The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-04-25
The Condition of the Treasury the
Subject of Much Gossip.
REVIVAL OF THE TALK OF AN Elk
IRA SESSION OF CONGRESS.
Secretary Gresham Denies the Cabled
Report That Patrick Egan, Minister
to Chile, Has Been Withdrawn-The
Duke of Veragua Pays His Respects
to President Cleveland and Mem
bers of the Cabinet.
Special to the REcoRp.uN1oN.


demand for gold abroad continues,
point will probably be reached where the
banks will no longer give up gold unless
they get bonds in return for it. Before
issuing bonds Secretary Carlisle will prob
ably make quite a hole in the reserve.
How low he will let the amount of gold
in the Treasury fall before he takes steps
to replenish it by the sale of bonds is not
known, but his reluctance to issue bonds
is so well understood it will not be sur
prising if he allowed fully half of the re-
serve, or even more, to be exhausted be-
fore resorting to the sale of bonds.
The President, on the other hand, it is
understood, favors the earlier issue of
bonds, and the matter will be one of the
principal topics of discussion at the Cabi-
net meeting Tuesday.
1t is understood that certain Democratic
Senators have advised against the issue of
bonds for political reasons, thinking the
Administration would lay itself open to
the accusation of unnecessarily increas-
ing the bonded debt of the country. On
the other hand, it is urged by others that
the early issue of bonds would be a good
stroke of policy politically, on the argu-
ment that the condition of the finances
which necessitated resort to the sale of
bonds was the result of Republican mis-
management, especially during the Reed
Congress, when they had both houses of
Congress and the Presidency, and passed
the Sherman silver purchase law, which,
it is alleged, has caused all the present
difficulty.
Shortly before the passage of the Sher-
man law the Treasury held in round
numbers SIT, 900, 900 in gold or 81, OO0, 900
more than the reserve fund. The Sher-
man law was approved by Harrison on
July IA, $780, and Immediately after the
amount of gold in the Treasury began to
be reduced until January 81, 1891, it had
fallen to SI4l, 100000. January 81, 1892,
the figures were $4,000, 200, and on jan
uary Sd of the present year they were
$l0S, 100000, or only S, OO0,O over the re-
serve. Since that time the amount has
been maintained at about the full amount
of the reserve only by strenuous efforts
on the part of the officials of the Treasury
Department.
The present condition of the Treasury
has led to a revival of the talk of an ex-
SSSSANA Vi
man law. The President has not had
anything to say on the subject to any of
his Congressional callers as yet. How
ever. it is probable there will not be an
extra session before the lst of September,
when it is understood Congress will be
called to consider the Administration
plan for a revision of the tariff. The
President will, doubtless, at the same
time take occasion in the message to urge
immediate action on the monetary ques-
ton and will, it is said, advise the imme-
date repeal of the Sherman Act.
THE DANGER, IF ANY, PASSED.
WASHINGTON, April A.-The authori-
tative statement of Cleveland, yesterday,
in which he announced the present and
future action of the Administration in re-
lation to the use of the gold reserve. has
taken the edge off the excitement that
followed the act of the Secretary of the
Treasury in dipping into the reserve
fund. If there has been any danger of a
financial furry, that danger appears to
have passed.
Under the Interpretation of Cleveland's
statement the reserves to be treated SIM
ply as so much cash in the Treasury. and
whether the aggregate rises or falls few
millions day. becomes a matter of little
concern. Consequently very little inter-
est is manifested to-day at the department
in regard to the financial situation.
Some offers of the yellow metal were
received from the West and accepted, and
Treasurer Jordan, at New York, reported
that he has also received a considerable
amount of gold certificates. Up till noon
the Treasury has not been advised as to
the extent of the gold shipment for to-
morrow.
BOSTON TO THE RESCUE.
Boston, April 24.-The Clearing House
met to-day and decided toturn over to the
Government half its gold reserve in ex-
change for legal tenders. This. it is said.
will amount to between S., 0O0, 900 and So
100000.
MONTREAL CALLING IN GOLD LOANS.
MONTREAL, April 24.-Over a million
dollars loaned by the Bank of British
North America and the Canadian Bank
OF Commerce in the United States have
been called in since Saturday. The banks
want to make good showing in their
half-yearly statements, which are to be
made up at the end of the present month.
A CONFERENCE WITH BANKERS,
New YORK, April 24.-Conrad n. Jor-
dan. the new United States Sub-Treas
urer, took possession of his Office this
morning. a conference with the bankers
began at noon. There were indications
of no let up in the gold shipments. Prob
ably s., 200, 900 will go out tomorrow.
All those present at the conference as
they left the SubTreasury after adjourn
ment declined to say what they had done
or what the conference was about. They
referred all inquirers to Jordan. He
said; 81 can only say we had discussion
as to the best way to relieve the situation.
both as regards the banks and the Gov
eminent. 1t resulted, as usual, in a de-
Law. You cannot know anything fur
Their from me until the delay no longer
exists.' Jordan. in reply to further
questions, said the delay would last until
something was heard from Washington.
Secretary Carlisle, it is affirmed from
another source, sent to Jordan commu-
nication as to how TO raise from SIS, 0O0,-
600 to $50, 900, 600 of gold, and this was sub
mitted to the meeting. Among the plans
discussed were the issue of bonds and a
temporary loan. Each plan has some adj
vocates among the banks. Carlisle pre-