Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-04-21
Silver No Better Than Lead or Iron
for Circulation.
NO ORDER HAS YET BEEN ISSUED
To Stop the Payment of Gold on
Coin Treasury Notes and No
One Has Been Authorized to
Say that Such an Order VIII
Be OBSERVATION-DISCLOSURES Are
Making to Keep the Gold Re-
serve Intact-Condition Of the
Treasury To-Day.

WASHINGTON, D. c., April 2O.-Secre-
tary Carlisle tonight made the Follow
ing statement regarding the financial
situation:
I'm the exercise Of the discretionary
power conferred upon the Secretary OF
the Treasury by the act OF July i, IeSO,
he has been paying gold for the COIN
treasury notes issued for the purchase
OF silver bullion and he will continue to
do so as long as he has gold lawfully
available for that purpose. Under TINS
process the government has been and is
now paving gold for silver bullion and
storing the silver In its vault, where III
Is as useless for any purpose OF clrcula-
ton or redemption as iron, lead or any
other commodity.
1.-The Governmen in the first place
issues a coin treasury note in payment
for silver bullion, and then the coin
treasury note is presented at SUD-
treasury and the gold is paid out for 1t;
so that the effect IS precisely lhe same
as If the gold were paid directly for the
silver. About SsO0,00 OF the gold
which was drawn from the sub-treasu-
ry on last Tuesday for shipment abroad
was paid out on these coin treasury
notes. No order has been made
TO stop payment OF gold upon
these notes, nor has any one been au-
thorized to say that such an order
would be issued. The purpose OF the
government 10 preserve its own credit
uuimpaired and maintain the parity OF
the two metals by all lawful means will
not be abandoned under any circum-
stances. In view Of the existing legis-
lation, the only question for considera-
lion is as to the measures that ought 20
be adopted TO insure the accomplishment
of these purposes, and upon this Ques-
tion there is, OF course, room for
wide differences Of opinion. The
total stock Of gold coin and gold bull
lion now in the country including what
is held by the treasury as well as what
is held by the banks and individuls
amounts TO about S740,000,0O0. When
l came into the treasury department
on the seventh day OF March, the
amount of free gold on hand
had been reduced to S9S7, 600,
but by arrangements with Western
banks IL was increased until, on the first
OF April, II amounted to nearly SIS, ,000,-
600. Then heavy shipments began TO
be made, and two days ago we had only
about S34O, 900, but now IL amounts to
sSS5. 900, after ieducting what has been
Withdrawn from the Sub-Treasury to-
day for shipment. Arrangements are
now In progress by which more gold is
70 be procured from the West, and l
hope that sufficient quantity will be
secured 10 keep the gold reserve intact.
There is gold enough in the country
to meet all the requirements OF the sita-
alton, and IL all who are really interest
ed in maintaining sound and stable
currency would assist the Secretary OF
the Treasury 10 the extent Of their abil-
tiles the existing dif1icuities would soon
be removed"
In addition to this statement Secreta-
~ Carlisle $said that $500, 900 in gold
had been taken out Of the sub-treasury
In New York to-day for export. The
class OF money paid into the sub-treasu-
~ for this gold withdrawal included
$500. 600 in gold certificates, which to
that amount, did not reduce the gold
reserve because they themselves were
practically gold. So the actual gold re-
ductlon OF the day was only 100000,
leaving the balance as stated above.
This Is the first considerable amount
OF gold certificates paid into the sub
treasury for gold export for many years
aud encourages treasury officials to
hope that the banks, seeing the situa-
ton, will continue 10 present gold GER
ti6cates in part payment at least for
gold withdrawn for export.