St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-10
Uncle Sam Has to Get Gold to
Supply the Foreign De-
mand.
Five Million Dollars Turned
Into the Subtpeasury
Yesterday.
Further Sums Will Be Turned
In as Desired by
Foster.
The Bottom of the Govern
ment'S Gold Box Now
Visible.

NEW YORK, Feb. 9.-Ihe continued
exports of gold from this city to the
continent of Europe have at last forced
the treasury department to view the
situation with some uneasiness. Ac-
cordingly Secretary Foster, in an in
formal way, conveyed desire to the
associated banks of this city for their
aid. In discussing the matter member
of the clearing house association said
today:
''As a result of this expressed desire,
the clearing house committee met Tues
day and authorized the chairman of the
committee. President Williams, of the
Chemical National bank, to arrange with
the various banks carrying large sums
of gold to turn over enough to the sub
treasury to Offset the Withdrawals of
gold for export last week. The result
was that about 100000 of gold was
deposited and legal tenders taken by the
banks in exchange. This is not the
limit of assistance that will be given,
but further sums of gold will be turned
in as desired by Secretary Foster. The
clearing house committee will probably
meet tomorrow to take further steps In
framing definite policy, and confer
ence of bankers may also be held to dis
cuSs the situation, The banks of this
city hold about SS0,000,00 which would
be available if required
To Maintain the Reserve.o
1t was reported that two of the banks
assisting the treasury would send $780,
600 each to the treasury today. Presi-
dent Williams. of the Chemical bank,
said the report was true. He said:
The object, of course, is to spare the
treasury the necessity of cutting into
the 0O.000,000 reserve. They have now
$10S, 900. 900, but the action of the banks
will hold it where it is until relief comes
from elsewhere. We send up today to
the subtreasury S5O0,OO0 in gold. and
some other banks will send up the same
amounts"
"Shall you meet further Withdrawals
in like manner"
Eyes, that is to say these banks
which have already acted on this policy
will continue to do what they can to
guard against the depletion of the treas
ury. The Withdrawals preparing for
Saturday and Tuesday will undoubtedly
be met by similar assistance from the
banks"
Jesse Saligman said in regard to the
plan: The action of the banks is what
should be expected. The banks are as
much part of the government as are
the people, but there really never has
been any real reason for anxiety. There
is in the country fully 1925, 000,0 gold,
of which 100000, 900 is on the Pacific
coast, and the country is producing $751;
100000 gold annually. The present
movement can continue but a little
longer, as France and Austria will soon
acquire ali the gold required to fill their
Complementary the demand from there
will then probably cease"
Received Three Millions.
Assistant Treasurer Roberts stated
that 100000 In gold was paid into the
subtreaSury today. which, with $4,000
600 received previously, makes S5,000,-
600 received from the banks in eX-
change for legal tender notes. In re-
gard to the reported conference Mr..
Roberts said:
"It can be learned from the papers
that Secretary Foster will be here on
Saturday to attend Republican meet
ing that evening, but there will be no
conference. The present administra-
ton will continue only little longer,
and its purpose now is to keep every
new administration, and the only step
that will be taken will be to maintain
surplus over the gold reserve"
Messrs. Landenburg, Thalman & Co.
will ship S1,000,000 gold by Saturdays
steamer. This amount will probably be
increased to $1,250,000 or $1,500,000.
The Herald this morning says: 1.-THE
drain of American gold coin to Europe
has at last exhausted the resources of
the government and the private stores
in the various vaults of the banks have
been drawn upon. The entire supply
of gold in the vaults of the United
States treasury today has been reduced
to sos. 176,93S. Of this only 50, 176,999 is
free gold; the remainder. S100,O00.000
must be, by law. held in the treasury
for the redemption of like amount of
legal tender notes which have been
issued against it. In brief Secretary
Foster has come to the end of his rope.
The bolt ON Oh Uncle Sans gold box is
visible"