The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-22
TURNED THE TIDE.
Gold Now Coming From
Europe.
BAD TIMES WILL END NOW.
Secretary Carlisle Is Building Up His
Reserve and Will Help Bust
ness Men Out.
Special to THE MORNING CALI.

WASHINGTON, June 21.-The shipment
of gold from London to New York, news
of which was received this morning, is
looked upon as showing that the tide of
gold exports has turned. For the past three
weeks no gold has been exported and as a
consequence the Treasury Department has
been gaining in gold during that period,
the net balance to-day standing at S94,-
O50.3l0. In the building up of this gold the
Treasury Department redeemed nearly
Sc, 100000 Of gold certificates, the amount
outstanding to-day being 1913, 070, 900,
against S104000,000 on the 1st of June.
While the receipts and expenditures of the
Treasury Department have kept about
even during the month 1t is stated that the
balance to-day is 500, 420 415, of which S12,-
253, 600 is IN subsidiary silver and minor
coin and S11.921. 600 ia national bank
repositories. This statement shows that
the treasury is provided with good work
ing currency balance, so much so, indeed,
that it is probable. though as yet not de-
termlned, to anticipate the quarterly inter
est due on July 1 on United States per
cent bonds and Pacific Railroad bonds and
pay this interest next week. This ould
release 100000 now In the treasury and
put like amount in active circulation in
the business centers of the country.
New YORK, June H.-An interview with
ex-senator George f. Edmunds is printed
in which he says: II have no legislation
to propose beyond the repeal Of the Sher-
man law and the return to the monetary
laws which existed before 1873 l have no
doubt the operation of the Sherman law
has helped to bring about the present
crisis. When we passed the Sherman act
we were between the devil and the deep
sea. Something had TO be done. A crisis
was pending.
Il voted for the measure and am willing
to take my share of the responsibility,
although l was not personally in favor of
it. The canvass showed US that if we did
not pass the act the silver men would pass
a free-silver bill, ana about three-fourths
of the Democrats and one-fourth of the
Republicans would vote for free-coina ge
bill.
II voted for the Sherman law to prevent
financial crisis on free-silver bill. |
urged in caucuses that the operation of the
act should be limited to five then to ten
years, but the amendment was not ac-
copied.
II think it would be we'll to 60 back to
the currency law which existed before the
Bland law-gold coined at the IN int free of
charge; silver also coined upon the pay
ment of seigniorage by the owner of the
bullion, and If there is not enough for the
needs of currency presented the Secretary
of the Treasury to be authorized TO buy
sufficient quantities. In this way the de-
mand and supply would regulate itself
and silver would not be driven out OF use,
Il do not believe in dispensing with sill
yer. If such an arrangement cannot be
made why not fix new ratio between
gold and silver based on the present mar
ket value? NJ such ratio can be perma-
nent. 1t would have to be changed from
time to time as the production of gold OF
silver increased. But l think fair ratio
fixed now would last twenty years.
II have not much faith in the settlement
of the currency question by information al
congresses. The European idea of the use
of silver is different from ours