Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-04-18
T0USE THE RESERVE
Todsy's Shipments VIII Wipe
Out Free Gold.
CAriisss Hopss eo0eshins VIII Turn
Up bat WIN Tap the Treasury
1asssse u Needfal

WAsHfS0roS. Arsil 1.-THE secretary
Of the Treasury 10 In . qusndsry. He
doesn't know whether 10 issue bonds 10
protect the gold reserve or 10 await
further action on the part a the foreign
shippera All that can Be- learned from
IN authoritative source concerning the
administration's intentions 10 that the
bonds will he Issued IL necessary. The
tat presently impossible thing to learn 10
just what the administration considers
necessary. The question is the chief
topic Of discussion here today. There is
some talk on the part of the adminissra-
tons friends about the certainty al the
credit of the governments credit being
maintained. But that 10 idle No one
in the financial world has any doubt of
the governments credit being main
tanned. The doubt is whether bonds In
protect the &l0O 100000 gold reserve will
be Issued. 1t is generally believed that
the president inclines to an issue OF
bonds. That he hasn't fully decided
the question in that way 10 evident by
the fact that the bonds have not been
issued
Carlisle - . Micawb<r.
Secretary Carlisle ID inclined TO let
thisgs go for = while in hopes that the
gold tide may turn again toward this
country. When he took hold Of the
financial reins of tho government the
free gold Was at such low figure il was
supposed that one of his first acts would
be TO issue bonds. But money in New
York suddenly became tight. Interest
went up and the demand for gold for
shipment ceased. The banks Of the in.
terror. wanting small notes to supply
their customers, were glad to exchange
gold for them. Partisan papers attrib-
uted the change for the better to the
superior ability Of Carlisle. The truth
is Carlisle had nothing to do with il.
In fact. he even refused to take all the
gold that was offered. Had ne done %
there would have been . much larger
balance OF free gold on hand than
therc is.
Taps the Reserve.
But the demand for gold from the in
terror is. the department. reports. about
stopped. Money in New York il more
plentiful. interest 10 low. and tO make
matters still moro favorable for gold
shipments Brown Bros. of New York TO-
day raised the price Of sterling < cent.
On top Of this raise came the report that
at least one million and three quarters
would be taken from the treasury TO-
morrow for ehipment and that possibly
e7J0,OOO moro would he taken Should
tho last amount be required too. the FREQ
gold will become exhausted and over q
half million will he taken from the re-
serve. for tho smount OF FREQ gold on
hand today 10 reported at the treasury
to be 81 .9l3.SS. But a. there was
turn for the better once before when il
was not expected, Secretary Carlisle
hopes that there will be one again.
Pending that turn he believes. it is un-
derstood. that there is no reason why a
few millions may not be taken from the
reserve. But just how much he is un-
decided.
What Will BE Done?
Financial men do not exhibit any anx
iety. They say that they do not fear
any very bad results. whatever the ad-
ministration does. They would like to
have il declare itself and thereby relieve
the financial world Of harmful sus.
pensc. however. They believe that we're
il to issue bonds there would be an
easier feeling both here and abroad II