Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-04-22

WASHINGTON. April 1s.-The fnan-
cial situation was discussed at length
at the Cabinet meeting to-day and at
the close the general opinion was that
the time for issuing bonds had not ar
rived. The situation was found TO be
easier and this was due 10 some cheer
ing information brought by Secretary
Carlisle, to the effect that the West
had once more come to the relief OF
the Treasury and that by Friday
there would be enough gold on
hand TO meet any probable de-
mand which the foreign shippers
might make. Just how much gold the
western bankers have offered or what
bankers offered it cannot at present
be learned Suffice it to say that the
offers have been accepted and that the
gold reserve will in all probability re-
main intact for at least another week.
Naturally the Secretary is feeling very
good over this, as he deems il another
victory over Wall Street, which he is
more than half convinced is partly re-
sponsible for these shipments, the
street being actuated, he believes, by
hope of compelling him to issue bonds
The Cabinet also discussed the adj
visibility of the Secretary of the Treas
ury issuing an order TO the sub-treas-
uries to redeem treasury certificates in
future in silver. lie has full authority
to do SO, the law making it optional
with him TO redeem them in either gold
or silver Therefore they have been
redeemed almost entirely in gold, and
that, the Secretary believes without
reason. Should he issue such an order
it would go a long ways toward check
ing the shipments, as it would put the
shippers to considerable expense
and trouble 80 secure green
backs to exchange for gold. It
is thought that possibly that expense
would De ~ great as to wipe away the
present profit Gold would thereupon
become SO dear that foreign buyers
ssould turn to cheaper markets
The Secretary expressed himself in
favor of issuing such an order but it
is understood that the question was
not definitely settled. The prevailing
belief is, however, that such an order
will be issued before long. Should the
shipment next Saturday promise to be
larger than is now expected the Secre-
tary would doubtless have a talk with
the President and then issue the order.
The Secretary feels very grateful to-
ward the West for coming TO his as
sistlnce once more. 1t has given him
more confidence than ever in his abil-
ity to tide the government over until
the balance of trade comes round to
our favor. without issuing bonds
Should he succeed in doing so it will
be a great personal triumph, not
only for him but for the admins
tratiun. He is said TO have adj
nitted in private that he is we'll
aware that some of the banks Offering
gold have been actuated merely by
business rules but the result is the
same and the administration gets the
credit for it, Moreover, besides the
West, the secretary has great faith in
SUb-Treasurer Jordon, who will take
hold of the New York sub-trcasury in
day or two. He believes that Jor-
don viii be able, by his per-
sonal influence, to induce one
or more of the big banks TO
came forward with gold in exchange
for greenbacks. The Hanover Bank,
which is known as a Cleveland bank,
and has nearly twice as much gold as
any other two banks, could very easily
exchange a few millions of gold with
out hurting it bit, except among it's
contemporaries, who are fairly aching
to make the Secretary issue bonds.
But the additional favor it would find
in the administration would be an Off
set for that.