New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-14
WILL BONDS BE ISSUED2
THE DECISION RESTS WITH PRESIDENT
HARRISON
SECRETARY FOSTER WILL REPORT TO HIN TO
DAY THE RESULT OF HIS CONFERENCES
WITH NEW-Y0RK BANKERS.

Interest in the gold situation intensified
Yesterday by the presence in Wall Street "l
Charles Foster. Secretary Of the Treasury, who
spent the afternoon discussing the monetary PROB
lem with leading bankers While Mr.. Foster
expressed opinion on tic subject and gave no
ASSURANCES Of any action by the Treasury Dcprt-
mcnt 70 issue bonds for the purpose of Increasing
the Nations gold reserve, the general feeling
among bankers was one of relief and satisfaction,
and the prevailing impression is that the Admin
istration will not allow the drain Of gold for
export 10 cncroach upon the SlOO,OOO,OoO winch
precedent has established rs the basis of spcci"
payments \ most rcaSsurng feature OF the Sit
uation is the fact that politics is not a factor
IN the present discussion although it unior-
tunatcy cxerrd m influence on the vote taken
last week In the House Of representatives when
the bill for the repeal Of the sherman Silver law
wa, under discussion. Mr.. Foster returned to
WASHINGTON last night. To-Day he will pac" the
result Of his Investigation in tins city before the
President. and if the latter agrees with the New
York bankers that an issue of bonds is necessary
to avert crisis. the wholc subject will br lald
before Mr. Cleveland and Alr. Carlisle. Whatever
action Is then decided upon will be heartily CO.
operated in hy both the outgoing AMI incoming
Administrations. and the change of March can
give no shock 10 the financial community
In the conferences held on Sunday at the Union
League Club and yesterday in Wall Street MI
Foster was fully advised of the anxiety felt IN
Ncw-Yerk over the possibility OF danger lurking
behind any mro.d that might be made into the
Sl0O. 900, 900 gold reserve fund M SUNDAY ;
conference which lasted two hours, +. ii. Perkins,
ir prcsdcnt of the Importers and Traders Ma
tional Bank Henry W. Cannon, president of the
Chase National Bank: J. Edward Simmons, prcTi-
Nnt Ronly. L
Baker. president of the First National Bank. and
Frederick d. Tappcn, president Of the "allatin
National Bank urged upon III" Secretary TN" rn-
prtancc Of keeping that fund intact, and pointed
ont the danger Of allowing the Nations credit -
hc impair,d even hv "a continental feeling that
reduction of the reserve would lee an indication
that the Government not able to MAINTAIN
specie payments, or. rather, that III" OASIS ol
those payments would shift from gold To silver.
NOTHING is more susceptible 10 slight Influences
than rig financial movements. and while II was
admitted that some Of the effects of possible
reduction Of IN" gold reserve Ia. undoubtedly been
discounted by the publicity given 10 the present
condition of Affairs. yet II was held that no risks
should be- taken. NJ time when European ''ov-
rrnnlcni- ar" Increasing their gold reserves ana
foreign nnancior- think that the agitation OF the
silver question in the United States Is tending to
plac" Ills country on silver basis, In" bankers
| believe that Il change in the established policy
| n kc,pin- thi, countrys reserve at certain
| heur" would hc disastrous.
| 1ni, view wa- reiterated Yesterday by other
! bank prc.i 'cnt, with whom Mr. Foster consulted.
lie hr.t went 10 the First National Bank and
mel (.orgc T. Baker and George g. Williams.
| .h,irlnan ~ tho Clearing House Association.
Prom there, hc drove 10 the Office of J. a W S"lig
mlu 4 Co.. where hc tool. luncheon AMI held
! l,ng conference with ii" members of IN" rrin.
! Later Mr. Foster visited m" Suh-Ircasury ana
| tallarl with Assistant lnitch states Treasurer
| H,h,ris. George ) Cor, president pf the All'rl-
can E>chan-c National Banb and Henry 'l"wS.
| After tli. conference, were ALI oy.r Mr Foster s1il
! ,ha. h.. had no statement 10 max" and rothing -
| a,ld 20 what hc bel already said in The Tribune.
| 7 he men with whom Mr. Foster talked also do
ciincl 10 di-ru,s the subject further than 10 say
! tnat they were satisfied with tl" outlook. Jesse
| >rli.n,n smiled when a>i,ri what Il" thought of
! ia, situation anI declared America j. ahead of
the world in finance. Every obligation of the
oycrumcnt will lee pail in gold Mr. Baker
1iI that he felt 40 anxiety, and Nj Williams
| i--. rtod hs hoiof that il would all cnl well.
tnr plan suggested for the floating OF the pro-
Iu,-cd bond, WAS 10 have them issued IN Smlll
blocks of - OOO 600 or : 900 600. as might he
! found nrcc--ary. when the reserve appro chci to
closely to the 90 OOO. 900 limit, instead ol put
! tiuc out 50 900 600 or 5G0O0,000 AT once. IhlS
idea met with much favor, ami il l. h llrNed t'if
! it. Will b., the plan eventually adopted. ihder
| il the hanks would be- wimg TO advance III" goa
when il i, needed and if necessary 10 take thr
Governments receipts for ia" sam" until th" ron =
could Ii. issued. No goll VA, engaged for ship
| mcnt yesterday A. the sailing of ih" EIe W''
| postponed until Tomorrow - far ~ j. Mt pres
cnt known, Size viii then take ont - ,'oO,o
| As there. wcr. no Withdrawals of the rrSci1tS
metal from the Sul-rrasury. 10 further deposits
,,cr. p,a,,c hy the banks Whether any NOR" will
be. MAJ or not depends the action taken hy
The Administration. II wlS reported yc'ter ~
| rIat the bani,i made their exchanges OF 2'll Tor
| ei,rnhach, last week. not voluntarily Dat IN
! ,o,i..uso 10 a rcilcs, from the Treasury Depart
| mont 1hi, was said To have been IN the form
! of A letter to l.. H. Perkins, r., chairman "i me
! Clearing House Committee, from Secretary loN''F
| ia which the latter suggested that II would lc
agreeable to him if H." Ncw-(ork banks "ould
make She exchange. \ meeting OF the committee
yas called. with the result known.
In spcukine of ;he present trouble, President
Taur.i,. of the Gallatn Bank, said yesterday ::
hay, 90 Hesitation il saying that THINK t"'
| u,opo-,.l issue Of bonds i III" only way "ut "i
th. present difficulty, that Is Il You can cali II Il
dlficaliy The Go,crnmcntS g"ld reserves aic
cing heavily drawn upon, ana the only way 10
check this outflow Of coin l. To sell bonds apr"ai.
Vet even thi. l. only temporary measure ana
will ONLY ..rcc t, tide over the present 9m'is'hc'.
H., Sivcr-l'urcLas" act Is AT In" bottom OF the
difficulty. AMI until that j. rercllrd IN afcu'nu-
I,tin,, silver In the Treasury J., bound 10 dlNe
ont the cold. | think that Secr'tifv roster VIII
decide to issue tlc bonds, although hc Has ho'
said definitely that he intends to 40 So
George q. Williams, president 81 t'le "ellio"'
| National Bank. and also chairman oi IN" 'I'ar-
49,, Hans. i~,ociation said: Something ccr-
| .il mus. u. done and the Secretary of In"
! 1,,.r,,. c,nrot make a mistake hv acting
oromptly. If S5O,OOo,Oo0 in bonds were issued
In. effect would be 70 siiien tho rates o interest