The morning call., 1893-04-21
WILL NOT WEAKEN
Secretary Carlisle Has
Backbone.
To FIGHT TO A FINISH.
The Great Duel Between the Admin
istration and the Bankers Is
Only Fairly Commenced.
TO FIGHT TO A FINISH.
Special to THE MoRNfNs CALL

WASHINGTON, April 20 Secretary Car
Isle Tonight made the following statement
regarding the financial situation:
I'm the exercise of the discretionary
power conferred upon the Secretary Of the
Treasury by the act of July IA, 1890, he has
been paying gold for coin treasury notes
issued for the lurchase of silver bullion,
and he will continue to do so as long as lie
has gold legally available for that purpose.
Under this process The Government has
been. and is now, paying gold for silver
bullion and storing the silver in its vaults,
where it lies as useless for any purpose of
circulation or redemption as iron, lead or
any other commodity. The Government, in
the first place. issues coin treasury notes in
paying for silver bullion, and then these
coin treasury notes are presented al the
sub-treasury and gold is paid out for them,
so the effect is precisely the same as if gold
we're paid directly for silver In the first
instance. About $500, ,000 of gold which
had been Withdrawn from the sub-treasury
on last Tuesday for shipment abroad had
been paid for in these coin treasury notes
No order had been made TO stop the pay
ment of gold upon these notes nor was any
one authorized to say that such an order
would be issued. The purpose of the Gov
ernment to preserve its own credit unim-
paired and to maintain the parity of the two
metals by all lawful means will not be
abandoned under any circumstances.
I'm view of existing legislation the only
question for consideration is as to the meas
ure that ought to be adopted to insure the
accomplishment Of these purposes, and
upon this question there is, Of course, room
for wide differences of opinion. The total
stock If Upif nd un1d htltion ~ in
country, including what is held by the
treasury as we'll as that held by banks and
individuals, amounts TO about S740,0G0, eco.
when l came into the Treasury Depart
ment on the 7th day Of March the amount
of free gold on hand had been reduced to
S967,00O but by arrangements with West
ern banks it was increased until, on the 1>t
OF April, it amounted to nearly $4,000 GOO.
Then heavy shipments began to be made
and two days ago we had only about $4,000
although now it amounts to SSS5. COO, after
deducting what has been withdrawn from
the sub-treasury to-day for shipment.
There is gold enough in the country to
meet all the requirements OF the situation,
and if all who are really interested in main
tanning sound and stable currency would
assist the Secretary of The Treasury to the
extent OF their abilities tile existing diff
eulties would soon be removed"
In addition to this statement Secretary
Carlisle said that SSCO.CO0 in gold had heen
taken out of the Sub Treasury in New York
to-day for export. The class of money paid
into the Sub-Treasury for the gold with
drawn inciuded 100000 in gold certificates,
which to that amount did not redu the
gold reserve, because they we're themselves
practically gold. so that the actual gold
reduction for the day was only 500, 600.
leaving the balance as stated above. This
is the first considerable amount of gold GER
tifcates paid into the Sub-Treasury for
gold for export for many years, aud it
encourages the treasury officials to hope
that banks are seeing the situation and will
continue to present gold certificates in pay
ment at least for the gold that is withdrawn
for exrort
NEW YORK, April 20-The Wal-street
Journal says: A prominent bank official
let tie cat out of the bag in the following:
The new administration has absolutely
ignored the counsel of the New York banks
in the present need and is needing the
counsel only Of Western and Southern
bankers. New York bankers are, there
fore. letting the West and South take care
OF the Government in its present emergency.
One thing is certain, the New York banks
will not organize themselves at present into
a protective body 10 UNFOLD weak banks"