Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-06-04
THE CABINET WILL CONSIDER IT
At Special Meeting to be Held
Monday Morning = Plans that
May be Adopted to Replete the
Treasury = Greenbacks Sug-
gested - General Financial
News - Herman Schafuer &
Co. g Bank at Chicago Closed
Yesterday - Troubles Else
where.


net gold In the treasury Of the Uniteo
States been so low as to-day. The
amount is $50, 939,217 On January 1st,
1879, it was s114, 4,193,5 ,539. Secretary
Sherman, In report made in 1879,
stated that he had on January l,coin to
the amount of Sal, 1888, 900 available
for the resumption Of specie payments.
OF this amount S114, 600, 600 was in
gold. the balance silver, and both were
deneminated coin. Since that period
the net gold in the treasury has grad
ually increased until in March. 1883, IL
reached S21s, $4,000 which was high
water mark.
Since January, 1888, the net gold
holdings Of the treasury have been on
the declining scale, decreasing from
S194, 900, 900. In January, 1889, to Sl77,-
600, 600, in January, 1890, Sal, 900, 900,
January, 1891, S119, 900, 900, In January,
1892, and $40, 900, 600 in January 1898.
While no uneasiness Is felt at the
Treasury Department because OF the
continual loss of gold from the Treasury,
still Secretary Carlisle Is not unmindful
of the fact that limit may be reached
where the confidence reposed In the
Treasury by the people may be shaken.
How to replete the Treasury with gold
has been problem seriously considered
by the administration for some time.
The issue of bonds is the usual remedy
suggested, but 1t is known that the
President is not in favor OF this alter
native except as the last resource, and
even II they are issued, Treasury OH
cials are not by any means confident
that the Treasury gold repleted In this
way will long continue so. II is con-
tended that TO obtain gold In this way
with the present laws in force simply
means the government borrowing gold
at interest for the purchase OF silver,
with no assurance that the gold so OBJ
tanned will remain In the Treasury
longer than the
TIME NECESSARY TO TAKE 1T OUT.
Suggestion has been made that the
Secretary has the power TO issue green
backs in exchange for gold, thus in
creasing the amount OF gold and in
creasing the volume.of greenbacks out
standing to the extent Of the gold thus
exchanged. Secretary Carlisle being
out OF the city to-day mis- views on this
subject could not be obtained.
Acting Secretary Hamlin said he had
heard the suggestion, and hoped 1t was
so, but his manner indicated that his
hope was very faint. Other Treasury
officials were questioned on the subj act,
and they said the idea was not new
one, and had been advanced at differ
ent periods in the past ten years. No
law on the statute books was more
stringent than that relating to green
backs. 1t provided that S346, 900, 900 Of
greenbscks should be kept In circula-
tion. When such notes are presented
for redemption new notes to q like
amount had to be issued. The Secretary
Of the Treasury has no discretion either
to increase or diminish the volume OF
greenbacks.
Section 1900 of the revised statutes
provides that the Secretary OF the
Treasury may exchange any class Of
money for coin, and Of this provision OF
law it is presumed that the story started
that the Secretary of the Treasury had
discovered q statute which permitted
him to issue greenbacks In exchange for
gold. This statute
GIVES HIM THE POWER,
which has never bsen questioned, TO ex-
change greenbacks, United States treas
ury notes, United States notes, silver
certificates, gold certificates, silver
coin, silver bullion, and gold bullion for
gold coin or gold bullion in his discre-
ton, but there Is decided difference
between the Exchange" Of one class Of
money for gold and the tissue" OF q
class of money to exchange for gold.
The Star, in discussing the monetary
situation, says:
"It is understood that the question
which will be discussed at the special
meeting OF the Cabinet to be held on
Monday morning, will be IS to the con-
dition OF the treasury.
The shipments Uf gold from New
York during the past week have
amounted to IS, 700, 600, including $780,
900 which went to Canada. Now that
the shipments have again grown TO be
heavy, the subject comes before the ad-
ministration as one OF no little
concern. for should this rate OF
gold export continue, 1t would
not be long before the reserve would
be reduced to . figure that would be IN
comfortably small. At the Cabinet
meeting 1t is believed that the After
ney-Gsneral will render an opinion on
the question as to the right OF the ad-
ministrAtion to issue bonds without ac-
ton by Congress.
Solicitor General Aldrich drew up sn
opinion on this question, which Attor-
ney-GeneraI Miller adopted, deciding
that such a course should be pursued,
and IL is intlmated that Mr. 0lnsy will
also hold to this judgment 1t would
seem that the agitation OF the bond is
sue question 10 to be resumed.
New YORK. June 3.-The statement
that the Secretary Of the Treasury in
tended to increase the issue Of green
backs 70 S4Oo. 600, 900 attracted good
deal OF attention In Wall street to-day.
Opinions are evenly divided as to the
wisdom OF the plan.
Under the orders for the different
sub-treasuries to ship gold coin to New
York, Cincinnati has sent IS, OO0, 900
and will send $4,000. 900 more, Balti-
more has sent So, 200, 900, 81, ,0OO, 900 Of
which arrived to-day. and Chicago has
sent 50. 200, 600; Philnkelphia will send
s., eoo. 600.