The Indianapolis journal., 1893-02-12
GOLD FOR TIE GOVERNMENT.
What the Conference of the Great Banks Means
War Times Recalled.

New York Correspondence Philadelphia Press.
When three bankers. last Friday, after
half an hours chat. decided to go across
the street to the sub-tressury and to
offer Mr.. Roberts 100000 in gold
coin If he would give them in return
100000 in greenb backs Mr.. Roberts
seemed amazed, and if his appearance was
simulated 1t was perfect acting. That
was a very unusual offer. 1t was the first
of the kind that Mr.. Roberts had expert
enced since he took the Office. The trans
fer was made in a few moments. The sub
treasurer swapped legal tenders for gold
coin. giving something quite as valuable
as he got, and yet being able In his state
ment of Monday to conceal the fact that
$4,000 600 IN gold coin had been taken from
the treasury and shipped TO Europe on
Saturday.
This apparently sudden and avowedly
voluntary action on the part of three bank
ers is said here to-day to have made an
epoch. 1t Is talked about from all points
of view. To many bankers of the older
generation 1t suggests q time of peril in
1861 and 1862. Then the government was
in distress. 1t needed gold to feed and SUD-
port the armies. Secretary Chase came to
New York. He met first, in private house
uptown. group of bankers. There were
John j. Cisco. and John w. Thompson. and
George S. Coe. and Morris X. Ketcham, and
a score more.
To them Mr.. Chase said. and one Of the
greatest bankers of Wall street repeated
the speech to me to-day: Gentlemen. [
ain Secretary of the Treasury. The treas-
ury needs mOney-it needs it instantly.
represent the power of the government to
pledge it's credit for the money that il
needs. but while this Is my representative
capacity / want to say to you that do not
regard MYSELF as q tinaneier.
Il simply tell You what our government
needs. and suggest that this is the time of
patriotic opportunity. You are great imam
ciers. You can decide how. this money is to
be raised and what the security for 1t is to
be. and with this plea | appeal TO your
patriotism and TO your ability"
Before banking hours the next day these
men thus appealed to revealed the accuracy
OF Secretary Cbase's judgement. They of
fered the government S50.000,O00 in gold,
and the Immediate peril was passed; and
twice after that, Jointly with the banks of
Boston and Philadelphia. they turned over
TO the governments each time $4,000. 900
more IN gold.
The effect of this was mightier than had
been foTeseen. 1t revealed TO the world
that the great bankers and financiers of
the North had faith In the government. and
following that came David A. Wells's DEM
oustibtioh VI tho ACsOuiCc5 VI IQo NatlOD,
SO that the credit of the governments was
greatly strengthened and always main
tanned.
The action on Friday and the contem-
plated action OF the banks so long as these
drafts upon the treasury for gold continue
have heard every where today liKened to
the experience of 1861 and ls62. Ii 10 be-
iieved that the moral effect of this and su b.
seqnent evidences of faith in the govern
mept and Its ability TO maintain gold pay-
ment Will do much TO stay the apprehen-
sions which have been created by the with
drawals of gold, and have been consider
ably Increased by the panicky and lll-ad-
yised demonstrations of messengers from
Mr.. Cleveland TO Washington.
Bankers. some Of them of his own party,
and one OF them at least an intimate friend
of Mr. Cleveland's. are both amused and
annoyed by the evidence that he has been