any one
who deposits gold coin here will re-
ceive legal tender notes. For these le-
gal tender. if gold is demanded, gold
will be paid out. In other words, in
| stead of issuing for gold deposits ia GER
| tificate which is necessarily redeem
able in gold, the treasury will issue
legal tender notes for which gold VIII
| always be paid if demanded. The only
difference which the stopping of these
certificates makes is that the treasury
department will not issue them for gold
as it has been doing. The secretary is
merely anticipating the withdrawal of
gold which will probably be made for
shipment for next Tuesdays German
steamer. What these Withdrawals will
amount to, of course we don't know.
but they may reduce the treasury gold
to the 500, 600, 900 reserve"
According to today's report the free
gold III the treasury amounts to about
So, 100000. This report does not show
the Withdrawals yesterday, which
amounted to $1,250,000. TOday's state
melt shows the gross amount of gold i'll
the treasury to pe s213.SVO, coo. Gold
certificates issued amount to Sic. .490,-
600, s6,3O0,OOO being in the treasury.
There is no reason for uneaSlneSS
because of the step taken by
the department. 1t is the first time the
issue of certificates has been suspend
ed, because it is the first time the re-
serve has almost reached the $100, 900
point, with the immediate exports eX-
pected. Under the previous act, that of
1868. the issue was suspended by Secre-
| tary Sherman in 1879. The treasury
statement March showed the free gold,
or the gold above the Sl00,000,-
600 reserve. to be s3,052.000, which
was practically the gold supply
left by the last administration. The
lowest point afterwards reached was
March 9, when the free gold was $685.
600. From that time the amount in
creased. until the heavy shipments
were made the past two weeks. The
form of receipt for deposits Of gold COIN
at the sub-treasuTy have heretofore
read: "Received from the bag said to
contain - dollars, gold coin subject
to count, the proceeds of which are pay
able in gold certificates on return of this
receipt" In receipts now issued the
words Gin gold certificates" aIe stricken