The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-04-19
THU FINANCIAL SITUATION.
Secretary Carlisle May Take Adj
vantage of the Law.
STOPPING THE GOLD DRAIN.
Payment OF Gold Coin for Treasury
Notes May Cease.
That Authority Is Given Him Under the
Silver Purchase Act of July IA, 1890
Such Move Would Change
the Gold Flow.

WASHINGTON, April 18.-The gold sit
uation today is considered to be easier
than yesterday. Treasury officials are
more confident than twenty -four hours
ago and in the minds of all the impress
sion has become stronger that it may not
be necessary for the secretary to take
any action which will change the present
policy of the department.. This feeling is
said to be due to the fact of the announce
ment practically made that the govern
ment would, only at last resources, turn
to the issuance of bonds. This firm and
determined position of Secretary Carlisle
has, they say, already had beneficial
effect and so soon as it becomes known
that the secretary of the treasury has Sc
ricusly considered the ACCESSIBILITY OF
stopping payment OF gold coin for treas
ury notes issued under the silver act of
July IA, $780, the situation will present
very different phase and the shipment OF
gold which is looked upon as a means for
forcing the administration to issue
bonds, will come to an end.
The cabinet meeting today was devoted
to some extent to consideration of the
financial situation, and it is believed the
secretary of the treasury will be upheld In
his advice to stop for the present the pay
ment in gold of treasury notes issued
under the silver act of 1890. At present
time there is outstanding $3.50, 600, 900 in
notes, and they are being constantly re-
deemed in gold at the New York sub
treasury.
The redemption in gold has been a mat
ter of accommodation on the part of the
treasury department, as the law gives the
secretary of the treasury discretion as to
whether they will be redeemed in gold or
silver. Now that the gold balance is re-
duced the secretary of the treasury is con-
sidering the ACCESSIBILITY of using his dis
erection and paying these notes In silver.
Ii the secretary of the treasury determines
to take advantage of the discretion given
him by the silver purchase law it will be
more difficult matter for New York
brokers to obtain gold certificates and
treasury notes would leave them with
less upon which gold could be obtained.
There is feeling among some men who
have been prominent in financial circles
that should Secretary Carlisle issue the
order stopping this redemption it would
approach something of a sensation, but
those who are best posted claim that
nothing of the kind would result, and still
insist if it became apparent that Secretary
Carlisle was to adopt this course, New
Workers who have been represented as
trying to push the government into en-
barrassing positions would see that their
efforts are in vain aud gold would again
begin to flow into the treasury. If they
are correct in their surmise it viii be I'M
necessary for Mr.. Carlisle to take any
further action.
Confidence of treasury officials has
been increased by the knowledge that
Conrad M. Jordan, the new sub treasurer
at New York, will probably enter upon
his duties tomorrow morning. His ability
is particularly we'll thought of here, and
with his assistance it is believed Secretary
Carlisle will successfully meet the stu
alton.
After the cabinet meeting a reporter
saw Secretary Carlisle, but he politely de-
clined to discuss the financial situation
This policy he has held for some time,
preferring not to forecast any action until
the necessity for it arrives.
Several small offers for gold were re-
ceived from the west today. These offers
aggregate less than $500, ZOO and will not
appear on the treasury books for several
days. At eastern points there was a
slight increase in gold noted, the free
gold having increased today S25, 900,
making the total as shown by the books
of the treasury today S65, $50. There is
said to have been also slight increase in
New York, which will not be shown IN
til tomorrow.
Information received at the treasury de-
partment indicates that gold shipments
for next Saturday will not be heavy and
there may be none at all.