New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-09
GOLD FROM THE BANKS.
QUIErING EXTREME SILVER FEARS.

SPONTANEOUS ACTION TO STRENGTHEN THE
TREAsURY-wILL THERE BE BOND ISSUE
The exaggerated fears Of those persons who
distrust the ability Of the Government to main
tain AT par with gold all the paper obligations
OF the United States are not shared by the banks
Of New-lorll City. Several prominent banks have
already transferred geld from their own vaults
TO the big storehouse of tho Sub-TrcasuIy at
Wall and Broad-sts, taking legal tenders in its
place. Tho Tribune is able to announce tnat this
movement; will continue until there shall be left
shadow of excuse for a;tacl; upon the National
credit. The future statements of the Federal
Treasury will show gain in the gold balance
which ought to alay dsluicude, and which will
certainly reflect the confidence of the banking
community in every form Of currrncy issue made
by the United States. Tho banks have already
Put gold into tho Sub-Trcasury TO important
amount and several millions will doubtless soon
bc transferred Enough gold will he exchanged
ny the banks for logal-tcndcr money
to dissipatc the idea that there is any danger
Of intrcnchng upon the slo0.ooo,Ooo gold re-
serve held -entimcntay against the demand notes
Of the Government
The fnancil community has Justly been dis
turhc1 by t'ie extraordinary demands for GOD
made by foreign governments. While much or
the precious metal has gone out in response 10
special considerations. like the Austrian Gov
cnmcnts decision 10 resume a gold basis II is ne
licycd in banking circles that an important part
Of tie drain WAS due 10 fear that the Govcrnm"nt
might drift upon a silver basis. However III
founded mqht hr this idea il has heretofore bocn
encouraged somewhat by the timi Its shown in
the handling Of gold reserves by tho New-lor
City banks Strong criticism. oven il 1t has boon
partly irrational has often bccn directed AGAINST
tho city banks FOR their policy Of guarding Their
interests. II is all the more significant thlt He
present movement of the banks 10 strengthen III"
Treasury gold reserve has bcen snontan"ouS, 'cinT
the result Of no meeting Of the Clearing House
Association or cv6n Of any conference among the
leading bank presidents. The subject of silver
imitation and Of the exports of gold has been aus
cusscd for months since the agitation begun for
tho repeal Of the hill that requires monthly pdr-
cliascr of 4. 800. 900 ounces silver. The di,cussoN
was intensified by Tic recent heavy exports of gold
and the doubts raised as to the financial and eco
nomicol nurposcs Of the incoming Administrations
II is all the more to the credit of the banks
that havc taken the first steps in the matter OF
rcmoyiuo all excuse for financial doubt that they
have surrendered their gold reserves T. meet III"
Europcan demand without tho stimulus of public
Lnowlodgc II is understood that th" banks
prominent in this movement arr tic First Natiohal
the Fonrth National the Importers AM ltaacrS'
the National Park and the Chase National lhat
other important institutions will adopt the same
prllrv may not lc doubted 1hoS" when are
not fat" in gold holdings need not be cNl"c'H"
10 ioin this unofficial movement. But as II Is
known that the Ncw-lork banks hold som" S'o'-
600 900 gold thcr" is little doubt that the whole
strength Of this reserve will b" lent without con
sideration of political or financial proht 'ow"f"
tho removal Of all foolish alarm over the silV'r
question The following table of the banks "l'io"
held .pocic according to last SATURDAY lcalns
uousc statement, in excess of Sl,oOOOoO VIII
-, .,.,,o id., of th. Significance of the present
tendency in tho financial world