The Globe-republican., 1893-04-21
THE. TREASURY.
Effect of the Suspension Of Gold
Certificates.
The Act of Secretary Carlisle Calls At
tentiOn to the Findings of the
House judiciary Com
mittee.
Gold Bonds.

| Gold Bonds.
WASHINGTON, April 1.-THE suslfn
sion of the issue of gold certificates by
Secretary Carlisle recalls the represent
atoms made last July by the judiciary
committee of the house upon the reso
luton introduced by Mr.. Dockery, o.
Missouri. The resolution instructed
the committee to inquire and repor,
whether under the act to provide TO:
the resumption of specie payments
the secretary of the treasury has the
right to use the proceeds of any
money in the treasury arising from the
sale of bonds or otherwise. as author
lied under section ) of said act. for any
of the purposes other than those men
toned in said section 3. The majority
said: There is no limitation upon the
authority of the secretary of the treas
ury to sell bonds for the purposes of re-
demption under the act of 1879. but the
proceeds from such sales cannot be
used for other than redemption pur-
poses" They also said that it was
the intention of congress to fix the min
imum amount of this reserved fund at
100000, 900 gold and gold bullion, and
to maintain it at that sum. Up to
and including the year 1891. the total
amount of gold certificates issued I'M
der the act of 1882 was S469, 225, 600
and the majority said: These gold
certificates could not have been lawful
ly issued unless at the time of issuance
the reserve fund of 800, 900. 900 gold coin
and gold bullion was in the treasury.
As to the replenishing of the reserve
fund in case of diminution below the
.um of 800, 100000, in the absence of
availa BILE surplus revenue, by the re-
demption of legal tenders, the commit
tee says that the sum should be re-
stored from the current coin receipts of
government. not otherwise appropri-
ated. and when such revenues are
transferred to the reserve fund they
are not subject to be used for any other
purpose"
Mr.. Ray, of the minority committee.
submitted report upon the resolutions
in which the operations of the treasury
under the acts referred were shown at
considerable length and with great de-
tail. The purposes of the laws were
also discussed at considerable length.
and the minority came to the following
conclusions:
First That there IS nothing in the resump-
ton act requiring the secretary of the treasury
to set apart anv reserve fund for the redemp-
ton of the United States notes
Second-That the only fund actually provided
for the redemption of United States notes is
the proceeds of the bonds sold from time to
time for redemption purposes, and that such
proceeds may be used at any time for that pur-
pose, but for no other.
Third-That the power to sell bonds still ex-
lists and is limited only by the amount of United
States notes outstanding, less the proceeds of
bonds sold for that purpose and applied or now
on hand
Fourth-That the secretary of the treasury
has no power to set apart or reserve or hold as
against appropriations made by congress or for
expenditures authorized by law. any part of
the surplus revenues OF the government for the
redemption Of United States notes. He may
use such surplus for such purpose but herein
his power ends
Tiding Over.
WASHINGTON, April 1s.-The policy
to be pursued by the treasury depart
ment regarding the financial situation
was probably determined at consulta-
ton held yesterday between Secre-
tary Carlisle and President Cleveland
All efforts to learn the result of the
have thus far failed. Secre-
tary Carlisle absolutely declined
to outline his future financial ac-
ton, preferring to await the ar
rival of the emergency before in
dicating what he would do. 1t will be
that when Mr.. Carlisle as
sumed the control of the treasury de-
partment the free gold was reduced to
a very small figure. The officials feel
that if Mr.. Carlisle was able to meet
the demand at that time he can do so
again.
In the order of the secretary on Sat-
urday directing that no more certifi-
Gates be issued at present, Mr.. Carlisle
is considered to have taken an excel
lent precautionary measure. and the
action is generally commended.
There are three things which can be
bonds can be issued. the
gold reserve utilized to such a point
that it is not considered advisable to
utilize any more of it. or the coin GER
tificates might be paid in silver dollars
instead of gold. as is now done. 1t is
thought i. that if the present month
IAN be tided over. that the financial
situation will assume a different
appearance. Most of the spring inn
portations have been made. and
travel of foreigners to this country will
be begun. The number of persons who
usually go abroad each summer will be
greatly reduced on account of the
worlds fair. and on the other hand citi-
zens of foreign countries are expected
to visit this country in large numbers.
and will undoubtedly spend great
deal of money while here. This, it is
believed, will readjust the balance of
trade.
Nominations.
WASHINGTON. April 15.-The presi-