The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-04-29
MILLIONS SHORT.
Troubled is the Financial World
About Gold.
Bonds WIN Probably BE Issued soon-Tho
Scarcity of Gold with superabundance
of silver VIII Make Disparity
Between the Two Metals.

WASHINGTON, April 24.--The gold re-
serve of 500, 100000 in the treasury
has been broken and the shipments of
the yellow metal Saturday to Europe
leave it several millions short This is
n state of affairs that the republicans
carefully avoided, though the Harrison
administration feared it's coming ever
since the beginning of 1892.
1t was easy to understand that II the
reserve were broken the scarcity of
gold could not be concealed, and the
gold dollar would command premium
at once. This, with the superabund-
ance of the deprecated silver. would
make great disparity between the two
metals.
The refusal to issue gold certificates
was tried last week and effected but
temporary halt. 1t was then proposed
! to refuse to pay gold for treasury
| bullion notes. This would have made
big barrier against the advance on
the reserve, but it would only have
been partial stay. A third plan was
proposed, and that was to buy gold
with United States notes and to pay a
premium for transportation if necessa-
ry. Neither of the two latter PROPOSE
tions had chance of trial, for the
reason that the avalanche of foreign
shipments overleaped the 500, 900, 600
point and made any action on the part
of the government appear almost
useless.
Thus far, in actual practice, the par
! ity of gold and silver has been main
| tanned, even at the sacrifice of the re-
! serve. In the notes presented to the
treasury in exchange for gold, includ-
| ing treasury notes and United States
notes, all were treated alike and none
| Disseminated against. But few be-
| lieve this artificial relation can be sue
cessfully maintained. Carlisle does not
want to issue bonds to get more gold
indeed he doesn't believe in it at all.
He contends that if bonds were issued
to obtain gold it would be only matter
of time when the gold would again dis
appear and he would have to issue moro
bonds to get more gold, so long as the
process of exchanging treasury notes
| for gold is continued-a process which,
| as Secretary Carlisle himself stated
| Friday, is equivalent to taking silver
coin to the treasury and exchanging it
for gold.
At the cabinet meeting at which all
the members of the cabinet were pres
ent with the exception of Secretary
Herbert, of the navy department, the
financial situation was almost the ex-
elusive topic of discussion. The meet
ing lasted for two hours and half.
Secretary Carlisle found that the
orders for gold up to about l o'clock
had wiped out the free gold, and in
vaded the gold reserve to the extent of
SO, ,557, 900. AS far as it can be officially
ascertained, this is the amount taken
out of the gold reserve for export Sat-
urday, although it is unofficially stated
that 100000 in gold, had been with
drawn from the sub-treasury at Boston
for export to Canada.
If so, this would make about 50, ,000,-
900 in gold taken out of the country for
shipment, and leave the gold reserve
invaded to the extent of $4,000 900, or
the total gold in the treasury at $685.
600, 900.
1t is believed that this invasion is but
temporary, and that within few days
the depleted reserve will be restored to
its original fgure-S1OO, 100000.