The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-25
Action of Interior Banks in Exchanging Gold
for Currency Is Also Having Beneficial Eff
tby Relieving the Treasury Stringency.
New York Bankers and Assistant Treas.
urer Jordan Hold Secret Conference.
Communication from Secretary Carlisle Dis
cussed-Lstter. Wants from twenty-five
toPifty Aillions-To-Days Shipments.
HAD A sALUTARY EFFECT.
The Presidents Financial Statement Assist
I'm ReatorinR Public Condolences.

The Presidents Financial Statement Assists
in Restoring Public Confidence.
Special to the Indianap Journal
WASHINGTON. April 24-Whatever may
have been the intention of President Cleve-
land in issuing his statement last night TO-
specting the gold situation. whether to
deny the fact that there shave been sharp
words and stormy scenes between himself
and certain members of his Cabinet. or to
infuse into the situation some confidence
upon the part of the financial community.
it cannot be denied that it has had salu-
tary effect The monetary conditions are
better. A number of Washington bankers
went to New York on Friday night to feel
the pulse of Wall street and forestall future
fluctuations and anticipate any furry
which might arise TO- day as result of ex-
treme steps upon the part of the Secretary
of the Treasury. They returned
hero this evening. aud report
wonderfully favorable change
for the better. On Saturday money was
close and rediecounts were almost imposSi-
bic in New York. Now confidence Is almost
restored. money Is cheaper and rediscounts
are as easily contracted for as they have
been at any time within the past twelve
months. 1t il believed the run on the gold
reserve 10 about over. and that danger OIL
stringency in the financial world is almost
If not quite passed. The patriotism OF the
people seems TO have como to the rescue OF.
the governments credit and will pre-
serveit.
Secretary Carlisle left the Treasury De-
partment early this afternoon. He could
not be seen in regard to a report from New
York that at conference with New York
bankers Subtreasurer Jordan had received
twenty millions In gold from the bankers
In exchange for greenbacks. 1t is believed
that before issuing bonds Secretary Car
Isle will make quite y hole in the reserve.
How low he will let the amount OF gold In
the treasury fall before he takes steps to
replenish IL by the sale OF bonds is not
known, but his reluctance to issue the
bonds Is SO we'll understood that it would
not be surprising If he allowed fully half
of the reserve, or even more, to be ex-
hausted before resortinR to the sale
of bonds. The President, on the.
other hand. is understood to favor
an earlier issue vf bonds. and the matter
will be one of the principal TOPICS of DIS
cussioo at the Cabinet meeting on Tuesday.
lt is n Understood certain Democratic SeDa-
for political reasons. thinking the admins
tration would lay itself open to the crit
Icism of unnecessarily increasing tho bond
ed indebtedness of the country: On the
early Issue of bonds " ould be good stroke
of policy politically, on tho argument that
the condition of the finances which neces-
sitated the resort to the sale of bonds was
the result Of Republican mismanagement,
and especially during the Reed Congress.
when they had both houses of Congress and
the presidency, and passed the Sherman
silver purchase law, which, 1t is alleged,
has caused all the present diff Guilty. Short
ly before the passage of the Sherman law
the treasury held in round numbers S177,-
0C0, 900. or S77, 600. 900 more than the reserve
fund. The Sherman law was approved by
President Harrison July IA. 1890. and i'm
mediately after the amount OF gold in the
treasury began to be reduced. until Jan. 81.
1891. it had fallen to Sal coo 900. Jan. 81.
1892 the figures were but Sl19.000.0O0, and
on Jan. !. Of the present year. there were
but SlOS. .0o0. 900, or but SS.000.000 over the
reserve. Since that time the amount has
been maintained at about the full amount
of reserve only by the most strenuous
efforts on the part OF the officials of the
Treasury Department.
Unless an unforeseen reason for it's post
ponement should occur the International
Monetary Conference will reconvene in
Brussels on May 80. All of the commits
sioners have rendered their resignauons,
and but one of them, Mr.. Henry w. Can
non. president of the Chase National Bank.
of New York. has been reappointed. It Is
understood that Hon. John p. Jones,
United States Senator from Nevada. has
been requested TO withdraw his resigna-
tion.s