The morning call., 1893-02-18
GOLD TO BE HELD.
Foster Is Determined Upon
That.
MAY HAVE TO ISSUE BONDS.
Buf Even That Would Not Offer a
Solution of the Question as
the Law Stands.
MAY HAVE TO ISSUE BONDS.
Special TO THE MORNING CALL.

WASHINGTON, Feb 17.-Secretary Foster
states today that he will preserve the
SI0O 000, 600 gold reserve at all hazards.
How he will do it he could not say, but he
stated. with emphasis, that if necessary to
issue bonds to do il he would go to that ex-
IRENE. At present the free gold is more
than SS.O0O.0 eco. He felt almost certain that
he could reach the end of his term without
having to issue bonds.
Even to issue bonds. say for $4,000, 600. J"
said the Secretary, "would not necessarily
mean an increase in gold TO that extent
The law provides that our bonds must be
paid for in coin. Silver is coin.
What is there to prevent silver
or its equivalent being offered for
bonds? Nothing. Could / refuse it? No
If even bonds we're sold, would that relieve
the situation? Ne; unless an arrangement,
based on honor. between the Secretary Of
the Treasury and the purchaser was made,
and then l would be subject to ali sorts Of
critic SINS. The whole subject is surrounded
10y veXations. Yon may say, however. that
the gold reserve will be kept intact. come
what may"
Treasurer Nebeker is quite emphatic in
his opinion that the United States Govern
ment should not issue bonds at present, and
said to-day that il either political party
Issued bonds it would be and would deserve
70 be visited with popular condemnation
He received a dispatch from New York
this evening stating that only $4,000 IN
gold had been taken for shipment tenor
row. Instead OF S2.5)0,O0O, as previous adj
vices intimated
Cox Of Tennessee, a member of the Bank
ing and Currency Committee and an ad-
vocate of free coinage. has prepared an act
10 repeal the Sherman silver. law. The bill
repeals the Sherman law and re-enactS the
Bland law OF 1873 with the proviso that the
legal-tender character OF the notes Issued
under the Sherman law shall not be i'm
paired. The Secretary Of the Treasury is
directed to have coined the bullion pur-
chased under the Sherman law into
standard silver dollars aud to cover them
into the revenues of the. treasury, but the
silver dollars provided under the Bland act,
which is re-enacted, are to have priority in
coinage so far as practicable. Treasury
notes issued in payment for bullion are to
continue redeemabe as now provided fer
by law and when redeemed are TO be de-
stroyed. The tax Of ten per cent on the
circulation of State banks is repealed.
NV 1Okh. rep IL Inc bSL LOuuUu
dispatch says: The report that Secretary
Foster had been empowered to issue bonds
promoted the buying of American securities,
but a fall in Reading fiattened all the mar
ket again. Business is limited.
Inquiry among prominent brokers indi-
Gates that Wall street has now settled down
squarely to the conviction thatgiving credit
to Carlisle's utterances as TO the policy Of
the new administration. an extra session of
Congress will be called soon after March 4,
from y hich some definite settlement of the
present financial questions may be antei-
pated. Until that time it is said business
viii be logged along Oh fairly conservative
lines
Early this afternoon il was stated that, so
far as ascertai. ed, only 81, 600 Of gold
will 20 out tomorrow. phe estimates for
Tue-day are as high as S2,5O0,000. Later
1t was estimated that it would reach $780,
600.
a leading banker says: I'VE are going to
see tighter money here soon. The ship
ments of currency to the West and far West
are heavier now than for FIVE years past"
ROME, Feb. 1.-THE Minister of Finance
says the Brussels Monetary Conference Will
probably not reassembIe in May. as the
European governments are convinced that
nothing would come OF H.